The Grenada sentinel., 1922-05-05
NATION'S SINTtRfSI RUNS
TO STAGGERING FIGURES
$1,000. Per Minute to Pay Interest on
National Debt. Interest Charge of
Nation, States, Counties, Cities and
Towns, Together With Interest to
Banks on Farm Loans And Other
things $4s6. For Every Man in
United States.

IL seems that If there wa
ever time in the history of civiliza
ton when humanity needed the yer,
best and most serious thought O
those who have more or less to d,
with shaping the thought and the ac
ton OF men and governments tba
time is today.
We are headed down stream. w,
are gong over falls and precipese.
with loud hurrahs and with manv ban
ners Hiylng evidently with the hope
that the hurrahs and the banners will
serve as an oplate to make US unmind
1ul OF our dangers. We seem to bt
trusting in some sort of fatality tt
head US before our crafts are sunk
or before we are lost in the meal
storm debt-contracting, business
chaos and social disorder.
We are buying. Anything we can
get ION credit" bless your soul hand
her down." Bonds, Eyes, let's have
them; the next generation will have
to pay them, all that we shall have
to pay is the interest" An automo-
bile, Yes, so much down and then
so much by the month" A piano or
a victrola, Eyes, so much down and
balance by the month. 1t will be so
easy"
While pondering over these and
many other things in the hope that
possibly we might catch a glimpse Of
dawn that might lead Us to suggest
something that would help our peo-
pie TO catch themselves, we began to
ngure on what Grenada County peo-
pie are paying in the way of interest
annually when we chanced to run
across an article IN Henry Ford's
weekly, THE Dearborn independent"
OF April 29, where we got much of
the'following data, which will astound
any thinking man capable of reason
ing from cause to effect:
The United States debt for the
fiscal year Of 1921, was, $23, ,438,984,-
35l upon which interest charge was,
$500, ,144,731.35. In other words had
the Government paid $1,000. for every
minute of the 525,6O0 minutes of
that year, it would have lacked near
ly one million dollars of paying all
1t owed on interest.
4 statement of the national, state
and private banks and trust COM
panles, comprising 30,1O0 institutions.
of June 1920, showed that the total
loans and discounts of the concerns
was $31 ,256, ,147, 900 upon which. if
we figure the interest rate of SO. it
will be seen that the customers of
these institutions must pony up.
s 1915, ,368,820 for interest.
At the end of 1919, the funded in
de debtedness of 227 cities in the United
States of 10000 population and over.
was S3,455, $50 1893, upon which was
paid as interest, $156,63O,2O9. When
we stop to consider that the towns
and cities of less than 10000 popula-
ton will run up into the thousands. /
all of which are in debt, it will be
seen that municipal debts are almost
appalling. DR.. Seligman. of Column
pa University, and an authority of
economies, states that the exempt
securities Of the country run to $3O.-
OOO, 100000 of which $10,OOO.OOO.- i
200 are county. state and municipal |
BOND notes. While. such securities |
are exempt from taxes, the people |
who have mOrtgaged what they have
and What they hope for for their |
children, get no exemption from in
,erest. 1t seems safe to say that the |
interest on bonds and securities such
Is mentioned in this paragraph will
'un to $2,O00,0OO,OOO.
The funded debt of the 48 states
# the Union at the close of the wear
1919 was, $625, 5,098,881 (and it has
increased 25 per cent since them up-
IN which the interest paid was. $24.-
)79,806. The funded debt of the
COUNTIES within these states at the
anne time was, 1892 ,236,161 and the |,
interest paid during that year was.
~ 7,593. Reliable statistics show !.
hat the bonded Indebtedness of |,
0unties has increased over 25 per
ent within the past three years. but
aking twenty-five per cent increase
or both the state and the counties
''1thn the states, it will be seen that
ne annual interest charge for the
wo classes of bonds would run over
fly millions.
Class A. and Class B. railroads
and this takes in alb had a bonded
at the close of the year
92O of $11,815,273,67O upon which
here was an annual interest charge
taking 4 n per cent as a basis) of
ool ,Oo1 $40.
The Federal Land Bank had bonds
outstanding at the end of the year
921 of $434, ,534,775 upon which in
crest amounting to $19,554, ,O64 was
aid.
6,542 companies operating general
lectric light and power stations had
funded debt at the close Of year
917 land this has been increased 80 III
er cent? Of $1,297,319,859 upon
'hich the interest charge was $685.
1898. 2200 telephone companies
t the same date had funded debts of
500, ,558,971 upon which the interest
harge was, $26,868,861.
The Census Bureau gave the farm
Mortgages of the country in 1920 at
4,O12,711,213 upon which an aver
ge interest rate of 6.1 was paid,
'hich shows that $244,775,383 was