The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-09-23
DEBTS OF THE STATES.
Reduced by Fully s1O,OOO,O00 in the
Past Ten Years.
MANY DEEPLY INVOLVED.

Some Southern States are Very Heavily
Bonded.
The forty -four United States owe, col
lectively, 1924, 600, 900, and they pay to
the holders of State securities $4,000, 600
year as 1sinterest.. Though the popula-
ton of the United States has increased
during the ten years between 1880 and
1890 from 50,0O0,000 to- $1,000 600, there
has been no increase in the debt of the
several States. On the contrary, the
total obligations were less in 1890, and
are less now than they were at any time
between 1880 and 1855. Careful fianan-
ciering is the rule in American common
wealths today 1t was not always so,
especially when, in high initiation times
in the West, States pledged their credit
and securities to railroads, waterworks,
and other business ventures, or IN the
South, where the rule of carpet bag adj
venturers was at its height.
Ten years ago the State debt of New
York was 81, 500, 600, says the New York
Sun. Now it is 5000, 900, a reduction
of nearly million, though the State
has been put to much. expense in acquir.
ing land for the Niagara Park reserva-
ton, land in the Adirondacks, and real
estate for various public buildings de-
manded by the expanding requirements
of population of 5000, 600 persons Ten
years ago five States had more than co.
900, 900 in outstanding obligatins each.
They ranked in this order: Virginia,
$28, 600, 600; Tennessee. S27, 600, 600; LOUISE
ana, $23. 0O0 900 and Massachusetts, and
Pennsylvania SEQ, 000,0 600 each. There
has been no diminution of the debt of
Virginia, which was returned by the
last census as $81. 900, GOO, an increase of
50, 900, 900 in ten years, but by the opera
tion of laws passed by the legislature and
by the acts of commissions appointed by
the Virginia bondholders, the interest
has been scaled down, and some of the
uncertainty about the obligations has
been removed.
The close of the civil war left Virginia
devasted, impoverished with many of it's
former industries irretrievably ruined
and large share of its portable wealth
almost obliterated A reign of carpet
bag financiering followed, and the debt
of this State was sent up to S47, 900, 600.
1t has since been reduced to S31 900, 900,
but the interest charge, l, 100000 year
New York pays only 1878, 900 year. is
oppressive During the ten years GIlc-
ceeding 1880 the State debt of Pennsyl-
vania has been cut down 50, 000, 900. 1t
is now 81, 900, 600. The debt of LOUISE
ana, largely he heritage Of carpetbag ras-
cality, was 40, 600, COO in 1870, and is now
81, 600, 000 There has been reduction
in Tennessee's debt from S27, 100000 to
SIG, 600, 600, but in Massachusetts, under
much more favorable conditions for the
extinction of the State debt, there has
been an increase from $40, GOO, 600 to
$2S, 600, 600.
Sd, 600, 900 in 1880 to $2,600,000 in 1890.
New Ham pshire's has been decreased
from So, 500, 900 to 50, 100000 Little YER
mont, believed by all Green mountain
men worthy of the name as the ideal New
England commonw ealth, has no debt as
a State neither have any of the counties
composing it. The last installment, ST.
900, of the old Vermont debt was paid
few years ago The debt of Connecticut,
which was S., 900, 900 ten years ago, is now
So, 700, 600, and the debt of Rhode Isalnd
which was 81, 800, 600, is now / 100, 600
one-third less. Through tn e reduction
of debt In the old established States of
New England has been gradual and is
satisfactory, better results in a shorter
Western States. Thus, Iowa has no debt
Neither has Michigan. Neither has
Illinois. These three States are excep-
tional in this though in two of
them, Illinois and Michigan, there are
small amounts of overdue bonds out
standing upon which interest has ceased.
Wisconsin, which had $1,000, 900 Of debt
ten years ago, has paid it off and has now
no new obligations. Ohio has reduced
her debt from S. 700, 900 to 50, 700, 900,
clear gain of So, 600, GOO Kansas has only
$500, 600 debt, and Nebraska has only
$3.50, 600 Colorado owes $150,000; Wy
$40, 600; Washington 100000. These
debts may be said to be merely nominal
when one contrasts them with the vast
resources available for their liquidation.
Two Western States are exceptions to
the general rule of diminished obliga-
tions"-Indiana .and Minnesota. The In
diana debt has increased from 5000, 600
toss, 500, 600 within ten years and II Mime lin
sota's debt from So, 500, 600 to 4, 500, 900 in
the same period of time. California has
reduced her debt from So, 800, 900 to $4,000,
600. Oregon has no debt whatever;
neither has Montana, North Dakota has
$500, 600 and South Dakota owes 81, 000,-
600, for obligations incurred when State
hood was acquired.
new JERSEY u0Ub 10 pl, SVU,OUU. OCid-
wares debt is $500, 600 The former has
slightly increased, the latter has slightly
diminished since 1886. Maryland has
debtss--of &c, 200, 600, against $1,000, 900
ten years ago. Georgia has debt of S10,-
600, 600, substantially the same as it was
in 1880. Florida's debt remains at the
old figure, 100000. North Cardinals
debt has increased from SIS, 700, 600 to ST.,
roo, 900. South Cardinals debt remains
about as before, $4,000 Alabama
owes, 50, 100000. Mississippi owes 81, 0O0,-
600, the old debt having been repudiated.
Texas, though growing enormously in
penses, has decreased her bonded obliga-
lions from 5,500,0 600 to 81, 100000. Mis-
souri, has cut down her debt from 16, 000,
ncn n IN 4 ,..aIr. Lac.