Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1900-01-16
fund. road tax, and repair fund, and tel
ritorial taxes.

~
ritorial taxes.
While to meet the annual interest
upon our bonded debt alone in addition
to what is already levied would require
al annual levy of 4 per cent or 40 mills,
to say nothing of providing a sinking
fund and the ultimate payment Of the
bonds. This is simply impracticable
and impossible, and the present levies
for county purposes are about as low as
they can be reasonably expected to be;
while the tax rate Of s per cent is more
than any community ought to suffer and
to add to the rate would drive all per-
sonal property out of the county and
the real property would be sold to pay
these taxes.
In view of all the facts and circum-
stances your committee believes that 1t
would be idle and Improbable to offer a
compromise fer more than our people
could reasonably hope to pay. and make
an earnest and sincere effort to meet,
and we believe that twenty-five cents
on the dollar is all that we can reason.
ably hope to pay. This would make our
debt 1928, 723. Interest should not be
more than 4 per cent, which would give
an annual interest charge of SO, Jas,
to meet which it would require an an
nual tax levy of Q mills. We believe
that If an arrangement OF this sort can
be made under the act Of the last legis-
lature providing for the refunding of
county indebtedness, Jul outstanding
debt can be refunded into 4 per cent
thirty years bonds, that the interest will
he promptly paid, and ample provision
will be made for the meeting of these
bonds at their maturity. Already four
suits are pending for the collection Of
unpaid coupons to the amount of nearly
5000, 900, and 1t Is to the interest Of the
b%ondholder as we'll as the tax payer
that an adjustment should be had of
some kind, and 1t would be worse than
useless for US to offer more than we can
hope to pay.
Respectfully submitted,
MAX. FROST,
EDWARD L. BARTLETT,
Subcommittee.
October 10, 1899.
MINORITY Export.
EXHIBIT c.
COMMITTEE TO COMPROMISE INDEBTED
NESS.
Santa Fe, N. M, Dec. 10, 1899.
TO the Honorable Board Of County Com
%nissioners, Santa Fe County New
Mexico.
%Sirs:-Since the report to you as pre-
pared and adopted by the majority OF
your committee on Nov. 30 ultimo, that
majority report has been so amended as
to cure some Of the objections urged
against It by . minority committee re-
port then prepared and submitted BY
nae to the secretary OF the committee for
presentation to you; but that part of the
report upon which the principal objec-
ton Of such minority report was based,
remains, and while the majority report
rs now revised has been greatly improv'
ed. It is not yet, In my opinion, c~alculat-
ed to enlighten your board Of the credit
ors of this county as to what facts known
to the committee or elsewhere, war
rant the conclusion that this county can
pay interest on the percentage Of debt
the majority Of the committee re-
port recommends you TO offer by way Of
compromise.
There seems to me two methods Of
dealing with the indebtedness Of this
county; one by defending against the
Of such creditors as are technical
ly or otherwise invalid OF defective, and
to the full extent OF the ability
Of the county such as r valid: and the
to waive all technical defects and
Irregularities in the issue of any county
Indebtedness in favor Of an earnest at
tempt to reach an amicable compromise
by the county with its creditors, In
which oil elements Of discord and irrita-
tion shall, so far as possible, be elimin-
ated, and every endeavor made to show
its creditors that this county stands
ready to pay all its debt that Its assets
will enable It to pay, up to the dividing
line where any greater payments would
amount to oppression on the part Of the
creditor. It was the almost universal
Of opinion Of the public meet
Of tax payers from which the an