es, both relatively and absolutely, because of the
sale of publicly owned wealth (lands and mines) and with the recent
extension of the functions of government have again increased very
rapidly. Now industrial revenues come not only from the rents of
forests, mines, docks, lands, and buildings, but from profits in the
operation of industrial enterprises such as waterworks, railways,
mines, and factories, and from interest on funds deposited in banks
or otherwise invested. At present the industrial revenues of the
aggregate governments of the United States (national, state, and
municipal) amount to about a fifth of all revenue receipts. Since
the middle of the nineteenth century the number and variety of the
industrial enterprises undertaken by governments has been steadily
increasing, and this increase has been most marked in the cities. The
change in this respect in the United States, great as it has been, has
been proceeding more slowly than in the European countries.

In 1913 the receipts of this nature (earnings of departments and of
public service enterprises) were nearly $500,000,000. The larger part
of this sum comes to the national government ($288,000,000), mostly
from the post-office department. Most of the remainder comes to the
minor divisions ($176,000,000), and but little to the states. The
total "earnings" (this means here receipts, not profits) of public
service enterprises in incorporated places were $120,000,000.

Sec. 6. #Governmental receipts from loans.# The funds to invest in these
commercial undertakings are originally obtained in nearly all cases
from public loans. Almost every unit or division of government may
become a borrower to provide for its citizens at once certain needed
advantages and improvements when the funds are not at hand and
immediate taxation is deemed too heavy a burden.[2]

The indebtedness (less funds available for payment of debt) of the
aggregate governments of the United States in 1913 was:

Nation ................................. $1,028,000,000
States ................................. 346,000,000
Minor divisions ......................... 3,476,000,000
-------------
Total .................................. $4,850,000,000

The larger part of nearly every national debt has been incurred for
purposes of war and preparation for war, while nearly all public
debt other than national has been created for the p