Arizona silver belt., 1897-08-19
THURSDAY, AUGUST 10, 1897.
GOVERNOR M'CORD AS A
 FINANC1ER.


 dressed to the territorial board of equalization, recommended that, if legally within the,r power to do so, they raise the valuation of all the property of the territory from 25 to 50 per cent in order to overcome the de- felt in the territorial revenues of abou. $40,000 annually. An equal raise upon all property in the territory was contemplated. The suggestion is remarkable one, justified in the gover- nor's mind, no doubt, by the exigency of the case, but the board of equaliza- ton, were it within their power, would not dare affront the taxpayers of the territory by any such arbitrary and in defensible procedure. To attempt to enforce such an order would have raised storm of remonstrance and in dignation against the territorial admin istration, in comparison with which the late gubernatorial disturbance would appear to Governor McCord mere ebullition in the political chaldron.
 The board of equalization wisely re- trained from adopting the governors recommendation. but on some classes of property, notably cattle, they raised the assessment and thereby increased the total valuation of all taxable prop erty in the territory to S31, 1000, 900. Gila county's assessment is not affected by the raise.
 We agree with the governor that the territorial finances are in a sad plight, but the cause of our growing expense budget is not to be found in the In- creased. legitimate demands for main taining our public institutions as in vicious legislation, which at every re- curing session of our legislature adds an hundred thousand dollars or more to our financial burdens and increasing thereby the annual interest obligations. Also our public institutions have be- come cormorants whose demands. seemingly, are never to be satisfied, and it is an insult to the intelligence and self-respect of property owners in Arizona to even suggest that they sub init to greater extortion to replenish a treasury footed by corrupt politicians on the plea that the credit of the terri tory must be maintained.
 An attempt is now being made, through our time-serving delegate, Mark Smith, to have congress legalize the capitol act, the greatest fraud perpe- trated by the Nineteenth legislature, and Governor McCord, as head of the territorial administration, appears to be party to tho conspiracy since the territorial treasurer, with his approval, has given additional bonds in the sum of S2O0,O0O for the accounting of the funds, Sl00, 900, proceeds of the bonds which the territorial administration is preparing to negotiate, in anticipation of the approval of the capitol act by congress, and q Phoenix exchange de- clares that work will soon be begun on the capitol building. What hope is there that Arizona will escape financial ruin so long as such jobs are perpe- trated, and sanctioned by the people?
 The territory and the several couu- ties thereof have been for many years In financial straits, and to relieve the pressing necessities of the counties a law was enacted by the Sixteenth legis- htive assembly, approved March 10, 1891, commonly known as the English Act, to provide for the maintenance of county governments, which was de- signed to put the counties whose in- debtedness had reached the 4 per cent limit prescribed by the Harrison Act, on Q cash basis, by discrediting for an indefinite period all existing obliga- sions outstanding at the time, and creating an "expense fund" to meet the current expenses of county govern ment The Nineteenth legislature amended the English law by creating Q "salary fund" to insure the prompt payment of the salaries of county off cers, thereby making them preferred creditors.
 The bonded indebtedness of Arizona, including county and municipal in- debtedness funded, amounts to more than per cent of the assessed value of all property in the territory, (the con stitutional limit of territorial indebted ness being but per cent, and in ad- dition to which there is more than S250, ,000 outstanding in 10 per cent territorial warrants, besides floating indebtedness of the counties to the amount of several hundred thousand dollars drawing 10 per cent interest. Moreover, the valuations placed on property for purposes of taxation are higher than in other political divisions of the Union, and to increase them 25 so 50 per cent, as the governor sug-