egard of economy which is commonly found
among men who can afford to be generous at other people's expense.
Municipal Socialism is an ever-growing cancer which is rapidly
exhausting the country.

"Half the municipal debt is of a nature which can never yield a
profit."[704] The other half is invested in enterprises many of which
are run regardless of economy and of expense, regardless of profit and
loss, in accordance with the Socialistic principles stated in this
Chapter. The policy of deliberate waste and of constant increase of
debt, the principles of "launching out into something new" and
"levelling up their districts," perhaps also the fear of eventual
bankruptcy and repudiation, have at last frightened the investor.
Corporation stocks can no longer be considered as safe first-class
securities. Besides, the banks have begun to refuse to accommodate
Socialistic municipalities with the necessary funds by overdrafts,
short loans, &c. Socialists have therefore begun to complain when they
saw that the unlimited supply of other peoples' money was diminishing.
They consider it a grievance that they can no longer arbitrarily
squander on fantastic undertakings what is not their own. "The
hostility of the banking interest to municipal borrowing, and the
threat to 'cut off supplies' has at length taken practical form.
Disappointed in their attempt to secure sufficiently favourable
treatment from their bankers (Parr's), the Chester Corporation applied
to four other banks in the city, viz. Lloyds, North and South Wales,
National Provincial, and Liverpool Banks. All refused to tender for
the account. The banks are not run for the public, the public are run
for the bankers."[705] Also, the banks, instead of lending their funds
gratis to Socialist corporations, are heartless enough to demand
interest "usury" on their loans. "Unfortunately at present public
bodies must pay heavy tribute as interest on borrowed money."[706]
"Our embryo Socialistic enterprises are even now suffering from the
toll of interest which a restricted credit and currency permit the
money lords to exact."[707]

Has the attitude of the investing public and the banks caused the
Socialist municipalities to restrain their insane expenditure, and to
keep it within legitimate bounds? No, they have tried to obtain money
by borrowing it in small sums directly from the public. "The
Corporation of Bolton, the Boroughs of Heywood, Middleton, and others,
invite the inv