t millions, but
the assessed valuation of the city is so high that two million more
bonds can be issued before the limit of indebtedness is reached as
established by the general law. This is regarded as a most favorable
showing and the assurance is given that all the contemplated public
improvements can be pushed without interruption. There is no thought
of stopping until the extreme limit is reached.

This habit extends to the churches and benevolent enterprises. There
is scarcely a church that is not paying interest on some debt. Local
societies are often greatly hindered in their work. A benevolent
agency of one of the largest and richest denominations issued a
piteous appeal to their constituents for help, declaring that the
interest on their debts amounted to one thousand dollars per week.

The debt habit has seized the nations and the most enlightened. This
is so true that debts are, in pleasantry, spoken of as a sign of a
nation's progress. These aggregate billions are rapidly increasing.

The Chancellor of the Exchequer says the debt of England was reduced
five hundred millions in twenty years. To the astonishment of all the
world, the United States began to pay her debt, eighteen hundred
million, in thirty years. But these stand alone among the nations.
The national debts do not grow less, but are rapidly increasing. Both
the United States and England are now increasing their indebtedness
each year.

The world has gone debt mad. It has become a great harvest field, ripe
for the usurers.

Debts may at times be unavoidable. They may at times be positively
beneficial. There may be times when the system is in such a condition
that it is necessary to take arsenic in small doses, but arsenic has
no place in the menu of a healthy man. So debts may be necessary to
those who have fallen into decay or have been unfortunate, but they
should find no place in the normally healthy financial conditions of
an individual or incorporation or nation.

Debts make no man the richer. A man is no richer when he has secured a
loan, than he was before. Paying debts makes no man poorer. He but
relieves himself of the property of another.

Paying a national debt destroys no wealth. If owed at home, it is but
a transfer from one hand or pocket to another.

Adjusting the world's debts, private, corporate, municipal, or
national, the world would remain as rich and productive. Not a
material thing would perish. No man would suffer