Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1900-01-16

pointuient OF this committees resulted,
that such amicable compromise should
be attempted, and for the purpose Of as
sisting your board in making such com.
promise, ! understand this committee to
have been appointed. >
Manifestly, then, it became the duty
OF this committee to investigate and re-
port to your board a full statement of
all assets, sources of income and liabili-
ties of the county, in such ineligible
form that county creditors, with the
cautious corroboration from original
sources to be expected Of careful bust
ness men. might readily determine
whether the facts as they exist. war
ranted them, on business principles, in
making such a compromise, and, If so,
upon what percentage Of existing debt
1t should be based.
Instead of containing such facts, it is
in its presentation of such facts as well
as In its omission to state necessary
facts, that the majority report conspi-
cuously exhibits marks Of haste and in
consideration. Though it now contains
a generalizatioTo of some Of such facts
which as originally adopted. 1t did not
contain, but which were contained in
the original minority report above men
toned, it is yet unintelligible. 1t rec
ommends a compromise upon a basis of
25 per cent, but does not attempt to
disclose whether the county can or AN
not pay that or more or less than that
sum. Its figures as to assets and liabili-
ties are so incomplete that they do not
explain its conclusions. 1t only vaguely |
by the figures accompanying it, shows
what the income-producing part of the
county's assets are. as distinguished
from its total assets, and it does not in
any manner show, or attempt to show,
what part of such income must be APP
piled to the payment of county expenses,
territorial tax. and other items in the
nature of fixed charges, nor does the
mass OF figures that accompany it and
form part of it, attempt to show what
part of such income, after the payment
of such items in the nature of fixed
charges, will be available for the pay
ment of interest on the Indebtedness it
is proposed to compromise. If your
board should refer that majority report
back to the committee for figures for its
conclusions that this county can pay rs
per cent of its p%resentdebt or interest at
4 per cent thereon, | feel satisfied that
it will never be able to show other than
the merest speculation and guesses in
their support. The data incorporated
in the minority report from the sub
committee for drafting a report to your
board, was presented by me to a full
meeting OF the committee, with the
openly expressed desire on my part to
have it criticized, and its incorrectness
pointed out, but no member OF the COM
mittee saw fit to controvert any of its
facts, though several of its members
in committee with the views
expressed Earnestly desiring
to be corrected, II the facts and conclu-
sions there given were erroneous, | also
such data and conlusions
thereon to some of the most intelligent
tax payers of this city who were not
members of this committee, without re-
ceiving from any of them any adverse
criticism. For more than ten days this
has had the minority report
mentioned and during that time has re-
its majority report without any
to combat any of the minority
report positions, and ! now submit it to
this honorable board, with the sincere
belief that the facts and conclusions
stated are correct, and with an equally
desire to be corrected, If they
are wrong, believing, as l do, that in a
compromise pure and simple, the county
should pay all it can, without such a
rate Of taxation as must necessarily ,
its active existence as a county,
lrive all property holders from the
and render utterly worthless its
obligations in the hands of its creditors.
shall, in fact, be glad to be convinced
that the county can do better by its
creditors than l believe it can, but | do
not believe the county can raise an in
come to pay interest at 4 per cen on 25
Der cent OF its present indebtedness.
My reasons for this belief are briefly
l.
As reported to this committee by its
subcommittee on Data, prepared by
R. j. Palen and f. Muller, the
.otal debt OF Santa Fe county was found
be $914, s93. "a, and interest due on
1888, 156.42 Of unpaid coupons. These !
coupons are unpaid for and average of
more than four years, but estimating f.,
he same ut but four years at 6 per cent, ,
will add to the sum named $45. 1877. SO, +,
the total Indebtedness of the
$500, O51 81. +
The assessed value Of the taxable +,
property Of this county, as reported by
he same subcommittee on county in .
l%ebtedness, Is: |.
SUAJo , . q. 4, q. . 4 -. , , 4, , d, , i, mSDO. S4U. |
property. 800, 100. y,
Total. ........... ...... 81 1871 4O s
From which, according to that SUBJ :
:ommittee's report, an exemption allow !.
d by the laws OF the territory amount !
ng to S133,313 should be deducted, leav- Z
ng a balance Of property in the county 9
ubject to tax, of the total value of G
i, 753, 727. 9
In communities where taxable property y
5 more stationary than here, and there I
ore easily reached by officials charged q
Nth the collection OF taxes levied there F
N, where transfers of such prop erty
move more regularly than here and in '
veil defined trade channels, and where !.
he market values Of property are better 0
lefned and there is less fluctuation >
han in this territory, from rs per cent II
o 80 per cent of this assessed valuation g E
aight properly be regarded as income 0
reducing assets of the county for the 7 =
'urpose OF raising by taxation funds for Il
he payment OF its Indebtedness. But r
q this county, where a large part of ?
UGH assessed valuations have no market I
alue in the sense in which that term Is U
enerally used; where useful income
rodncipo rool oetoto NOV no totally nm. q