Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1889-02-08
COUNCIL BILL NO. 1872.

we nave carefully exalulueu eouii'ii
bill No. 1872, passed by the council and
pending in the house. We find that its
provisions are identical with the Kansas
county funding act. We understand the
latter has worked we'll there and has
given satisfaction. The provisions OF the
bill, after a careful inspection, are OF
general character good and wholesome.
We have also ascertained that the rep
resentatives from several of the counties
are in favor OF it. They claim that under
it's provisions the several counties OF this
territory will be enabled to fund their out
standing Indebtedness, If they 80 desire,
in thirty year bonds at per cent per
annum rate of interest. San Miguel
county, for instance, can fund its 100000
worth of court house warrants at 6 per
cent 1t Is now paying 10. Bernalillo
county will be able to do likewise, Sierra
can do it, Dona Ana also. Again,
it is claimed, and asfar as that
is concerned justly, that several OF the
counties, for one Lincoln, for another
Taos, for another Rio Arriba, for fourth
Valencia, desires to fund their warrant
indebtedness under Its provisions.
To be sure, none OF these counties owe
the magnificent debt Santa Fe county
owes, thanks to Democratic maladminis-
tration for years past. But as to this the
tax payers and voters OF Santa Fe county
have themselves to blame. The New
MEXICAN has warned them often enough.
But as to this BILL The pressure from
the outside counties is very strong. The
bill passed the council by nearly unani-
nous vote. The representatives from
outside counties, at least good many OF
them, consider the bill satisfactory and
beneficial for their sections. Several OF
the counties will avail themselves Of its
provisions and at once fund their county
debts and reduce interest charges.
Concerning the protest Of several citi-
zens of southern Santa Fe county: We
can only say that We we'll remember that
some of the very best citizens OF this city
and county signed statement, not very
many years ago, that the very bonds and
coupons in question, namely those issued
to the New Mexico & Southern Pacific
railroad, were good securities, honestly
voted and safe investment.
AS far as the suit to set them aside Is
concerned, the New MEXICAN has moth
ing to say about it for the present. But
that great deal Of money during the
several years past has been paid into the
county treasury for the purpose OF pay
ing the interest on these bonds is certain
ly true, to the New MExIcAN's own knowl-
edge and that the money so paid, which
should have been used for the payment
of this interest, has been converted, and
that uplawfully, to other purposes, is also
true. Now this is the situation and the
naked truth, and the people OF Santa Fe
county might just as well face it now as
any other time.
AS far as the general character OF the
bill is concerned, it is wholesome and
will enable counties of New Mexico to
fund their Indebtedness at low rates Of
interest and on long time. Its provisions
are certainly far ahead of anything now
practiced and much better. On warrants
issued during the past four years right
here in Santa Fe county, at an average
of 60 cents on the dollar, the county pays
at least 10 per cent interest as the law
stands at present. And on warrants
issued during the past year at about 35
and 40 cents on the dollar, this comfy
pays about Is per cent interest.
There is no use mincing matters, and
We do not propose to do it. AS a whole,
council bill No. 1872 is good bill and cal
culated to help the several counties in New
Mexico financially. What it will do for
Santa Fe county we are not prepared to
say for the present. Wethink that Santa
Fe county will have to pay its entire in
sooner or later, and that the
provisions Of the bill in question will en-
able it to do so much more economically
and at lesser rate of interest than under
any other plan so far proposed.