The Lincoln County leader. [volume] (White Oaks, Lincoln County, N.M.) 1882-189?, 1889-09-07
CREDIT OF NEW MEXICO.
Answer CT the Gov ernor to Harris &Co
Territory oi New Mcxi o,
Executive Office,

+'N'H' : ii'ii j." - W. N|itttHS'.
+ Gcntltmcn a uniform Letter
signed BY .lon has recently appear
ed in so many New Mexican pl
ncrs that 1T seems to have becf
sent out rs a circular. This letter
50 abounds witt statements which
are calculated to inure the credit
of dis Territory and when seems
to be intended to effect ON its
financial officers. that lvci it my
duty t" resp nd to it, although
know You are in po,s ssion of the
facts.
Il is 50 dilii.ult to imagine any
good ohlcct which such Il letter
could sub~rrve that | am forced 10
believe that its intention was sim
! ply to drprcc a'c the credit t the
Territory at lhc moment wien
Sl0O.OOU OF territorial bonds are to
BE sole, 50 as to permit interested
parties to buy them at figures tar
below their value. It's true that at
the end oi vonr Letter vpu insist us
reason Tor its being written, Il re-
quest thAt the newspapers ad Iress-
cd will use Your influence in Sc
curing the prompt laymrut OF the
obligations OF the territory" but
! can not believe that You really
supposed that the auditor or the
treasurer could TINS be forced to
violate the law or to use territorial
funds for he purposes Tot authori-
zed by statute; SO that that sentence
wlh'e sounding well. really has no
Specification.
Iou also state that "we have
corrcspondcd with the officials and
lis yet have received no Satisilc-
tlon. 1t that means that yOur
letters were not courtauusly and
iull v Responded to. it is incorrect.
am informed that our financial
officers gave you and the Munici-
pa investment Go. every possible
intornlitioI end explanation rela-
tinn 10 those bonds, ANA know
that in answer to il letter received
rom you ON May 25th, wrote
ON the very same day as tollnwS
Il a'n IN +, cclpt of Nonr favor of
May 22". /, lal!vc to HE delay in
/ paving the interest winch became
4 due May l>t. on certain territorial
bonds. and have retd it with infer
est. | appreciate fully the damage
+" our credit caused BY such dc
fault. and am glad 10 bc able to say
/ that the new iinanrial system Of
the TERRITORY inaugurated bv the
Ia'c legislature will, | think, pre-
vent the possibility of su. an
o> eat occurring aga n. J."
Now let Us sec wtat the fact. arc
about these bonds.
Chapt II OF the laws at 1857
+ provided for the issue of Sl5O. .OU0
/ ot current expense bonds OF which
not over A5n. 600 should be used in
any SIX months, and on which 6
/ per cent interest should be paid
ANNUALLY.
They were subsequently issued as
follows: May /. 1881, 500, 600;
Novcmhcrl. 1857, 100000; MAY
/. ! s., 500, 000
The law auhoriz ng those bones
made no provision for any tax or
oihcr means to raise money L. pay
the interest. This defect wa, known
tu ever, one. The law WAS print
cd III Iull OH every bond 50 thar
thcrc could be 40 mistake. Every
broker who thought of buvIng
them used ii as IN argunent for
reducing til, ir yaiuc. and in con
sequence of til, Unknown dettr
the bonds had to be sold considrra
ble below par, while othcrwi,
they wolld have brought Il pre-
MUM The $3.50, 900 OF bonds
was thus Sold for less than lio.
600. As careful financial agents
Non understood this perfectly when
Nou bought. and YOU hought at II
c',rre4pundinelv low figure. because
vuu knew til I interest cp'l not
be cXrcct, q til after another lr4is-
/ la ure met.
Of course. the interest was not
paid in lSSS for that reds.n. and
~, one e e ,X:etlcd it would DO