Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-18
THE COUNTRY'S DEBT
FACTS AND FIGURES IN ANSWER
TO mR. HAmyEY's ARGUMENT.
Received in rcnsIons--"The Forgot
ten Man, Lives south--Government
pesss-Raiiway obnsations-Loans
from Banks. &C.
To the Dispatch.)


sion that prevails that people. largely,
ness. principally, is due from interior
sections of the country. that II is becom-
lng more and more oppressive, and
tests with undue weight upon farmers and
other like Industrial classes.
II IL said. on page 10 OF the book. that
the total debts in the United States
national municipal, State, county, cor
porate. and priyate-are now estimated TO
be abou; 20. 900 millions OF dollars
'The interest on 1900 million dollars,
II the rate OF s per cent. per annum.
s twenty-four hundred million; now;
when you consider that the total money
supply OF the country is only sixteen hum
ired million, and that interest money
is going practically 10 the East, you
can see what great sponge this debt
Is 10 come twice a year West and soak
up your money and take IT away"
This is a very impressive way OF put
ting II TO the western man, whose
consolation Is: THE only money coming
back 10 US (the western people,. at pre-
sent, from the East which first goes there
10 pay interest il about one hundred and
sixty millions year paid By the govern
ment In pensions salaries paid 10 govern
ment employees. and money received In
payment for produce. on which, there
Is no margin OF profit" page 300
In an appendix TO the work, an anaIy-
SIS Of this assumed debt is attempted,
which is here quoted In full
In giving the debts of the United
States, public, corporate, and private,
Coin's has used in part, the report OF the
Census Bureau, as far as completed, and
has added TO IL an estimated amount for
maritime debts. accounts Of pawn-shops,
private debts not on record, rentals, ana
other debts due on contracts, none OF
which is included In the census report.
among the larger items OF our debts
as far as officially reported. are the fol-
lowing:
National debt OF the United
States Omitted States census
1891 Observation-Disclosures. eSi's''iV'
SUITE ard municipal debts
Omitted states census 1890. l'lSo'%lo'1-S
Railway bonds on ln,l8
nslcs OF railway Doors
Manual, 1899 .. ............. 5,i0Je
Tie average farm and home
debt shown by tabulation OF
partial returns from counties
distributed Throughout the
Inicn Is Sl,2SS for farm
and 1924 for homes. If this
average holds good for the
United States there is an
existing debt in force on
farms and homes of the
United States occupied by
owner IT. Il. Porter, SUI
perintendent eleventh census,
IN North American Review,
Volume Bs. page eiS, off,. 10000
Mortgaged indebtedness OF
business realty, strest-rail-
ways, manufactures, ana
business enterprises (esti-
mated from partial reports
Of the eleventh censusj..... 5OOO,OOO.OOO
Loans from S.U3 national
banks Statistical Abstracts
OF the United States) ........ 2,lO5 I6g,SOo
Loans from 5,jI9 State, saw
ing. stock, and private banks
and trust companies (Statis-
teal Abstracts of the United
States) .......,.......-.....'... %'-Vl''Vf'~'~
II the same progressive RATIO
OF increase is added TO these
figures that maintained from
1870 to 1880, over S5,OJO,OOOvW
should now be added 10 the
items above given
The total of the debt above
assumed to be ascertained
Is .'........................ ylg.Si6,Si5,s4S
The balance of the 10000 million
consists of an assumed IN
crease, since the census year
of ..............s.......s.s''. o'VYV'V'V'VVV
And of a purely conJectural
debt Of rentals. pawnshop-
loans, and miscellaneous pri-
yate and unrecorded debts,
as above-stated, by Coin
without evidence, authority,
or information of any kind,
amounting to.................. lo'eoS'oS4'l'|
COINS" total .......... $4O, OOO. OOO. 900
RECEIVED IN PENSIONS.
western men who believe Coin should
be measurably content to learn that they
are receiving at the hands OF the gov"
eminent in pensions annually an amount
equal 10 five times the interest on the
national debt, and exceeding by $5OVo'-
900 annually. the interest on the COM
bined national. State, county, municipal
and school-district debt Of the whole
country.
This distribution TO fortunate sections
has grown from thirty millions in 1913
10 one hundred and fifty-eight millions in
1898. when II amounted TO more than
louble the coming value OF the greatest
annual yield of silver that ever has been
known in this country. 1t is proper to
that that, Notwithstanding Coins state
ments. the West IS not an exclusive bene-
fclary. The Northeastern States take
M
their share of the pension fund. The
Forgotten Man" lives in the South.
In what follows, the purpose, chiefly.
will be TO determine whether the facts
offered and the authorities referred 10,
support the assertion that over so'OOO,OO
O0O should now be added to the items
above given"
GOVERNMENTAL DEBTS.
Census reports, 1890. Compendium.
Part H. page 32l(;
Total OF national, State, county, NUM-
cipal school, district, and all minor gov
ernmental subdivisions:
1880 .......................... .SSVao' iSoVn
1880 ........................'' %u-'l'V'o1s
Decrease ...........,..........N 'Vie'ozo4o 100
DEBT PER CAPITA.
1850 20
1890 ........................ % o.
Decrease NEUTRALITY-SUSPICIOUS." 80
These figures derived from the source
referred TO by Coin" show, instead OF an
increase, a great decrease In this impor-
tant branch OF general indebtedness. IL Is
sale in the Census Reports Compendium.
Part IL, page 45D that the interest charge
on the above Indebtedness decreased in
the ten years 1913 per cent, that the ave
rage rate had declined from SEA per cent.
20 ASS per cent, and the per capita inte-
rest charge from S295 20 $l.5i, and that
for each 5000 OF assessed valuation the
total interest charge In 1880 was 1915, and
In 1890 but 1881. Based on true valuations
the reduction is greater. We must look
further to find the increase OF debt and
10 see what Il consists of.
RAILWAY DEBT.
The next thing or the list is Rail
way Bonds on HISS Miles Railway In
1899 Poor's Manual, 1881"
The total debt is given correct
~ ~ foSIol1,SVt
Hooking hack at figures for 1882,
given In Poor's Manual for 1885.
we find that at the average in
crease per annum for the ten
years the growth of the above
debt. on Coins basis, up TO
the time OF publication OF his
book. should have been........ S4i.s1s.4oO
But upon examining Poor's
Manual for 1894 we find that.
estimating pro rata the last
six months, the actual In
crease was ..................... 162, 723. 6l3
The debt per mile OF road In
1889 was .,.....,................ n,2os
which had increased 10 2-l0 per cent In
ten years. or per cent. year Ia very
moderate addition when the great strides
made in improving railroads their facili-