Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1900-09-18
The Bonded Debt Of Santa Fe County.

LII Is now more tnan a year since, al a
public meeting called for that pur-
pose, the board of county commissioners
appointed a committee of ten prominent
citizens and taxpayers, to ascertain the
exact amount of the bonded debt of
Santa Fe county, and report to the
board their recommendations, as to what
should be done with reference thereto.
That committee performed their ar
duous labors in a most satisfactory man
ner, and reported that there were out
standing bonded obligations of the
county to the amount of nearly 81, OOO,-
900, or to be exact 1914, 500. IA, while
the amount of property, real and per-
sonal, in the county was 81, 53,527, and
that the total taxes for 1899 were 49,. so
mills. The majority of the committee
reported to the board of county COM
m%iSSioners, that under these circum-
stances, 1t was impossible for the county
the amount of Indebtedness in 4 per cent
to attempt to pay more than rs per cent of
bonds, the present rate being six. Two
members of the committee agreed in the
report except as to the amount to which
the Indebtedness should be scaled down,
which they estimated "as the extreme
limit. to offer to compromise upon the
basis of the payment of Is per cent of
the present Indebtedness, with a reduc-
ton of the rate of interest to 4 per cent
per annum."
These two reports were made to the
board of county commissioners, and on
the Both of November last they adopted
the majority report, and the committee
of ten was continued with directions to
correspond with the bondholders and
endeavor to obtain their assent to the
proposition. These reports, together
with the action of the board of county
commissioners thereon, were printed
and sent to the holders of the bonds,
and there the matter has rested, except
that where replies from bondholders
have been had, they were to the effect
that they could not consent to any COM
promise, until after their legal status
had been ascertained by suits nov pend
ing in the courts. Since that time
judgments have been obtained by hold
ers of coupons aggregating several
thousand dollars, while the two main
cases involving about $780, 900 in cou-
pons are pending in the courts.
Nothing is gained by the delay in the
courts deciding these cases. The result
is as certain as that night follows day,
that these cases must all be determined
against the county, carrying with them
costs, and each of the coupons is bear
ing interest at the rate of 6 per cent per
annum, which of itself upon II large
amount of Indebtedness is no small
item.
This is a condition and not a theory
that confronts this county, and the
sooner official action is taken in deter
mining the pending suits, so that the
bondholders may know their status, the
better it will be for the county and all
the taxpayers. The assessment value
OF the county for the present year is no
larger than 1t was for 1899, and the rate
of taxation is the same, which is the
limit at which people can be expected
to pay taxes and do business, and the
sooner these suits are decided, the bet
ter it will be for all concerned. The
suit now pending against delinquent
taxpayers in the county, brought under
the provisions of the Duncan law, should
be pushed to a finish as speedily as pos
sible, in order that the worst may be
known, and that the county may show
a clean record to the holders Of bonds,
upon an effort that may be made to
compromise the same. Delays in these
matters are more than usually danger
Gus, and there is absolutely nothing to
be gained by the county or any tax
payer from procrastination.