indebtedness at $1,028,564,000, or $10.59 per capita. The
increase in the net indebtedness between 1902 and 1913 amounted
to 6 per cent., but for the per capita figure there was a
decrease of 13 per cent. The burden due to the national debt is
thus very light in comparison with that imposed by the
indebtedness of other great nations.

The state debt, however, rests still more easily on the
shoulders of the average citizen, being only one third as great
as that of the nation. The total state indebtedness in 1913 was
$422,797,000, and the net debt--that is, the total debt less
sinking-fund assets--was $345,942,000, or $3.57 per capita. The
net debt increased by 44.5 per cent. between 1902 and 1913, and
the per capita net debt by 18 per cent.

The total county debt in 1913 amounted to $393,207,000, of
which amount $371,528,000, or $4.33 per capita, was net debt.
The net indebtedness increased by 89 per cent. between 1902 and
1913, and the per capita net indebtedness by 55 per cent. By
far the greatest item of indebtedness in this country is that
of municipalities. This amounted in 1913 to an aggregate of
$3,460,000,000, of which $2,884,883,000, or $54.27 per capita,
represented net indebtedness. The rate of increase in net
indebtedness between 1902 and 1913 was 114 per cent.

While the nations of Europe are involving themselves in the
toils of debts, we should use our vast surplus wealth to pay
the national, state and municipal debts, even those contracted
for public improvements. We save every year about $100 for each
adult and child of the country and waste about an equal sum. It