The Dawson news. (Dawson, Ga.) 1889-current, 1925-08-25
THE DEBT OF STATES
IS MONUMENTAL sum
THEIR BONDED OBLIGATIONS
ALONE ARE MORE THAN A
BILLION AND A HALF.
PATERNALISM is RESPONSIBLE
An Increased so Per Cent in the Last
Three Years, and Now Amounts to
$3.50 for Every Man, Woman and
Child. Still Growing.

|
Child. Still Growing.
NEW YORK.-Since the war we
have become so accustomed to talk
of billions" that they hold no greater
meaning for us than millions" did be
fore the war, and the taxpayer in
wondering how we can get back the
billions we loaned to foreign countries
lis likely to overlook the great internal
debt which has been incurred in the
past few years. The fact is the states
of the Union have a bonded debt of
over $500, 100000, exclusive of tenn
porary debts and, of course, the debts
, of individual cities. The Bank Of
America, New York, has just COM
pleted nation wide survey of the state
debts, which reveals that the 48 states
have bonds outstanding to the amount
of $1,558,742, 433.68, representing an in
crease of nearly so per cent in the
last three years.
Every man, woman and child in the
country, through the state government,
owes on an average of $3.50.
Five Hundred Million Greater.
Some idea of what these figures
mean may be had when it is known
that the total OF state debts is. 100000,
600 greater than the entire federal debt
before the United States entered the
war. In 1916 the net public debt of the
United States amounted to $1,000, :
572, or about 1882 per capita. Now
x - g !, oh
1921, 178,054,271, about $188 per capita.
I State Indebtedness has been grow
inng rapidly in the past few years,
just how rapidly is indicated by the
fact that more than half of the out
standing debt has been incurred since
the beginning of 1920. This does not
mean the debt has doubled since 1920,
only that half the bonds outstanding
now were issued since 1920 AS a
matter of fact total of 1908, 900
OF the securities now outstanding has
been issued since January l, 1920.
For what purposes has this 81, $780,
100000 debt been incurred-what have
the taxpayers received for this outlay?
40 Per Cent To Highways.
Nearly one half OF this huge debt
l$626852,350, or 402 per cent to be ex-
act, has been used for the construction
OF highways and bridges, the Bank
of America statisticians have found.
Among the noteworthy highway sys-
TENS financed by large bond issues
now outstanding are those of New
York state, $9S.800,000; California,
$66,825,000; North Carolina, $66,552
600. and Illinois $60,000000. Nine
other states, Alabama, Maryland,
Massachusetts, Michigan, Missouri,
New Jersey, Oregon, Pennsylvania,
and West Virginia, have bonds for
more than $10,000000, issued for the
purpose of building highways.
SD. Per Capita Debt Highest
The highest. per capita debt of any
state in the union is that of South Da-
kota., the share OF each inhabitant be-
ing $o3.95, over six times as much as
the national per capita debt. Oregon is
second with S72 per capita; North
Carolina third with $3887; Delaware
fourth. with 5000; North Dakota
fifth, with 5000; and Massachusetts
sixth, with a per capita debt OF $50.oo
The popular impression in the nom
agricultural states is that vast and
costly experiments in state paternallsm
have been undertaken by the farming
states And yet, it is found that with
the most liberal classification only
4.S per cent Of the national debt can
be counted as agricultural aid. More
than half of this $74,822, 5000 is the
bond issue in South Dakota for the
purpose of carrying on her rural cred
it system.