Arizona republican., 1890-06-09
ARIZONA IN CONGRESS.

ARIZONA IN CONGRESS.
 Congress has been giving Arizona a fair amount of attention within the past few days, in the passage of four i'm portant measures.
 First came the news so grateful to the ears of the people of this valley; the passage of Maricopa cotnty's subsidy bill for the aid of the North and South railroad. Properly understood this measure is benefit to the entire Terri tory, and in fact it would have been only proper had the Territory offered the subsidy instead of the two counties of Maricopa and Yavapai.
 Governor Wolfley in his annual re- port, page 9, suggested and urged this as follows:
 cannot too strongly impress upon you Mir. Secretary, and through you upon the President and Congress, the absolute duty owed to Ari- zona and her people that she be allowed under reasonable restrictions to sGbsidize, by bonds and otherwise, the building of these two North and South railroads. Without them 1t means stagnauon in all branches of our business and with them 1t means advancement and pros perity, With other things that are certain to follow, allowing us to build these two roads will more than double our population and wealth within five years.
 Now that the one North and South road is, it is safe to say, an established fact, the second one should be urged at once.
 The passage of this bill is due to Republicans. To Hon. N. o. Murphy, Secretary of Arizona, probably more than to any other one man, is due the passage of this act. He has been un- tiring in his exertions and his work has always been at the right time and where it would do the most good.
 In making the committee report, No. 742 of April g, 1890, Senator Cullom as the leading argument in his report quotes as follows:
 Governor wolhey in his report to the Secretary of the Interior for 1889 says on this point: "The connecting railroad from the Atlantic and Pa cifc Railroad through Prescott and Phoenix to the Southern Pacific Railroad is an essential road and must be built before long. It makes the exchange through that section of the pro duce of the South with the lumber and ores of the North besides making available q number of large mines, as to size and quantity, but just too low of grade or value to stand present rates of transportation. The opening up of q mining country is almost certain to cause the finding of other new and valuable mines"
 Other quotations from Governor Wolfey's report are used in this Senate report. So to Governor Wolfley's report and Secretary Murphy energy and good work is the Territory indebted for what will undoubtedly prove great blessing.
 Second-Yesterday came the news of the final passage on Conference report of Governor Wolfey's Funding Bill for Arizona. Few probably understand the immediate relief this act will give. There are outstanding about $600,OOO in warrants that bear 10 per cent. in- terest. This includes Territorial, County City and School Districts. These will be at once funded in bonds bearing 5 per cent. interest, thus making saving of 5 per cent. within the next year on $6OO,0O0 or $30,0OO. The average tax, Territorial, County, etc., is fully per cent. on about $3O,- OOO,0O0 of valuation, equal to $9OO,OOO, nearly all of which is paid out annually in warrants bearing 10 per cent. interest.
 This funding bill places us on cash basis, beginning with January l, 1891. That is, all debts for 1890 and prior years will be funded, and the taxes as- sessed and paid in 1890 will, every dol lar of it, be available for the year 1891. By paying cash instead of warrants there will be annually a saving of 10 per cent. on $9OO,O or $9O,0OO-less per cent. on the $6OO,OOO funding bonds is- sued to take up warrants equal to $30,- difference annually of $6O, 900.
 The purchasing power of the $0OO,O 900 of warrants issued annually is not more than 95 cents on the dollar, which will make an annual difference to the people to whom the warrants are issued of $45, ,000.
 There are about s500,00O of bonds, Territorial and others, that can be funded at once at saving of fully ? per cent. or $l0,OO0 annually, and about F, ,500, 900 that can all be funded within about five years at saving of fully 3 per cent. or $75,000. The results for the first year as thus given can be tabulated as follows:
 saving on $GOO,0 900 outstanding warrants ..SD,OOO saving on 9O0,O0O annual warrants 6OOOO Saving on 100000 difference for cash - 45OOO :aving on 5O0,0O0 difference in interest on
 hand ........................ 10000