New-York tribune., 1907-06-02


Year Total debt Year Total debt,
1900 .S245 s}4 702 1908 $37l 507 0sI
1901 ....... 800 2o9 1898 $50 AZ 03
1902 3l62G6 $50 1906 ...-.- oOVl25ei4
1903 ..........-- S27,o54.7s6I
This means that during the most prosperous Ie-
riod this nation ever has known its richest and
most populous city has mo-e than doubled its debt
IN six years.
The total bonded debt Of the United States is only
S225. 10000, and that Of New York City is already
more than half that OF the national government
At the present of increase the metropolis Will
have the larger Indebtedness in five years.
The total debts of all the states in the Union
amount only to S2343l4.190 less than half that of
the single city of New York The total state, coun-
t. and city Indebtedness Of the entire United States
S less than three times that of the city of
milionaires.
The great military powers OF the world much
concerned over China and her debt, and yet China
has borrowed only S530090o against $500O0000O for
New York The entire Dominion OF Canada owes
only S271 100000, about equal New York's increase
in four years. Yet with all this stupendous debt,
the average citizen of Manhattan never gave the
matter second thought when he saw the official
figures.
Next TO New York the twenty-five large cities
of the United States. in the order their popua-
ton. follows: Chicago. Philadelphia, ST.
Louis Boston. Baltimore. Cleveland. Buffalo. San
Francisco. Cincinnati. Pttsburg, New Orleans
Detroit. Milwaukee, Washington, Newark. Jersey
City Louisville Minneapolis Providence, Indianap-
oils Kansas City. St. Paul. Rochester. Denver and
Toledo. Their population, according TO the census
OF 1900 was about 9.6C0c00. against 3.4S7,OOO for
Greater New York. 1t is likely that this pro-
portion has changed much. Now, the total bonded
Indebtedness of these twenty-five cities is about
$417O00.O00. almost hundred million less than
that OF the metropolis!
This that the per capita debt of the citizen
of New York is Sl45 3d. against Si3 As for those Of
the other large cities, Boston with SIG and Cincn-
natl with $l14 come the nearest TO approaching
New York's record, while Chicago and San Fran
best showings- 1t may be noted, however that the
municipal debts of most cities show steady in
cTeases and there seems 10 be disposition from
any quarter TO get out of the clutches of the bond
There will be raised this year for A taxation a 3 pqr
you imagine that dollar of this will remain in
ae , city treasury and md be paid out to me- meet &
in the city treasury.
and a branch Of Wau Street finance The money
70 be raised each year by taxation is expended
the fiscal starts the printing presses begin
eVenue bonds i 5nTciDaton Of next TeaTs
tsXes% and there is nothing too great or small to
sseopd & floor t Of the Stewart Building;
fsw park, purchases land for carnegfe iGG 6ra2y
paves new street. or performs almost any service
10 the permanent debt of the city For instance It
is decided TO build a new high school The land
and the building $500 600 How much do YOU
suppose that high school will cost the City Of New
but in order to do it The contPoer issues S
This n LoTIy year Bopd5 which draw per @ cent interest
[&iiis & JOB and that the high school will cost New
The Controllers annual reports make interesting
reading TO those who understand such matters and
purposes for which bonds have been issued:
casion Of the visit to the City of New York of the
Tepresentatves of the French Republic. $500 in
This means that city with five thousand mill
enough money to hire carriages and give banquet
70 PepLesenatyes OF our sister republic-which ma
For III. purchase of roll top desks for Office Of
This is typical 'revenue bond" and It NAV run
Of the Money ee e on anoheT %eT nnd is b made 69
means uninteresting one:
ceremonies the commencement of the twentieth
centuryES25 500 in bonds at cent interest"
For payment of expenses of draping the City
pating in the obsequies Of the late President Of
the United States-S2,5o0 in bonds at per in
The imperial city OF New York could not honor
the memory of the martyred Mckinley without
Issuing bond with which to meet the expenses!
The list might be continued indefinitely. Hun
oreqs or millions OF bonds are issuel for schools
stIsa snglne h2uses; armories parks piers bridges
salaries experiments Surveys and for ever SER
vice and Improvement which can be imagined.
II is this incepacity the average American
citizen 20 think along civic economic lines which
makes him the easy prey to the CRATER and fnan-
cial brtgand The man in street viii have to do
some thinking in the next few years. and he may
pay taxes deciaTes the !S d%elleP sP' in nov Bos
ton apartment house, New York Phla-
delphia red brick dwelling Chicago hotel Il
own no land, am not assessed on personal prop
erty, ana II makes dl44 erence me whether the
debt Of my city is a million a billion. | have
enough 10 do 70 pay my rent. get three meals a
day buy my clothes and go to the theatre once in
a while Let the taxpayers worry about the debt;
It don't concern me-
It does concern you You are the one who pays
the interest on that debt and IL the principal ever
Is paid you Will meet it-that IS you will the
larger part Of IT.
We viii consider briefly the case OF the typical
Now York citizen who imagines that the city debt
does not concern him. We will try TO ascertain
how much he contributes the $4,000 900 interest
triend lives In a Harlem apartment building This
structure Is owned by John Smith, and II is as
sessed at S2I0o0O. The taxes this are about
$500 annually. Do you imagine that John Smith
10 pay interest the public debt. There are
twenty apartments in this building one of which is
occupied by our thoughtless friend Jones His
landlord ADDS $50 year to his rent to provide for
more IN rent, which Smith hands over to the tax
collector but that $50 goes to the banks.
Jones INDUCES IN dinner IN first class res
taurant and the check amounts TO Sl4 so for n
steak, salad dessert coffee, cigars-a modest re-
past but there is invisible item in that check
Joness share of that $685. 600 which must be paid
daily to the bondholders.
Jones does noC know # but his butcher p-ocer
tailor and all those with whom he deals are con,
stantly collecting from him this tax Every time
ne opens his purse Wall Street dips in and extracts
tts tribute In effect, 1t is an income tax and in
on every dollar expended. The man who spends
5000 year contributes not less than $50 toward
the interest the half billion dollar debt which
nas been loaded on the city by rismana cement
Broadway Magazine.