Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-09-14

sixth of the value of the mortgaged
property. Add to this, the quasi-pub-
| lie corporation debt which amounts to
about $4,000, 000.009, in round numbers
amounts to $4,000 100000 Most of
this debt is on real estate. The total
value of the property which this debt
covers amounts to $46,4S4, 070,316. This
includes, with the taxed real estate,
mines and quarries, including product
on hand; railroads and equioment. in
Guiding street railroads, telegraphs and
telephones. shipping and canals.
This debt of $4,000, 100000 is 1882
per cent. of the above value or a lit
tie over one-quar<er The remainder
of the private debt is estimated at the
lowest $4,000, 0OO. geo. Add this to the
above and we have $4,000. 900, 900 of
private debt as the minimum. At that
time (1S9Q) the public debt was 81
027170,546. making the minimum pub
lie and private debt of the United
States s19027 17O,546. The estimated
wealth at that time was s65, 131, 49,
791
So that the minimum public and pri-
vate debt is (1S90) 1921 per cent. OF
the whole wealth of the country. l
now call your attention to the real es-
tate mortgaEe debt alone (s6,019,6T9,-
$3.50. AS near as the enumerators could
debt on January 1, 1880, was $2,4s4,-
S70.0s8. In 10 years this debt increased
$3,524, sos, s97. or 141.2S per cent. You
will take notice that this debt doubled
once and nearly half doubled again in
10 years, from 1880 to 1890. Popula-
ton, during this period, increased
24S6 per cent, or nearly quarter,
while the total wealth increased 1924
per cent. or nearly one-half. During
this rarfnd of h. to
mortgage debt alone increased nearly
three times as fast as all the wealth,
and nearly six times as fast as the
population According to this docu-
ment. the per capita debt in 1890 was
s96 for every man, woman and child.
The highest per capita was the state
of New York-S26S. The lowest was
in South Carolina. Of only $12. At that
time there was one mortgage in force
for each 10 persons in the United
States.
The per capita real estate mortgage
debt for New England was as follows
Maine $40. New Hampshire $50. YER
mont 1874 Massachusetts $144 Rhode
Island s1O6. Connecticut s1O7. The /
real estate mortgage debt per capita
in the United States for each person
Fl years of age and over was $lo5.
Under this heading New York was
S452, while S. G. was 500, Me. ss1
N II. $40. VT. s139. Mass 1924, r. I. |
S117. Conn. s175. This report says:
This mortgage movement was rela-
lively a strongly progressive one from
1880 to 1881. and from 1881 to 1882 |
when a financial depression began,
which had the effect of almost en-
-irely checking the progressive char
lcter of the movement" Not until |
1885 did il begin to progress again. |
In other words. mortgages are made |
most freely in times of business con- |
idence and expansion" BY this we |
gather the apparent fact that the in
,rease of 141 per cent. was in six |
years. If the four years from 1882 |
20 1885 had been prosperous. we have |
no definite means of knowing how |
much more the increase would have |
1een. As there has been no census /
AIKEN on mortgage debt since 1890 we
rave no knowledge of the amount Of |
hat debt today. whether II is more or |
ess. BY following up the per cent
# increase from 1890 to 1890. we can
ret some idea OF what it is today after
o years Of almost uninterrupted pros
'erity. An attempt was made in con-
.ress to ascertain the mortgage debt
n the census next year, but for some
eason not known, there was too much
so that the people are to
e left in Ignorance as to whether the
cal estate mortgage debt is more or
sss than in 1890 These figures will
i've those an opportunity to satisfy
heir own curiosity as to the posi-
Titles of that debt today II they will
AXE the trouble to figure it out. If its
rogress Is as steady since 1890 as it
'as from 1880 to 1890 the figures are
able to surprise some people. A debt
hat Increases three times faster than
ne wealth. Is not a pleasant thing
D contemplate. 1t may be interesting
D know that the number of mortgages
1 force Jan. /, 1890 in Connecticut
as $685. and the amount of debt
as $79,921,071. Would it not be in
eresting to know whether that debt
larger or smaller today?
When the debt increases nix times
s fast as the population it must in
rease the per capita debt for each per-
on. Providing This increase of debt
ontlnueS at the rate Aof one hundred
nd forty per cent, where will It end?
oes this have anything TO do with
resent conditions7 Does it tend to
cate uneasines, ard discomfort on all
des? The ignoring of these facts .
Ill not stop its progress. Will some
Kpert on figures please figure out the
mount of the debt, providing it has I
creased at the same rate since 1890.
I'LL not Mr.. Talcott please give the
'aders the figures7 This may be less
f1cult to solve than the Problems"
There must be something radically
rong in a government where the
'mbined forces of business and labor 1
e unable to. produce more than one II
ird enough wealth to meet an in
easing debt. Some screw loose some
here. There musg be settling day G
me time. When the debt outstrips
e entire wealth, what then? At this G
tie Of increase it certainly will, and
can be ascertained how long II will
Ike. / do hope Mr. Talcott or Mr..
Crimson will tell US how much the
bit is now, reckoning at this rate of
crease.
J. c. VALLETTE.
North Franklin. Conn. Sept. II, 1909.