The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1914-04-25
MICHIGAN DEBT
! : BELOW AVERAGE
STATISTICS ISSUED BY BUREAU
OF CENSUS SHOW FINANCIAL
STANDING.
COVERS PERIOD OF 80 YEARS
Per Capita In This State In 1918 Was
$2.41-PopulatIon Increased Suf-
ficientIy to Reduce the
indebtedness.

Lansing figures from
the forthcoming bulletin pertaining to
national and state indebtedness, and
funds and Investments. have been CIV
en- out by Director w. J. Harris. Of
the bureau of the census, department
of commerce, at Washington.
The bulletin carries information for
Michigan, as well as for the other
states and the United States. The
data was compiled under the super
vision OF John Lee Coulter, expert
special agent in charge OF the inquiry
on wealth, debt and taxation.
The bulletin, which will soon be
issued, will contain statistics for each
state for each year from 1890 to 1913.
inclusive. as far as statistics are avail
able, and will also contain details for
the year most nearly corresponding
to 1880, thus making It possible to
show the general movement during
period Of more than thirty years.
An inspection of the tables for
Michigan, in the bulletin soon to be
Issued, shows a small fuctuating
bonded Indebtedness which increased
from $1,000 in 1891 to $5l1000 in
1899, but decreased to $4,000 in 1904
and disappeared altogether in 1905.
The special debt obligations to public
trust funds increasing steadily from
1000 in 1891 to $6S96.000 in 1913.
and~eonstituted by far the largest part
of the total state debt. No floating
debt was recorded until 1903; the
$4,000 reported for this year increased
to s473, 900 in 1909, but fell to $4,000
in 1918. In the case OF funds and
investment, the securities were the
same as the special debt obligations
to public trust funds. The cash va.
ried greatly from year to year: the
largest amount recorded was s11I72,-
coo In 1906, though the general In.
crease was from $1,225,O00 in 1891 to
s9,36S,OO0 In 1913
Although the debt Of the state in
creased steadily during the period be-
tween 1891 and 1918 the population
increased sufficiently to reduce the
per capita Indebtedness.
In 1880 the total debt OF Michigan
at the close of the fiscal year. June
30. was s4.462 900; In 1891 It was $5.-
426.000: in 1913 II had advanced to
s7,0S9,000. the greatest changes occur
ring in the bonds and floating debt.
The population of the state increased
from 1.6S7 900 in 1880 to 1887 900 In
1918, being sufficient to Offset the bond
issues and bring about a decrease In
the per capita debt. However, in 1880,
sl.209.000 we're held by the state as
sinking fund assets and used the fol-
lowing year to pay on maturing
bonds: this fund reduced the debt
Cless\ sinking fund assets) temporarily
and caused a CORRESPONDENCE low per
capita debt for 1880.
BY reason o. this situation, in 1880
the per capita debt Of $1.99 when COM
pared with $2,41 in 1913 would indi-
cate an increased indebtedness during
the 30-year period. In order to pre-
sent the true movement OF the state
debt 1t will be necessary for purpose
OF comparison to use the per capita
debt for 1891 and 1918. $2.55 and $2.41.
In contrast with the state of Michi-
gan we find that, taking the entire
debt Oess sinking fund assets) for the
as states, the per capita debt accord
ing to the latest report is 1882, or
$1.11 more than the per capita debt
OF Michigan.
At the present time about three per
cent of the total population Of the
United States will be found in the
state Of Michigan, and 81 per cent
Of the total debt (less sinking fund
assets) is attributed to that state.