Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1893-01-24
WHAT DOES OUR NEW BOARD
MEAN2


the sction Of the board Of County
cOmnissiousrs IN ordering the de
fas}ied inferred on the bonded
Indebtedness of the County to b,
paid, says, What does our new
board meang" 1t means to pat
the obligations of the County and
preserve what little Of the Ces4ay
credit there is remaining. 1t
means to protect men who paid
their money for the bonds of this
County when the County had 70
have money and it does not mean
70 pursue a policy of population.
Last year, for the first time. the
interest on the bonded indebted
ness of this County was defauIted.
1t was given out at the time that
the payment of interest was with
held in order to enable the board
OF commissioners to obtain a rec
ord otthc outstanding bonds of the
County. This idea was advanced
by the Enterprise months before
the action of the board of commits
sioners was taken. The republic
can board simply followed the
course marked out by the Enter
prise, butt followed it as a mat
ter Of necessity. At the time the
interest on the bonds was due
there was not money enough avail
able to pay the interest on the
bonds and the board was Obliged
either to acknowledge the fact
that there was no money to pay
the interest or to adopt some plan
to put off the payment of interest.
The Enterprise plan seemed to be-
the most feasible, although the
treasurer OF the County had a
complete record Of the bonds IS
sued by the County at the time the
board issued;the order TO defer the
payment Of interest.
1t may be interesting to know
why there was not money enough
available for the pavment of in.
terest The law under which the
greater portion of the bonds Of
this county was issued provides:
1T shall be the duty of the
county commissioners of any
county issuing bonds under the
terms Of this act to levy each year
at the time Of making the levy of
other taxes, a tax sufficient in
amount and no more than is sufi-
cient, to pay the interest on said
bond or bonds, warrant or war
rants for each year. Such tax
shall be kept separate from the
taxes levied for other county ptr-
poses and shall be devoted exclu-
to the payment of such
interest" The board had not de-
voted this money exclusively to
the payment of interest and the
result was hat when the time
came for the payment Of interest
could not be met. Holders of
Grant County bonds in many diff
ferent localities in this country
and in Europe wrote coucernina
them and the credit of the COUNTY
wac yey m~agerialIy injured.
The Enterprise, after having
stated that the action Of the board
in ordering the coupons paid awas
a most reprehensible measure,
goes on to state that "it will in all
probability lead to a state Of fnan-
cial chaos in County matters.
By shat course Of seasoning the
Of tho Enterprise arrived at
The conclusion that the payment
1f interest coupons which have
been overdue for more than six
months would lead to n state If
financial chaos is difficult to under
stand unless, perhaps, It might be
chaotic reasoning.
Farther along in the article is
his statement: @The writer has
proofs that portions of
these bonds, and Of considerable
.mount were issued in lieu Of
warrants already paid by the coun-
y and cancelled This is not a
new discovery II was known to
be people Of this County more
han two years ago but Why does
he editor Of tbe Enterprise adyo-
ate the repadiation Of bonds
'hieh have been bought and paid
81 BY innoeen parties FATHER than
% punishmept % ths parties Who ,
those sacelled warrants? +,
No more loiaous policy could ,
g PURSUED by 10 board 81 COM
.i...nnar- ~ 49, :. .A..l