The Adjustment of Municipal Debts

Archive Report

Defaults by Municipalities Since 1929

Defaults by more than 1,2001 American municipalities and other political subdivisions since the current depression began, involving in all about $1,500,000,0002 of the $17,250,000,000 to $18,500,000,000 outstanding in municipal and local securities, have led to a series of proposals the last year for federal legislation to assist cities and towns in default. Following extensive hearings last spring before the Committee on the Judiciary of the House of Representatives, the advocates of federal legislation for the relief of municipalities agreed upon the Sumners bill for composition of municipal debts, which passed the House on June 9, and which is now in the hands of the Senate Judiciary Committee. A vigorous fight for its adoption is to be made in the Senate ...

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