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

cuIGurally, Will De OF IItGle VGluo. LII Is
a case where a county has gone into
debt far beyond its paying ability, the
purchasers of the bonds have made q
bad investment, and the investment can
rot be recovered in full, nor can the an
nual interest on it be met. Under these
| circumstances the question occurs, what
can and should be done? Your commit
tee is of the opinion that a careful exam
%ination of the facts should be made by
| the bondholders, to ascertain what Is the
best the county can do in the way of pay
ment and that, after such investigation,
they should submit their views to your
board. In this manner, it is thought q
satisfactory settlement can be made
with the larger part of the holders Of
| bonds.
If the bondholders as a result of their
investigation, can make q clear and con-
vincing showing that the county a do
better than the proposition OF your COM
mittee, your honorable body can take
the proper steps for the modification of
| your committees recommendation, to
meet the requirements OF what is pos
sible to be done in the premises, that
being what your committee desires to
accomplish, to 60 as far in the direction
of full payment as is possible.
All Of which is respectfully submitted,
R. j. PALEN.
FREDERICK MULLER,
GEO. w. KNAEBEL.
ARTHUR SEL1GMAN,
EDWARD L. BARTLETT.
MAX. FROST,
l.. A. HUGHES.
OF committee.
REPORT OF SUB COMMITTEE.
Hon. R. ]. Palen, president Of the citi-
zens committee, appointed by the
board Of county commissioners of
Santa Fe county to compromise Its
debt.
Dear Sir:-The undersigned members
OF your subcommittee to prepare a me-
mortal to the holders of the bonded debt
of said county beg leave to report.
That since they had the schedule of
the debts and resources Of Santa Fe
county before them, which schedule was
prepared with great care by your COM
nittee on finance, they have care
fully examined the same with a view
OF suggesting q compromise to the
uOluCIS VI OuE OOAuS, WulCH VII 10
equitable to them, and fair to the tax
payers upon whom the burden rests
From this financial statement it is per-
fectly evident that Santa Fe County is
hopelessly burdened with q debt which
1t cannot expect or reasonably hope in
the future to meet, the yearly interest
on which alone amounts to $34, 906.
1There are now outstanding coupons
unpaid to the amount OF $lsS, 1856 ~
which bear interest annually at the rate
of 8 per cent, making an annual interest
charge for this unpaid interest of
$11 ESQ, or altogether an annual interest
charge against the county Of SAC, 1s6.
The total amount of property subject
to taxation in the county for the pre-
sent year is 81, 753,627. Your schedule
2 shows the amount Of property subject
to taxation for the last nine years, which
gives an average valuation of the coun-
ty 81, 19s, 400. 1t is an unfortunate fact
that actual as well rs assessed values in
the county have steadily decreased dur
Ing, the past ten years, and there IS
nothing to justify any increase In the
future.
The information before your commit.
tee shows that the arithmetical product
of the tax levy is not reached by about
40 per cent in the actual product. This
is not only true In Santa Fe county, but
is general all over the territory, and is
caused by taking out the expense Of as
sessing and collecting e per cent?, the
fact that q large amount Of our prop
erty consists Of cattle and sheep which }
are difficult to locate and destrain upon, |
that . great proportion Of our lands are
not surveyed so that accurate descrip-
tions can be made and proper levies and
sales had for delinquent taxes. From
these facts 1t Is apparent that w cannot
depend upon actually collecting o much
greater proportion than Is now realized
from our levy Of taxes. The present tax
levy of Santa Fe county is practically s
per cent. OF this amount seven and
sixty.two and . half mills 10 for interest
on the county debt. The other amounts
being for the general county fund, court