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Detroit - Encyclopedia Britannica 1911

"....Prudent management has placed the city in the highest rank financially. Its debt limit is 2% on the assessed valuation, and even that low maximum is not often reached. The debt in 1907 was only about $5,500,000, a smaller per capita debt than that of any other city of over 100,000 inhabitants in the country; the assesed valuation was $330,000,00; the city tax, $14.70 on the thousand dollars of aasessed valuation.


With a view of effecting the reduction of street car fares to three cents, the state legislature in 1899 passed an act for purchasing or leasing the street railways of the city, but the Supreme Court pronounced this act unconstitutional on the ground that, as the constitution prohibited the state from engaging in a work of internal improvement, the state could not empower a municipality to do so."

Page 115
Vol. 8

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SteveMT's picture

The Fed played the vampire here.

They sucked the life out of Detroit with lots of fiat money to splash around. When the U.S. went global, Detroit stayed local.