The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-09-28
TIE CURSE or DEBT.

publication some very III resting fig.
United st ties II presents d subject
that Il worth the study md thought Of
every person who feels mn interest in
the welfare OF his country The as
scsscd valuation (which il of course II
low valua.ion) OF the property il $40
s97. i35,5,,7. This gives to each per on
IN average Of $,3,iSo.
The bonded State and local debt IN
si,ll7.ssI.67l. or S22.2s per cipita.
The interest charge upon this debt Is
$6936i.U77, or Sl.3s per capita. The
average rate Of interest Is 2-lO per
cent
To the above debt ii to 10 aided the
United States bonded debt hearing in.
tcrest, 81. 56l, 3O5 2DO, or 81 ID per cap.
i,a. The annual interest upon this has
now been cat down to s6a46l III
almost exactly the same figures Ms the
annual interest charge upon the Sttte
and local debts. The re capita inter-
ct charge on the national debt II taers-
foe the same. viz: 81 ~.
Combined. the annual interest charge
on national, State and local debt is
si3s. SIT. 3al. or per-eapita charge of
S2T6.
Now then. the average number Of per-
sons to each family il siN--according to
the proportion Of votes cast to the en-
tire number of inhabitants.
This gives to cnch head of n family
Si656 to pay in the shape Of interest
money on national. State and local
bonded debts. II il equivalent to the
burden of s4l5 4-per-ccnt. mortgage
upon every mans property on labor.
This, Let il be borne in mind. does
not include the burden of current cS-
penses," nor the annual cost Of collect
ing and ,lisbursing this interest. II Is
so much paid for dead horse" every
year.
The ordinary expenses Of the United
States Government last year tower and
above the s69. i6l.2ii calculated rs in.
tercst ON bonds amounted to Sl9l .ao5l,-
6i3 This amount includes current eN-
penses aud the cost Of collecting and
discussing tho annual interest money.
This item is almost three times as much
a. the item II annual interest. Est.
mating that the current expenses Of
State and local Governments and the
COS, Of collecting and disbursing the
annual interest charge on State and To-
cal il in the same ratio rs that of the
national Government. it adds to the in.
tcrest burden Of Sl6.56 the further sum
Of Si96S--or total Of S6623 III the
shape of interest money. cost of col
Letting and disbursing the same and
current expenses.
In other words, it costs heads of fam.
lilies $50 "a 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
mortgage of i.l02, at 6-per.cent. inter-
est. upon the back of every head of u
family.
Ii will be observed that the amount
of property, Mt the assessed value, to
each person is $336S9, or S20!O.34 to
each family
But the above item of interest money
and current expenses Is n Sl,l0O mort
gage, bearing per cent. upon that
S2.Oau.3l,
In other words. the tax-eaters and in
-terest suckers have 6.pcr-ccnt. first
mortgage upon every dollars worth Of
property for more than half Of its as
sessed value.
A man who happens to own a home or
farm worth - 900 can best appreciate
these figures by surprising that SOM,
person should demand Of him that he
mortgage II for $f,lOO ut per cent.
Nor in passing should be overlooked
the fact that probably not one man in
ten owns $4,000 in property. Still the
taxation business is 50 arranged that
the men without any property, except.
perhaps, barely enough household
goods to keep house, pay most of the
taxes. This 81 loo mortgage. in such a
case, becomes u mortgage upon his labor
instead Of upon his property.
For instance u man owns house
valued at $1,000. 1t is taxed to pas
State, county and local debts. The
owner pays the taxes. Int when he
rents il he charges 1t up to his tenants
Ii merchant has 4 stock of goods he
pays the tax but charges il up To con.
sumers. So that in the end it comes
out Of labor.
But the above does not tell half the
story.
Over and above the bonded indebted
ness above described there are estimated
to he upward of $l2.Ooo.00OOoo Of
corporate AMI private debts which bear
interest.
How is the interest ON these debts
paid?
Take. for instance. s4.OOl. a0o, ono
Of railroad debts. The railroad pays
the interest to the holder Of the ii.
road bonds. and then charges it up in
extra freight and passenger rates.
But, says some one ii il is charged up
in freight rates, the merchant and grain
shipper pays most Of il,
Ali, hut what the merchant PAYS he
adds to the cost Of the goods which he
sells. and it the grain shipper pays it.
he deducts it from the price which he
pays the farmer for the grain.
So that in every conceivable case In.
Dor foots the bill.
IL this $4,000 100000 If private and
corporate Indebtedness bears q a-iu
interest also, the burden If annual In,
terest is augmented hs S1ia.0oO, 900 ev-
cry year. This, divided among the
heads of families makes an additional
burden Of So per year, or total bur-
den Of upward If Si5s each
Compare this sum Of Sl5s with the
average pay Of labor. and one can east
~, accurately and ioreihly see what an
enormous curse the debt which exists
III this country really Is.
Ii man is receiving $3.50 per day
and works BOO days in the year, II
amounts TO $40. and his proportion If
the debt curse il Sl5s. or more than
one,hir,l Of all he receives
He gives every third dollar as pen
atty for living in debt cursed country
And again, every item of this debt is a
part and parcel Of the great machinery
which enables the few to accumulate
and oontro! the wealth of the country.
II = \ perpetual all to the process
which Is gong af sar,.snr Via