Local Government And Taxation

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returns clearly prove that the greater part of our local debt has been incurred for permanent public works and elementary education, perhaps the best purposes for which a nation can run into debt. But they also prove that the greater part of our local debts, even when we exclude debts owed by metropolitan authorities, are urban. For of the debt incurred by sanitary authorities, only /\ 35 2, 000 was incurred by rural, and only ^"680, 000 by joint boards. Add to the sanitary and other debts of t
...own councils the share of the school board and poor-law debts borne by the communities which they govern, and it will be seen that the municipal boroughs of England and Wales owe a joint debt of upwards of ^70, 000, 000, or fully two years' ratable value. So long as our prosperity continues, these towns, many of them great and wealthy, may bear this enormous burden ; but in the event of a long war, or decline in trade, they might find it almost overwhelming. Rural districts are not deeply in debt, nor do their debts increase much from year to year.

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