A Formula for Limiting State and Local Debts

Abstract

I. The problem of debt limitation, 71.— II. The theory of limiting debts in terms of assessed value of property — theoretical and practical defects, 73.— III. The requisites of a good debt limit, 77.— IV. A proposal for limiting debts in terms of average revenue receipts — merits of the plan, 79.— V. Details for the practical application of the plan, 84.— VI. Comparison of computed debt limits with actual debts, 87.— VII. Conclusions, 89.