The small debt of the United States rose after the Civil War to

$2,773,000,000
The small debt of the United States rose after the Civil War to
$2,773,000,000. It has been reduced to about $915,000,000,
proportionately less than in any other civilized nation. The
local debts of states and municipalities in this and other
countries are, however, very large and are steadily rising. As
Mr. E. S. Martin observes,