Note 229 — Chapter XXIII · TAXATION AND PUBLIC FINANCE

The debt of New York state is about one hundred and thirty-five millions; no other state has a debt half as large. A few states have no debts at all. The total net debt of the counties, cities, towns, villages, and other communities is nearly five billions. It would be conservative to say that the total public indebtedness of the American people today is about twenty-eight billions. From this may be subtracted, of course, the ten billions owed to the United States by other countries. But even allowing for this, the debt is about $700 per family.