Arizona weekly citizen., 1890-02-22
TEE EuEcEr.e ELL.

Month. 90 Do ----.. .-----.--.. l.SS
Per Weel1-.-....-..--- .25.
TIE FUECENG BELL.
The arizona Funding Act" as advo-
Gated by Governor Wolf,ey. Is contained
in Senate bill 1872, introduced by Sena-
tor Collum. December 18th, 1889, and
published in fail IL another column, to
gethor with the report on the same,
made by Senator Jones, OF Arkansas,
from the committee on Territories, Feb
ruary 10Th, 1880. The great benefit 10
be derived by the Territory from the
passage OF this intelligent and compre-
hensive bin. VIII recommend the PFC
posed congressional action to every tax
payer in Arizona. \ saving to the tax
payers OF st least one hundred thousand
dollars In interest, IS no small item in
the affairs OF the Territory, and the al
nouncement that the bill has become a
law, VIII be the subject of Territorial
congratuIation, and VIII lift a great bur
den from the property holders. who feel
oppressed with the present high rate of
taxation. The bill is q wise one IL al
its provision, and veil calculated to
bring relief IL q safe and judicious way.
The loan commissioners, provided for),
are directed to redeem all the existing
Territorial indebtedness, az well as the
county, municipal. and school indebted
ness, Issuing therefor, coupon bones
bearing rate of interest, in 20 case 10.
exceed > per centum per annum. and 10
he issued ut a still lower rate of inter
est IL possible. and we believe it proba-
bic that the rate OF interest on the new
bonds viii not exceed four per cent, as
government bonds bearing four per
cent interest would sell at an immense
premium, as evidenced by the actual
negotiations occurring from time 10
time, and no reason exists why our
Territorial bonds are not
as good an investment as
the bonds of the government itself, and
should be Aoated in the money marts
without difficulty, at, or below four Per
cent. The great alrtutages Of con
gressional action il the matter Of these
bonds are too apparent to be lost sight
OF. The very fact u this special legis-
lation advertisas the bonds, and removes
from the minds II would-be investors
all possible question regarding their le-
gality, or''tho standing Of other territorial
and county indebtedness.
No room IS lef5 in the provisions Of
this bin for any future Jobs in float
ing these bonds, as Il is provided that
they shall not bo sold for less than their
face value, together with any accrued
interest that may be due at the time of
the sale, and 5aey wiI be sold for any
premium that the rate Of interest may
- = ilEez-ore The fifty year
limit for payment IS wise, as it has been
a weakness q q few territories TO under
take too much. and 10 leave too little to
prosperity. The present generation has
much to contend with, a suau PoPula-
ton and a comparatively undeveloped
country; a future generation viii be
able to scollect from a large popula-
ton who VII have valuable property
and q rich strug-
gled along taking care Of ourselves as
best we could, have overburdened our
selves with taxation until it has become
a subject Of remark, and many who
would have been glad TO have cast their
lot with as, have passed US by, on &C
count OF cur taxes being too high,
and the load heavier then
they would be called upon to bear
by locating elsewhere. If at any time
we should become unduly prosperous.
it is provided that the legislature can
create sinking fund" during the life
OF SAID bonds. for heir redemption at
maturity.
1.-THE proposed legislation recommend
ed itself so strongly to the committee
on Territories, that they made an I'M
animous report in favor of it, and its
passage in the senate viii occur at a very
early date, It being No. 377 on the calen-
oar.
The same measurers is also receiving
the attention Of the house. and Governor
Wolfey is confident Of It's early passage
there, and that the relief so amply pro
vided for viii soon be o realized fact.
When this biz becomes a law Arizona
viii have taken d Ions step towards the
relief that should have been her lot
long ago, and such wise steps viii en-
able our citizens 10 enjoy the Improved
prosperity they are SO ticilly entitled
to, as a reward lol Jloir hard struggle il
setting Up, ard c.riHz..r. vhat-5ut
Snort time aizce-vas q Wild waste.
No Legislation u Ike Importance to
Arizona has occurred since the passage Of
OF the law creating the Ierritrial govern
ment, and It IS the one thing that re-
publicans and democrats alike can ap-
precIate.