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.