New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-08
Section
I$l3,s0s,o9e, s9oI$l6,25s,o6L10O

In 1872 the Western states in debt S59,93 500
ne southern m S1stss and me Middle siatrs
valuation of property the Southern States exceeded in
and the Western States by si,C09,733.GS3
To-day the debts of the two latter sections
are $i5,G72,575 aud $36.5G3,3GO Iespectvcly while
the South before rcpudiaion, owed S273 POS 49, ana
to-day recognizes Sll3,967243 dent. The valuation OF
from 81 ,5o3. 956934 70 5316G90l27; OF the Western
Southern states, partly owing 10 the removal Of slavcs
from the personal properly column Of The auditors
and partly due to general unrvaluatiun property
Ia 19s ,e decressed frSoJ& $isdlo7odSo in lsGo 10
AGGREGATE LOCAL INDEBTEDNESS.
We regret to say that the tallation of the county
debts is not yet sufficiently advanced to be given with
any degree Of certainty II IL possible that this class Of
Indebtedness may reach high $3.50, 1000 600 aud
the debts OF the numerous small cities villages, town
ships and school districts viii not imnrohahly make "A
total of $223,o00,000 Our local debt would then be
about a. follows:
Net debt Of large cities e5eq IA Ara
County Village township ana school district -''''@'o0I
uopt testlmatcd). 2.5.0OOOOO
Total sl0Ggo7G 800
~ This would give us total net local indebtedness, OF
Sl,O69O7G4@, or about SO per cent OF the National
am inclined to tSink that within tbe Inst a,c vcars
the reform IN our municipalities has far more ear
nest and far more effective than that Tor wtch some
writers give credit In Engnnd the most recent sta
tstic7 have 0t hand, which borrow from the annual
report OF the Public Works Losu Board for 1850 and
IRON INC report OF INC Local Government Board for
1870, bring out tho fact that during the ten or
operation of public and local acts Of PIlimcnt passed
within that period at rate which is becoming alarming
Government for certain other purposes s tho lender
thIoush the medium OF the Public Works Loan Board,
year ls72'73 amounted to 800 900 900; nj The end nf
$id9 6oo in 1856 SI5s % 200; IN z W.
$53l ,925; and ia lS77-'7s, $573,4l5OiO.
THE NATION AS 4 MoNEY-LENDER
recent writer in RE EdiHb,trgh Rerie,o has i'm nv
estimation, very ably pointed sound system Of
making the State the moneylender to the minor civil
dvisions municipal corporations and other commits
sions having exclusively 20 do with local affairs Even
the chairman of the Board Public Works Loan Com
nissiOncrs has declared himself very strongly arant
the conversion of the Board OF Commissioners into a
ness to be monrylcnder a. nh T @ i , IL" pu-!
tona necessity that the existence ana action of such n
Board as hat can be tolerated. His main ohicctnu.
are that the Government ought not 10 interiors i'm me
matter of loaGing money They are not capitalist
they have no surplus ON the contrary they are largely
ing therefore 1t Is not their once and the only circu-
intervention is the occurrence OF some great
pubic necessity which has to be dealt
would make it difficult impossible Tor those who are
10 De assisted TO obtain ad in pccnIary sense from
The truth is that the people of England seem to bo
borrow from the Public Works COMMISSIONER than
~ Mould De Tor communities to obtain their through
about their security their terms cheaper and there
appeal the state Will be apt to relieve them f'' VII '
Inc question Of local Indebtedness is serious enough in
|, A. In ~
1P az money lender to municipalities il would be
difficult TO imagine the outcome. The large amount ~
money WhiGh has already been RENTED in England by
tho Public Works Loan commissioners has been for ~
widest pieces of folly 1872 900 for instance or hc
Sl25OOOO advanced for the of tbc
tunnel On the other hand, there have been advances
Tor seIul public purposes, but frequently on made
quate security.
HOPEFUL FORECAST.
Great as the abuse OF municipal Indebtedness ia I
think we can afford to take more cheerful view of IL
th AT any period since the close Of the war; The pop
iaoh OF the country, and especially the cities has
almost resumed its wonted dccennal incrcase our
h"cIai CONDITION was never s0under, and the deVelop-
et OF our vast resources, the increase of our in
uuhtrics, are the wondcrment OF the world
states 10 DAY IA the country of all
ing the attention OF the world ia fully
Wy the recent inhuN of immigration. With these bright
Guy tna ING analrs OF cities
1 strictly on true business principles imam ever he
h IN our history. 1t may be trthfully urged as
YOU'D put It, that states have becn ~,
hg through period in their financial hiatorv aa
ssaiy as iseiation, dentition ana puberty "a The
issued by the Census P %1oa tables recently
true as To population; let the masses of thia groo1
epuehc once awaken to the flu meaning OF this bnracn
anu excessive taxation. and 1t IL hardly urohabc
he taxpayers ana better element of these
VIII suder relapse. let the accounts of thcs 49, S
more SIMPLY kept; let that wrotchcd deuson %Ith 10
attending pcrplexitics, the snking fund he
let the local uhsrIes making a mystery n s,'
PIE business transactlons; let great
porAuOhs 2yold too much party politics. the re
so earnestly begun by the large Will pass alan
down the line until IL will pcrmcate every city and
let Ill the country Wen may say these cities Ihat
Iris honest government they want, and wanting It.
rarv poitlcs no garment 10 their backs MT"
little more OF the oldtme devotion To public afars
closer scrutiny of the tax levy and of the purposrs far
which the money is expended, with additional safe
guards on deDtcreating viii help on the good work.