possessions, in 1912, was $187,739,000,000, or $1,965 per
capita. This estimate is presented merely as the best
approximation which can be made from the data available and as
being fairly comparable with that published eight years ago.
The increase between 1904 and 1912 was 75 per cent., for the
total amount and 49 per cent. for the per capita. Real estate
and improvements, including public property, alone constituted
$110,677,000,000, or 59 per cent. of the total, in 1912. The
next greatest item, $16,149,000,000, was contributed by the
railroads; and the third, $14,694,000,000, represented the
value of manufactured products, other than clothing and
personal adornments, furniture, vehicles and kindred property.

The net public-indebtedness in 1913 amounted to $4,850,461,000.
This amount was made up as follows: National debt,
$1,028,564,000, or $10.59 per capita; state debt, $345,942,000,
or $3.57 per capita; county debt, $371,528,000, or $4.33 per
capita; and municipal debt, $2,884,883,000, or $54.27 per
capita. Thus the average urban citizen's share of the net
federal, state, county and municipal debt combined was $72.76;
and the average rural citizen's share of the net federal, state
and county debt combined was $18.49.

The total federal debt in 1910 was $2,916,205,000, of which
amount $967,366,000 was represented by bonds, $375,682,000 by
non-interest-bearing debt (principally United States notes or
"greenbacks"), and $1,573,157,000 by certificates and notes
issued on deposits of coin and bullion. Against this
indebtedness there was in the treasury $1,887,641,000 in cash
available for payment of debt, leaving the net national