The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-02-23
The Curse OF Debt.

STUDY anu InOugnJ OF every person VINO
feels an interest in the welfare of his
country.
The assessed valuation (Which is of
course a low valuation) of the property
is S16, 1897, ,135, ,567. This gives to each
person an average of S336.89.
The bonded. state and local debt is
silly ,821 ,671, or S22.28 per capita.
The interest charge upon this debt is
S69, 1864, ,077, or S1.38 per capita The
average rate of interest is 6 2-10 per
cent.
To the above debt is to be added the
United States bonded debt, bearing in
tereet 1,564, 305, 200, or S31.19 per
capita. The annual interest upon this
has now boen cut down to S69, 461, pa
almost exactly the same figures as the
annual interest charge upon the State
and local debts. The per capita interest
charge on the National debt is therefore
the same. viz: S1.38.
Combined, the annual interest charge
on National State and local debt is
| &138, 1926, 321, or, a per capita charge of
S2.78.
Now then, the average number of per-
sons to each family is six-according to
the proportion of votes cast to the entire
number of inhabitants.
This gives to each head of a family
| $16 sc to pay in the shape of interest
money upon National, State and local
bonded debts. 1t is equivalent to the
burden Of S415 four-per-cent. mort
gage upon every mans property or Ia
bor
This, let it be borne in mind, does
| not include the burden of ''current ex-
| penses," nor the annual cost of collect
| ing and disbursing this interest. 1t is
so much paid for 'dead horse" every
year.
The ordinary expenses of the United
States Government last year, Cover and
above the $50, 461, ,244 calculated as in
terest on bonds) amounted to $191 ,251,-
| 643 This amount includes current ex-
penses and the cost of collecting and
disbursing the annual interest money.
This item is almost three times as much
as the item of annual interest. Esti-
mating that the current expenses OF
State and local governments and the
cost of collecting and disbursing the
annual interest charge on State and To-
cal debts are in the same ratio as that
of the National Government, it adds to
the interest burden of S16.56 the further
sum of $40. 6S-or, a total of S66.24 in
the shape of interest money, cost of col
lecting and disbursing the same, and
current expenses.
In other words it costs heads of fami-
lies S66.24 each. annually, to run the
National, State and local governments
and pay the interest upon the bonded
debts.
This is equivalent to the burden of a
mortgage of $1.102, at six per cent in
terest, upon the back of every head of a
family.
1t will be observed that the amount
of property, at the assessed value, to
each person is 1886 SO, or $2,02O. "a tc
! each head of a family.
II But the above item of interest money
and current expenses is a 81, 100 mort.
: gage, bearing six per cent. upon that
= $2,02O.34!
In other words the tax-eaters and in.
terest-suckers have six per cent. first
e mortgage upon every dollar worth oi
property for more than half its assessed
valve.
A man who happens to own a home
, or farm worth $1,000 can best ap
preciate these figures by supposing that
D some man should demand of him thai
= he mortgage it for LOO at six pei
, cent.
Nor, in p 'ssing, should be over
looked the fact that probably not ont
man in ten owns $1,000 of properly
Still the taxation business is so arranged
that the men without even any proper
ty, except perhaps barely enough house
hold goods to keep house, pay most O
II the taxes. This $1.10O mortgage il
" such a case becomes a mortgage upoI
A his labor instead of upon his property
!, For instance a man owns a hous
u valued at $4,000. 1t is taxed to pa,
State, county and local debts. tn
owner pays the taxes, but when h
20 rents it he charges it up to his tenants
10 II a merchant has stock of goods, b
pays the tax but charges it up to cor
D. sumers. So that in the end it come
,r out of labor.
But the above does not tell half th
. story.
l. Over and above the bonded indebted
ness above described there are estimate
to be upward of $12, 900, 900, 900 of col
porate and private debts which bear il
terest.
? How is the interest on these deb
= paidP -
b, Take, for instance, $4,000, ,O0O, 900 {
railroad debts. The railroad pays tt
interest to the holder of the railroa
+ bonds, and then charges it up in exit
freight and passenger rates.
VI But, says some one, if it is charged u
re in freight rates, the merchant and grail
mr. shipper pays most of it.
All, but what the merchant pays
ne adds to the cost of the goods which /
as sells, and if the grain shipper pays it, |
deducts it from the price which he pa,
lie the farmer for the grain.
So that in every conceivable case lab
foots the bill.
If this s12, 900. .ooO, 900 of private ar
corporate Indebtedness bears 6.2-10 i
terest, also, the burden of annual inte
IA, est is augmented by $742, 900, 900 eve
,d year. This, divided among the heads
n's families, makes an additional burden
81 $92 per year, or total burden of u
DIV ward of S158 each.
IL Compare this sum of $158 with d
ter average pay of labor, and one can easil
!, accurately and forcibly see what
in enormous curse the debt which exists
this country really is.
ar. If q man is receiving 81. so per d
and works 800 days In the year.
amounts to $3.50, and his proportion
,xt the debt curse is $'5S, or more tn
>. one-third of all he receives.
He gives every third dollar as pc
M atty for living in debt-cursed countl
ith And again, every item of this debt il
led part and parcel of the great machine
' which enables the few to accumuls
ng and control the wealth of the country.
1t is perpetual aid to the proc
which is going on of transferring the
Nv. Dor products of the many into the p
session of the few.
'eu What is the remedyp
Instead of contracting the curren
(as is proposed by the new Administ
ion tion) expand it. First. pay off and wi