80 THE FISCAL PROBLEM IN MISSOURI

Missouri had larger interest payments than any other state
in the group. The upward trend in Missouri’s interest payments
 since 1923 has, therefore, been more gradual than the
trends for the three states mentioned. The more gradual
change indicated is a reflection of the fact that the bonds
which have been issued by Missouri were distributed more
evenly as to time than were those of the other states.
As a basis for interpretation, the interest payments of the
several states have been converted to a per capita basis.
The per capita interest payments of Missouri amounted to
£0.90 in 1928, $0.93 in 1927, and $0.53 in 1923. In 1928 only
two states in the group, Arkansas and Minnesota, had larger
per capita interest payments than Missouri, while in 1923
Missouri expended a larger amount per capita for interest
than any other state.
1 This was also true for 1918.