Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1889-02-19
EXECUTIVE OFFICE,
Territory of New Mexico,
Santa Fee. Feb. 10. 1899.

l.
To the Council of the 2Sth Legislative Assembly:
Gentlemen: ] have in my hands for
consideration council bill No. 80, can act
to authorize the funding of county in
debtedness, and for other purposes" and
| before taking executive action thereon |
desire very respectfully to suggest the in
corporation upon the bill of certain amend
| ments which seem to ME to be necessary
to the more satisfactory accomplishment
of its benefcent purposes. To permit
opportunity for the timely consideration
of these suggestions of amendment, | re-
spectfully request that the assembly Of
fcially recall the bill for that purpose
The amendments desire to suggest are
as follows:
In the LIST section, at end of sixth line,
after 1885," strike out the words, said
counties are also authorized and empow-
cred to refund any bonded Indebtedness,
with interest thereon, where the same
can be done under the provisions of this
act, so as to enable such county or coun-
est than is now being paid upon such
bonds"
All the valuable purposes of this section
are as fully accomplished without this
portion as with it, and its only effect will
be to unnecessarily intensity an issue
| that exists in but one or two of the coun-
ties of the territory, and to no good re-
suits. The bill is in all general effects
and purposes an excellent measure, and
it would be bad policy to permit its opera
ton to be marred by the establishment of
frictions that are unnecessary and avoida-
BILE, and that can accomplish no good
purpose.
Amend the 4th section by striking out
all words requiring the payment of in
terest on outstanding warrants presented
for conversion into bonds, from the first
to the fifteenth line, inclusive, SO that the
section shall read as follows:
"Section 4. At any time after this act
shall take effect and be in force, the hold
err of any warrant or warrants outstanding
on the LIST day of July, A. D. 1889,
amounting to one hundred dollars or more,
may apply to the probate clerk and ex-
otfiCio county clerk of said county for
in exchange for such warrants, dollar for
dollar. The county commissioners Of
such county shall thereupon execute such
bond or bonds and deliver the same to
the holder of such warrants upon the de-
livery of the same for the purpose of suck
exchange; and for any balance of such
warrants so presented for exchange Of
any amount less than one hundred dol
lars, the board of county commissioners
shall issue to" etc.
The requirement to compute and fund
interest on warrants from the date OF
their issue is made mandatory upon the
county. 1t should be left discretionary
to the joint option of debtor and creditor,
as is the matter of funding in the first
instance. 1t would be unjust to the coun-
ty to require it to fund several years OF
interest on warrant at any per cent
above it's face value, which, as a rule, has
cost the holder but from 40 to rs per cent
of its face, and after the county has al
ready suffered corresponding loss by
that depreciation, by the issue of addi-
tional warrants to cover and make good
that depreciation to the holder. 1t would
increase the Indebtedness of the counties
by from 8 to 10 per cent, and practically
cost all that might be gained from the
lower rate of interest secured in the re-
fundment Of the bonds.
To illustrates party presents given
amount Of warrants to be converted into
bonds. He has either puS2hased the
warrants or they have been issued to hin,
at their cash, not their face value. That
cash value has varied from 40 to rs cents
on the dollar. He now comes forward
and turns them over to the county at the
rate of 100 cents on the dollar for a per
cent bond. He ought to be satisfied with
that, without asking the per cent inter
est commanded by the bill for the next
thirty years, though he may not have
held such warrant half or quarter of
the time on which he would receive that
interest. The retention of this provision
would work great hardship to every coun-
ty in the territory, and to degree render
nugatory the otherwise benefcent provi
sions of this bill.
Strike out the 18th section for the rea-
son that the intent of the section seems
to be to determine in advance and against
the county, the legality OF a class OF ex-
listing county Indebtedness now in litiga-
ton and to legislate that question out OF
court, to take out OF the jurisdiction of the
coordinate judicial branch of the govern
ment the adjudication of question that
| belongs exclusively to that, and not to the
legislative or executive departments.
1t adds nothing to the force of the bill.
1t legislates upon doubtful question, will
intensity friction, and its effect if retained
can be only mischievous without accom-
plishing any good purpose.
Some provision should be incorporated
upon the bill for funding the school in
debtedness in like manner as is provided
for funding county Indebtedness. This is
quite as sacred an obligation as any other
class of the public Indebtedness, and
should receive the same if not greater con-
sideration. The public schools have suf-
fered, even more seriously than any other
branch of the public economies, in the
financial confusion which this bill seeks
to correct. Good public policy would in
dictate that this essentially valuable
branch of public polity should be treated
with at least the same consideration as is
accorded to the other branches of the
public administration.
Trusting that the legislative assembly
will in its wisdom and its desire for the
highest promotion OF the public interests
appreciate the propriety of these sugges-
tons of amendment to the bill under con-
sideration, am, very respectfully,
EDMUND G. Ross.