Arizona republican., 1893-02-15


Floating debt. $tSl o7S, SO at 10 c. SIS 1913
Bonded debit, 254, 90 at lOpc 21,4O0 U
Bonded debt. 2i,O000l at 6pc. l,4t0.0
Bonded debit. Ti,bOOW at 7pc, B2la'O
$9' ,222 s.
Amount paid after funding:
Funding Do4ds. 81 i,OOOO at 5pc. 6l,55O.O
Amount saved annually ............,.. $50 IS,
The Treasurer concludes his report
by saying:
"rhe cost of running the Territorial
government for one year is from 500,
600 to $4,000 Tor current expenses
There las been paid about $4,000 pei
annum Tor interes: on the floating debt
Interest on Territorial Wagon Road
Bonds payable out Of the general re-
venue 81 ,l60 per annum; large part OF
which bonds will mature in April, 1894
The interest on the $4,000, Worlds
Fair Bonds (s1,50Ol is peyabla out OF
the General Fund. II will thus be
,ssea that an income Of $4,000 is re-
'quired 10 the General Fund to run the
Territorial government per annum. II
the floating debt can be wiped out, then
$4,000 oughtto suffice for the year
1893, and $4,000 for 1894, after the
Wagon Road Bonds are funded. 1t
will require levy Of 80 cents on the
500 to pay current expenses and inter
est to meet the requirements OF the Gen.
ersl Fund acoouht"
The Auditor states the disbursements
or account of Governmental expendi-
lures during the last two years rs $751;
0l3.53 in excess OF the Territorial in
come. The total assessed valuation OF
the Territory has Appropriated closely
to s2S,0O0,000 for the last three years,
with very little variation either wa-,
while our population has undoubtedly
become much larger and shs expsuss OF
maintaining Territorial and county in
situations and conducting government
consequently increased.
The Treasurs,'s report shows a saving
annually OF s32,S7336 on acoount OF the
debt funded at 5 per cent, and yet he
says that a levy of 500 on the 800 for
general fund purposes is requisite in Or
der TO conduct the Government on q
cash basis. The limit now authorized
by law is $50 and that amount was levied
for the current year and Is clearly
proven to be insufficient or course the
Treasurer bases his estimate upon che
valuation Of the taxable property OF the
Territory as at present assessed.
The law now cCutemplstes that Ter
ritorial governmental affairs be con-
Quoted upon cash basis, aud believe
under strict legal construction OF the
Funding Act Of Congress authorizing
the issue OF per cent. Territorial bonds
after said act became effective there
was technically no lawful authority for
issuing warrants or Other certificates OF
Indebtedness for any purpose when the
liabilities of tAe Territory or county in
which the issue occurred exceeded the
amount authorized by what is known as
the Harrison Act, and the only saving
ground upon which we can stand 10
legally Justify the floating debt which
has accrued since January l, 1891, 10
the principle that tho government osn-
not be stopped, and that the lang uage
OF the Harrison Act authorizes an in.
creased indebtedness TO supply
"caSual deficit in the rerenue," but for
no other purpose.
/ do not believe that you have author
ity to appropriate moneys for any pur-
pose when such an appropriation, il
made, will conflict with the legal inter
probation OF the Harrison Act.
While there has never been any dis
position apparent on the part OF our
people to repudiate the obligssons OF
government, yet l think the position
well taken that no authority Of law sx-
listed FOR several Of the appropriations of
the Sixteenth Legislature, nor for the
issuance Of warrants TO detrsy the ex-
penses OF the late Constitutional Con
vention he'd in the Territory. To my
mind the law is clear and specific that
the expenditures of the Territorial and
county governments should not exceed
their cash revenue provided by taxation
and that suffi lent tax levies should be
made to meet the obligations incurred
without the issuance OF warrants or
other certificates ofindsbtsdness. When
Arizona becomes State, il other regu-
lations as to the revenue are deemed
wise they can be made, bu. we now have
no legal alternative but to "live within
our means" 80 to speak. II We have
not sufficient taxable property, then the
valuation or rate OF taxation must be
raised. 1t s my judgement that with a
proper revision Of our revenue law and
a closer and better system Of assess
ments and suitable amendments 10 the
lam IN rauarl 10 tha ooll.ot;on ~ tnxaa