Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1892-12-28
I Rl@

funded into five per cent. thirty year
bonds if the territory so sees fit.
Attention is called to the fact that ow-
ing TO an insutrciency in the levy, the in
terest on the current expense bonds has
not been kept up as it should have been,
and legislation to remedy this evil is rec
commended,
He calls attention also to the condition
of the interest of the insane asylum and
capital contingent interest fund bonds,
and recommends Legislation providing
for tax levy to meet these interests.
As to the interest funds generally the
treasurer says; "As it will be conceded,
presume, by all right minded persons that
it is of prime Importance to meet the IN
terest on the territorial debt promptly at
its maturity, and as it sometimes may
hammer that the necessary funds for this
purpose will not come into the treasury
on time, it seems to me that it would be
well for the legislature to empower by
law. say the governor, auditor and treas
urer, whenever it may be necessary to
meet any such temporary deficit IN the
to interest funds, to borrow on the best
terms obtainable on note in behalf of
the territory such sums as may be neces-
sary: such loans to be repaid as fast as
q the regular revenue comes in. By this
n means the possibility of an accidental
O default in the payment Of the interest OF
the territorial debt would be amply
guarded against
l. There being no provision of law for
4 their use, the treasurer has used receipts
d. for moneys arising from licenses to take
C. up outstanding warrants and also to pay
expenses of the auditors and treasurers
Offices made necessary by the burning OF
- the capitol
As to the payment Of outstanding war
rants the treasurer says: "The funding
:. of the outstanding warrants into ten
vears G per cent bond has been suggest
, ed, These warrants can be paid within
four years, by slight addition to the an
nual appropriation for their redemption
air at much smaller expense to the terri
inf tory than II bond issued for the purpose
.r would involve. There are about SlOO,OO'
70 of these warrants outstanding; tel
f., vears per cent bond would require {
is total interest payment of 100000 b!
m. providing funds for the payment OF $50
q 00O of these warrants annually, the tota
AZ interest charge (even if they all bore IN
terest and only about $4,000 now bea
INTEREST," for the four years would be bu
We $4,000, saving of $4,000 interest owe
cd bond issue. The receipts for licenses
lat if applied to this fund.- would produc
ted annually $4,000 of the required $4,000
ac- and n slight additional tax annually, witt
to such SURPRISES of other funds as ther
5he might be at the close of each fiscal yeaI
DIS would provide for the balance
ex- The treasurer recommends that inter
his est on territorial deposits be oh
On tanned. saying: Il find from the record
of the past two years, that under existing
financial arrangements the average dall
cash balance in the territorial treasury
hly $4,000: from this sum estimate that
out revenue to the territory in the form of II
are terest on deposits might be obtained
and with ample security, of at least S5,oo
APP per annum, should the legislative autho
on itv see fit to enact suitable leg 'slation fo
mt that purpose. In the absence of all lee
UNI islation on the matter of the proper di
EAST position of the territorial funds, and
The the entire absence of suitable and prop
up safes or vaults for the safe keeping
is the funds on hand, i'll cash, in the trea
d it urer's Office, I have taken the respons
5 OF bility of deposting the funds IN Il
urn banks with which happened to be t.
the best acquainted"
and Treasurer Palen makes the folloWll
the recommendation as to a change in t
tax system:
By Section 1853, c. L., unpaid taxes |
come delinquent on the first of Novel
luch her. This date, under the financial S.
ova- TEN prevailing prior to 1899, was pr
nan haps as suitable as any other, but unc
arlc the present system the leaving of I'll
with date at over four months from the beg
En- inc of the fiscal year in which the tai
beel becoming delinquent November can
The used results in piling up in the treasr
'eel annually large amount of money fr'
since two to five months in advance of the ii
day, when its disbursement is begun. III
cked the tax of 1891, providing the funds
the the i3d fiscal year, which began on Ma
nded s. 1892. became delinquent on Novem
light /, 1891, and this tax brought into
their treasury fund as follows:
that December l, 1891, cash balance Add
older cal year, $54152.
rity: Jannarv l. 1892. cash balance 43d fs
from year, $4,000.
February l, 1892, cash balance 40 fis
year, Sl560OO.
March I, 1892, cash balance ADD fi'
'''N'' cal year, l77,575.
over Taxation is burden, n necessary
ana den it is true, but it is the part of
rect governmental economy to make
noef- burden rest as lightly as is consistent v
Tut of ha rro,,,ot and efficient execution
'nceS' public business. 1t would seem that
houlu date at which unpaid taxes became
l. ana Iinduent could be well changed to il
peo- ary /, and ample funds would come
the treasury by the middle of Febr'
tiers, -, li.,,roo to,,;on;,,c,