Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1899-01-16


tory. Whether cur debts we're wisely ere.
ated or nOt IA a question with when We
have no concern; VI have Issued our sol
emn obligations. winch have gone INTO tne
mar kets Ut the World, Il nave Deen
bought by persons relying upon tho
faltn aud credit Ot the territory, ~hicH
Mas pie ged fOr their payment a. Much
rs upon the tangible property upVA
which the bonds were based. AZ is nOtOri-
Gus and lamentable fact that the total
assessed value for taxation ia the terri
tory, IL far below What II should be, and
that even this reduced valuation, II
consequent high rAte Vf TAXATION. the
collection of taxes Ia been most un5at
factory, resulting III a deficit reported 10
the legislature AZ every session, which
has TO be provided Tor. IL IL a msthe-
NAUTICAL proposition, that d levy Of q gwen
amount should produce a given amount
of taxable property; but experience mas
demonstrated that the actual result Is
anywhere from 20 per cent to 40 per
cent less than the mathematical. This
Is unjust 10 the Creditors Of the
territory, and unfair to the counties
which collect n larger mount. la
o%ne.county Of the territory, the commits
si0ners have assumed during the past two
years 10 ''abate and rebate" territorial
taxes TO the amount VI $4,000, without
any pfetense OF authority or law Tor 80
doing, besides In the same manner abAt-
ing aud Relating taxes due q their
county OF all annual amount many times
greater. Suit has been Instituted by the
solicitor general TO recover from The
county commissioners and the sureties on
their bonds, this amount due 10 the ter
ritory, but to avoid the recurrence OF
such acts In the future, and the delay
and expense connected with such suits.
there should be a stringent law prohibit
ing, under severe penalties, any attempt
on the y ri OF county boards To- interfere
with the adjustment and collection OF
taxes, either territorial or county. and
while II Is not believed that the present
law gives them any such authority, yet
they assume 10 exercise I. with the ABOVE
results.
Also the power to compromise the
taxes given to district attorneys In con
junction with the auditor after suit Is
Drought, should be taken away. Persons
who think themselves gggrieyed in any
manner in the assessment OF levy Of
taxes, already have ample and complete
remedy In q notorious case before the
board OF county commissioners and the
territorial board Of equalization.
During the past twelve years, the ex-
penditures OF the territory have exceeded
the receipts from the usual and GUS
tOmary sources OF eyenue. or the pre-
sent bonded debt OF the territory, $685.
500 represent this excess up to the close
Ot 1872, "a follows:
Current expense bonds. .,.......S $3.50. 600
Provisional Indebtedness tuuds..... 100000
Casual deficit bonds .............. 1Ol 500
Reminding bonds ......"."s.'' 100000
Total ........u.".. .... 1888, 800
To the above must be added to get u
correct statement of this excess OF expon-
diture over receipts. the unpaid accounts
oi the years 1898, 1894. 1895 and 1895. for
which q special tax was laid by the last
Legislature, to provide for the payment Of
about $4,000 of these accounts, leaving
without such provision at least $4,000 OF
the claims OF the same years, and there
must also be added the deficits of 1897
and 1895, which are about 30 per cent Of
the appropriations for those years, or
say, $4,000 for 1897. and $4,000 for 1898.
In addition 10 which must be added "A
large sum to bring up the interest fund
10 completion at the end OF the present
fiscal year, In March, 1888. Adding these
various amounts TO the present bonded
debt a. listed above. and wa have az %
total for the twelve years, that Is to say,
from 1886. as the refunding bonds repre-
sent a portion OF the expenses OF 1856 and
1887 Of about S730,0OO, or an annual ay-
erags shortage OF over $50. zoo. On the
bonded debt, covering the funded portion
Of this excess. the territory IL paying
now, and will continue TO pay for
many years, an annual interest
charge oil over $4,000. or about hall
the present annual interest charge
Of the territory. The question arises IN
view OF these facts, what can be done Il
remove this increasing annual deficit;
IL can be remedied only by q decrease OF
expenditures, or by an increase OF an
nual revenue. Can there be any decrease
Of annual expenditure, and IL so. 10 what
extent, and In what specific direction
To consider this question, let US take up
the annual appropriation bills 10 see
what expenditures, II any. can be clint
mated without serious injury. The in
terest fund must stand, as II simply Gov
era the actual interest on the bonded in
d~ebtedness, and, at the close OF the
present fiscal year. first Monday Of March,
1899, the deficit In this fund will be 600
900, which must be provided for TO meet
this deficit. and ! recommend al issue OF
ten years 6 per cent bonds, redeemable
at any time after one year, with a pro.
vision for "a sinking fund sufficient TO pay
all the bonds at the expiration OF the ten
years this rate OF interest Ia necessary
by eason of the very short time the
bonds have TO run.
lt appears from the report Of the CAPT.
tOl rebuilding board, that for the proper
completion and furnishing Of that build
ing. $4,000 will be necessary. nOtwith
standing that the board has exercised the
utmost care and economy in all its eX
penditures. The result IL open for your
inspection, and II Is confidently believed
that no public building In the country
comparable with II has ever been erected
for 40 small an expenditure. The former
capitol building cost the territory $500, 900,
while the present structure, with this IL.
sue OF $4,000 In bonds, Will only repre-
sent $4,000; and II IN much larger,
more substantial, and IN every way better
adapted for the purpose. than its pre-
dpcessOr. To authorize your body Ia
make such an issue Of bonds, an act OF
congress will be necessary, and { bill for
that purpose has been introduced In con
gress at the suggestion OF the rebuilding
board in order that. In case you should
take favorable action upon this sngges
ton there may not DO any delay Ia
"Obtaining such an act OF congress thus
making the proceeds OF such bonds i'm
mediately available for the purpose SO
that the work may proceed 70 o speedy
c0mpleti u; and earnestly recommend
that you authorize the issue OF this
amount OF additional bonds on the same
terms and conditions, and 10 be expended
under the same commission rs was the
original $1,000.
The p%enitentiary fund cannot bs re-
duced, neither can the salary nor su'
preme court fund; but in the miscel-
lsneOus fund there seems TO me, room for
great entrenohment, during the next