Graham guardian., 1914-04-24
STATE OF ARIZONA
Its Debt, Funds and Invest
ments from 1880 to
1913

Preliminaryhgures from the forth,
coming bulletin pertaining to ma.
tional and State indebtedness and
funds and investments have been
given out by Director w. J. Harris,
Of the Bureau of Census, Depart.
ment of Commerce. The bulletin
carries information for the State of
Arizona, as well as for other States
and the United States. The data
was compiled under the supervision
Of John Lee Coulter. expert special
agent in charge Of the inquiry on
Wealth. Debt and Taxation.
The bulletin which will soon be is.
sued, will contain statistics for each
State for each year from 1890 to 1918,
inclusive. as far as statistics are avail
able, and will also contain details
for the year most nearly correspond
ing to 1880. thus making it possible
to show the general movement dur
ing a period of over thirty years.
The bulletin will show the total debt
OF the States, as well as many de
tails. such as the various classes of
outstanding bonds and special debt
obligations to public trust funds.
II will also show the floating debt
and its component parts. Under
Funds and Investments" will be
shown separately all the different
funds, and In each case cash and Sc
curities will be shown. The popu.
lation Of the States for each year
under consideration will be used and
the per capita debt tless sinking
fund sssets) will be given.
An inspection of the tables for
Arizona in the bulletin soon to be
issued shows that the records are
not complete. no data being obtain.
able for years of the period covered.
The bonds show a general increase
from S633, 900 in 1890 to 1854, 900
in 1918, while the floating debt,
though small and changing from
year to year. shows decrease of
over 80 per cent for this period.
In the case Of funds and inves /.
ments no securities were recorded.
The cash was subject to the usual
fluctuations, but shows in 1918 an
amount greatly in excess Of that re-
ported for any previous year. being
$l.034. 900 as compared with S58, 900
in 1892.
The sinking fund assets huctuated,
never being very large, until 1918,
when nearly s530.o00 was on hand.
This was due to the fact that $780,.
600 in bonds were not presented
when due, the money being held for
their payment at the close of the
fiscal year. The debt less sinking
fund assests does not differ materi-
ally from the total debt except in
the year 1918. From 1894 TO 1918
the per capita debt decreased from
$2l.55 to $l3.02. due to the increase
in the sinking fund assets and the
steady increase in population.
In 1890 the total debt of Arizona
at the close of the fiscal year, June
80, was $757, 900; In 1918 1t was
1884, 900. The population Of the
State increased from $4,000 in 1890
to zoe, 900 in 1910.
In 1892 the per capita debt was
IS. .33; in 1894 il was $2l.55, an in
crease of Sl3.22, due to the refund.
ing Of the county and city debts by
the State. The State was able to
refund these debts at lower rate
of interest than was possible to the
counties and cities. and at the same
time the State guaranteed the pay
ment Of the bonds. In other words,
the State acts as an agent in the
transaction and for the payment OF
principal and interest. il leyi,s taxes
on the counties and cities owing the
bonds. The maximum per capita
debt for Arizona was reached In
1898 when 1t was S25.24. falling to
Sl3.02 in 1918. The total increase
"a ne pss 6&'Aii q .sa 8stt fitts