The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. State and local indebtedness

Collection:: Economics Books

STATE AND LOCAL INDEBTEDNESS 57 Bonps Issuep By Missourl STATE aND Locar GovERN- MENTS Table 16 shows the amount of bonds issued by the state government and the local governments from 1915 to 1929. As public borrowing prior to 1922 was confined almost ex- clusively to the local governments, the period covered may be divided into two parts, the year 1921 marking the close of the first period. In only one year prior to 1922 did bonds issued by counties show a larger aggregate than those issued by cities, towns, villages, and other minor divisions, exclusive of school dis- tricts. In 1921 county bonds issued exceeded those of the latter group of local governments, but the margin was very small. In all other years of the earlier period except 1916 the bonds issued by cities, towns, villages, and other minor units exceeded the bonds issued by both county and school district by a considerable margin. School district bonds constituted the largest percentage of the total in 1916. The total for bonds issued annually did not exceed $10 million in any year before 1921, and for the seven-year period ended in 1921 the annual average was less than $8 million. During a considerable part of this period, construction by local governments was affected by war-time conditions. This factor is reflected in the smaller totals for 1916, 1917, and 1918, as compared with the other years of the period. The period beginning with 1922 was marked by state bor- rowing on a scale unprecedented in the history of Missouri. As previously stated, the fourth or current period in the history of Missouri's state debt began about 1922, and this period is marked by a radical change in debt policy. It appears from Table 16 that during the years 1922 to 1929, inclusive, the stateissued bondsin the amount of $86.1 million. The largest amount issued in any one year was $25 million, in 1922. In that year $15 million of soldiers’ bonus bonds helped to swell the total, with the result that state bonds issued amounted to more than 659%, of the state and local total. In no other year did state bonds represent as much afford a complete picture of statutory limitations. To treat the development and present status of the laws relating to the subject in a detailed manner would require a volume in 1tself.

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