Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1879-10-02
H. B. PRILlE0, Editor.
NO. Al.

lng IN eastern states like Massachusetts;
and therefore. that the margin for saw
ing is prOportionately greater. If this
be true, il is an important fact in its
bearing on the financial condition of
the west, for the true assets of state
or municip pality are its capacity for pay
ing taxes. Then going to the matter of
taxation and debt, he shows that while
the taxation per capita in the New Eng-
land states, and in New York, New
Jersey and Pennsylvania average SIC 90,
the taxation per capita in the states of
Michigan, Indiana. Illinois, Wisconsin.
Minnesota, Missouri, Kan>as and Ne
braska, averages only S6 SO. Among
the eastern states it is highest in the
we'll l-governed state of Massachusetts.
at Sl7.10, and lowest in Vermont, at
So 90. In the west it is highest In Ill
inols, at $50, and lowest in Michigan,
at S457. In Minnesota, which repu-
dated lis bonds, the taxation is only
S6 OF per capita; OF lower than in Yer
mont, which is also an agricultural state,
but, unlike Minnesota, with soil natu-
rally sterile: nevertheless a state which
has always discharged lis pecunlary OBJ
legations with scrupulous fidelity, and
has credit second TO none. That the
excess of taxation in the east is largely
due to Its heavy state and local debts is
probably true, in measure: and it is
also true, as Mr.. Portsr asserts, that the
west is not so badly in debt as is COM
monty supposed. There is less reason,
therefore, upon this showing, for that
agitation for national repudiation,
scarcely disguised under the form of a
demand for the issue of greenbacks,
which has its home in the lightly taxed
west. There is not" says Mr.. Porter,
"a legitimate business in the west which
is suffering from lack of capital;" and
he says further, that money is becom-
ing sufficiently plentiful there to de-
crease the demand for it from the east,
since loans can be negotiated at home.
The public debts of the west, state
and local, according to the figures pre-
sented by Mr.. Porter, make even a
more favorable showing, compared
with those Of the east, than the ratio of
taxation. From a tabulated statement
presented by him, it appears, that the
aggregate state debt of the eastern
and western states above named
was, in round numbers, eighty-eight
millions and twentysix millions re-
spectively, showing an aggregate excess
fO the eastern states Cf sixty-one
millions. The entire state indebted
ness of these Western Gtates, with to-
tai population of over fourteen millions,
was $6,000,00 less than the State debt
of Massachusetts alone, with a popula-
ton of less than two millions. Yet it
is a notorious fact, not however, men
toned by Mr.. Porter, that the credit of
scarcely one of these lightly-burdened
Western States equals that of Massachu-
sets IN the money markets of the world,
In the comparison of local, that is,
county, town and city Indebtedness,
the figures for one table are taken from
the census report of 1870, and show
again that the advantage was largely
with the west. The table of such debts
for 1873, which Mr.. Porter also presents,
is not official, but has been prepared
with great care from the best authori-
ties. 1t shows the local Indebtedness
last year of the nine Western States
named, and the corresponding Eastern
States, to be, in round number $540,00O-
900 and $146 000, GEO respectively. The
population of these Western States is
in excess of the Eastern. but
the valuation of property is less
by one-third. While, however, the ex-
cess of property i'll the nine eastern
states is 333 over that in the nine west
ern, the excess of local and state debt
IN them, taken together, is $50 per cent
If Mr.. Porter's figures can be depend
ed upon, they are sufficiently signii-
cant. They show that the working
classes of the west are better off than
the same classes in the east; that man
ufacturing enterprise is constantly ex-
tending; that every year, and almost
every month Of every year, adds to the
area of productive land; that the taxa
ton is very much lighter, and the pub
lie burdens greatly less than in the
east, and that there is no lack of capi
tai for all legitimate business. In this
condition of affairs, what reason is
there in the complaints so loudly and
frequently made in the west that its
only salvation from universal bank
ruptcy is in the immediate issue OF I'M
limited quantities Of paper money?