The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1914-07-24

Sto!59.
TheEnet debt Of the Rational gov
ernment represents three times the
total met debt OF the state govern
mnts: OF the total per capita debt.
of S14.15 Irrational and statel the
debt Of the national government is
1853, or % per cent, while the debt
OF the state governments amounts
to 1857, or 90 per cent of the total.
History of the National Debt. 4
The debt Of the national govern
ment was higher in 1870 than at
any. time since that date; the per
capita debt that year being s6O.46.
lThis amount, though large, was a
material decrease over the debt as 1t
stood August 81, 1865. On that date
the Indebtedness Of the national gov
eminent (less funds available for
the payment OF debit amounted to
\ S2,TGe,4S1,571,. an average 81
,s79.44 for every inhabitant Of the
country. The rate of decrease be-
tween 1855 and51S7O was continued
lluntil In 1880 the. Indebtedness Of
the national government had de-
creased so that, together with tile
rapid increase in the population, the
per capita debt had been reduced 10
only S3S.27. Ten years later (1S9O)
1t had been reduced to $3.50, Al
which point it remained with only
comparatively slight fluctuations,
increasing somewhat during the
4 spanisli-Amcricau war and dccrcas-
ing somewhat since that date. IN.
I'll. at the latest date reported
lg13l, the Indebtedness of The ma
tional government amounts to only
5000 per capita, an amount Slight
ly higher than in 1907, when tie
per capita Indebtedness was s1o.o5,
the lowest recorded.
No data are available 10 show the
debt of the As state governments. or
the territory from which they lla.c
been formed, in 1866, but in 1876
the Indebtedness OF the state govern.
ments, less sinking fund assets. wa.
s352,SG6,G9s. or $9.15 per capita
The Indebtedness of the state gov.
ernments decreased In somewhat tl,t
same proportion us the indebtedness,
Of I'll national government, ana III
1850 the per capital for the Il
state governments was $5.4S. Tor
years later .t1S9O) this had been re
duccd to $500. Further fluctua,
tons during the last 20 year,
I brought the per capita down 4
S2.67 in 1909, the lowest amour,
shown in the period covered. Sine
1903 there has been some increase
the per capita debt for the AS stat,
goysrnment being 1857 on June 80
u Although there is d net dccreae,
during the period covered in the nc
Notwithstanding Indebtedness, Iii,
material part of tho decrease In nc,
capita debt, both for the nhtiond
government .theN4S state govern.
mentsptisr due toIthe very. matcria
increases inipopulation, amounting
'tos1 SS!5 Speri centSGin the pcrioi
named 1Gonsidatingothebtota deb
for the national government and iii
IS state governments the total
amount outstanding decreased from
$2,6Sf.0S6,6F4 in 1870 to $1,374..
5oG,$60s in 1913, n idecrcasei Of nj.
most so per cent. In, con trast, The
per . capita debt decreased from,
S59.61 IN, 1870 to, $14.15 in 1913
almost so per cent?, tho loves,
point. reached being, in 1907, when
1t amounted to $12.74.
! The figures in the report show
that Arizona and Massachusetts, arc
the only states where the state debt.
less sinking fund assets, amounts to
more per capita than s1O.59. tho
per capita debt for the United
States. The debt of the national
government, therefore, is greater
financial weight upon the people Of
every state in 'ithc union excepting
these two) than is the debt OF tho
state in which they live. In only a
VERY small number Of states does the
per capita state debt amount to one.
half the per capita debt OF the ma.
tional government. : New York, for
example, has az per capita state
of $s.o5. due largely to the cost Of
the Eric Canal; while other states
slow a very low per capita debt. for
Oregon it being onlytSo.o4; for Kan.
sas. S0.14; for Iowa, s0.16; for New
Jersey. $o.24: while for Pcnnsylvan-
10 It is nothing since in that state
state the sinking fund assets exceed
tLa to.at I.1.l 1917 47TI-5-s- 7ssa7l