The herald., 1897-04-29
OFFICE OF THE HERALD.

OFFICE OF THE HERALD.
Los Angeles. April 2S. 1897.
They send no glittering statements out
When a bank goes to smash In CHINA,
To show It's solvent beyond doubt
When a bank goes to smash in China.
No plying tears you see them shed;
But they take big cheese knife instead.
And amputate the presidents head;
And banks seldom break in China
Exchange.
The Swiss people have decided by
means of the referendum on a vote OF
$4,000 to 244,000, not to substitute state
bank of issue for the present system.
The thirty-four banks now existing In
that country furnish Switzerland with
ample banking facilities. OF the 24O,-
600, 900 francs of money in circulation,
17s,0oO,0 900 francs is bank paper. which
although lacking the legal tender guar
antee. forms the principal medium of
exchange The paper money is issued
by banks under the control OF the can
tons, and several of the cantons are
themselves owners of banks.
In this connection 1t is well to call
attention to some facts concerning the
operation of the referendum in Switzer-
land. While the popular idea is that
all legislation is submitted to vote
of the people. the truth Is that petit
ton, to which 10000 names are attached,
Is necessary for the submission of any
matter to the referendum. From 1874
to the end Of 1895 but twenty of the 1872
laws passed by the federal council
were submitted. and of these the peo-
pie ratified but six and rejected four
teen. Ten constitutional amendments
were submitted during the same period.
of which six were accepted and four
rejected.
There is a general opinion. for which.
however. there Is no real warrant. that
the debt of American municipalities is
based upon their population, area, age
and resources; but the fact is that while
these elements regulate the running ex-
penses of American cities. the debt is
fixed rather by the form of government
they have enjoyed or suffered from In
the past Boston and st. Louis are cit
les of the same size, very nearly the
difference in population between the two
was less than 5000 by the last census).
yet the municipal debt of Boston Is
three times greater than that of st.
Louis, while, on the other hand. the tax
rate in st. Louis is 30 per cent greater
per $1,000 of valuation than 1t is in Bos-
ton.
Louisville, a city of O.Oo0 population.
has debt of nearly 100000, but Gov
ington, in the same state, with pop
ulation of $1,000 by the last census, has
a debt of 50. 400 900. and Newport, KY,
a city Of 24.O00 has debt of 81, 100000.
Chicago, which has population con-
siderably in excess of 1,250,000. has a
municipal debt Of 81, 900, whereas
New Orleans, which has a population Of
$50, 900. one-fifth of Chicago's, has a
debt of $15.000,0O0, and some local i'm
provements under way will materially
increase It Indianapolis. with popu-
lation at the last census of more than
100.00 has a debt OF $1,10S,000, whereas
Evansville, which by the last Federal
census had a population of only $4,000.
one-half as large. has a debt Of 81, 100. 900.
The municipal debt of Kansas City is
100000 and Sioux City. Ia. owes ST.
100000. The municipal debt of Phila-
delphia IS 50. 900 and of Pittsburg $12.-
900, 900. but Providence, which has about
one-half the population of Pittsburg, has
q municipal debt Of $13,250, 900.
Milwaukee and Detroit are two cities
having almost the same population
205,000 by the census of 1890. Since then
Detroit has increased more rapidly In
population, and the area included in Il
is somewhat larger than the area of the
Wisconsin city. Yet the debt of Detroit
is 81, SOC, 900, whereas the debt of Milwau-
kee Is Sc, 200, 900. San Antonio, Tex, an
ancient town of less than 10000 persons,
has been wide awake enough to con-
tract a municipal debt considerably in
excess of $2,000,0O0. whereas the city of
Fort Worth, which has been generally
alluded to as being thriving and enter
prising settlement, has a debt of 81, ,30O,-
900 only. In New York State, Buffalo
has a bonded debt of $4,000, 900, Syra-
cuse Of $5.800,000. Troy Of 81. 200, 900 only
Long Island City Of s3,500,O00, Yonkere
of $4,000 Albany of $4,1O0, 900, Ro-
chester of $S.400,000, Utica of $3.50, ,000
Poughkeepsie Of $1.700,00O. Dunkirk Of
$275,000 and Mount Vernon, N. Y, Of
100000.
The sales at the s. F. Stock and Bond
Exchange for the week ended gath inst
were as follows: