Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1894-08-17
COUNTY BONDED DEBT.
The City and County Authorities Try
ing to See What Can be Done
to Scale it Down.

At a meeting of the county board of
commissioners the following memorial
was presented by a committe represent
ing the city council:
To the Hon. Board of County Commission
ers of the County of Santa Fe.
Gentlemen: At a meeting of the city
council of the city of Santa Fe held on
the 18th inst. the following resolutions
were unanimously adopted.
"Resolved, That it is the sense of this
council representing one-third of the tax
able property of Santa Fe county and
one-third of the taxpayers therein that
the board of county commissioners
should at once take all honorable meas
ures possible to present the financial CON
dition of said county to the holders of its
bonded debt and to urge them in some
manner to compromise or reduce the
amount thereof, 80 that the burden of
debt be brought within the capacity of
the people to pay the same; that while
posed to the reputation of debt in any
form it believes it will be for the best in
terests of the bondholders as we'll as
the tax payers that the debt of Santa
Fe county be reduced to an amount
which it is within the power of the
people to meet. And for the
purpose of properly presenting these
views to said county board COM
mittee of three be appointed by the
mayor to prepare and present memorial
to this effect at the next meeting of such
county board" And the undersigned
we're appointed as committee to pre-
sent the matter to your honorable board,
and for that purpose we respectfully
represent that the taxable valued of
this county is about three million
dollars, that the bonded debt is
about six hundred thousand dol
lars, or 20 per centum of the entire valu-
alton of the county, to meet the interest
upon which tax levy of nearly per
cent is necessary to be levied. IN addi-
ton to the tax for the necessary ordinary
ex penses of the county. That it is a
notorious fact that many of the largest
taxpayers of such county refuse and
neglect to pay the levy made to meet
such interest, while by reason of their
poverty many other taxpayers are alb
solutely unable to do 80. That in the
present state of the law it Is extremely
difficult if not impossible to enforce such
payment by levy and sale of property
and in the present financial condition OF
the territory, even if it were possible
under the law, such levy and sale would
be grievous hardship and absolute con-
iscation of property, which is to be
avoided if possible. In most of the west
ern states this condition of affairs has
existed as result of over bonded coun-
ties and communities anticipating bene.
fits therefrom, which did not result and
in all such cases, after years of tedious
and costly litigation and in many cases
bloodshed resulting, a compromise has
been effected between the bondholders
and the taxpayers by which both have
been benefited. 1t is believed in this in
stance that the holders of Santa Fe coun'
ty securities would prefer having bonds
to much less amount upon which the
interest would be paid promptly, were
there reasonable certainty of their being
redeemed when due, than to have thu
present amount of bonds under the pres
ent conditions. And it is further be.
lieved that full and frank statement
made by your board to such bondholdsr:
of the financial condition of this county
with suggestion to such bondholderl
that an offer to scale down the bondl
would be met by them in spirit of fair
ness, and would be looked at from
business standpoint and might result il
a very large reduction of our outstanding
obligations, to the benefit of the entir'
community, and that such a proposition
could not possibly result in any injury
to the credit or good name of the county
but would be simply a plain business
proposition to be accepted or rejected
by the creditors of the county as the,
might deem best. And to this end thu
undersigned committee would urge &C
ton by your honorable body upon thu
lines indicated above at the earliest pos
sible moment.
Very respectfully,
EDWARD j.. BARTLETT,