Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1901-01-03
TERRITORIAL TREASURER'S REPORT,
1t Shows That the Finances the Territory
Are in Splendid Condition,

w Wv eIllUF olerO.
Territory of New Mexico. Office Z,
the Territorial Treasurer, Santa Fe \
q Mp December II, 1900.--Hon. Miguel A
u Oteao, Governor of New Mexico: SIR
have the honor to submit my report o,
the condition and operations of the fer
: rltordal treasury for the last two years
from december g. 1898, to December I
1900, inclusive.
On December /, 1900, the end of tn.
hfty-first fiscal year. the cash balance
IN tine treasury amounted to $1O9, ,974. q
p. although that during the past year IL 3
: public debt has been reduced by s44 5oo
\ viz:
! Capltol contingent bonds bought, s2) .
. OOo; certificates of indebtedness re-
deemed, $24, 500.
Deducting from the cash ON hand De
cember l, 19OO viz, $1O9,974.31, the sums
due to territorial institutions and 10
funds created for special purposes and
subject to immediate call, all amount
, ing to $46,599.15, there still remains a
net cash balance or surplus in the
treasury at the close of the fifty-frst
fiscal year of 63,37516.
Il therefore recommend that the treas
urer be authorized to transfer from
such funds as cas- most easily spare K
am amount of 100000, and place this
amount to the credit of the general q.
funding fund, to be used for the pu
chase of outstanding territorial bon =.
particularly the current expense bonds,
amounting to $150,000, and maturing in
1907 and 1908. For the ultimate redemr
! tion of these current expense bonds so
| far, no provision has been made; un!e $
such provision be contained lin section, |
and p of chapter 5S laws of 1899, err
Titled: An act to provide for the Ia
funding of the bonded indebtedness f |
the territory of New Mexico and TIE
various counties and the mum icipalit. s
thereof"
Secslon IL reads as follows:
That ait any time when amy out
standing bond or bonds, or any portion
thereof off this territory, may have be-
come redeennable at the option of the
territory and the holder or holders
|
render the same, under the provisi ars
of this act, then it shall be lawful for
the territory to issue bonds as herein
provided, and the treasurer, With the
approval of the governor of the terri
tory, shall have authority to dispose of
the same for cash, at no less than par,
and out of the proceeds thereof, take ,
up any such outstanding bonds, or any s
portion thereof. that may bear a higher !
rate Of interest than herein provided" ,
etc.
l hardly think that it would be ad- !
visable to raise the present rate of tax q
alton and make special levy sufficient !
to pay these current expense bonds on :
I would therefore recoro~ l.
mend that this section II of chapter IS, II
avs Of 1899, be SO tnlended as to EN- -
power the treasurer OF uhe territory to :.
'ell the new per cent refunding bon Is
before (and not after) the expiration cf !,
he option or maturity of the bonds to
'e redeemed or refunded. ;,
The present rate Of taxation for all :,
erritorial purposes is 14.05 mill The ).
resent special tax levies for the le-
emption of the outsta nding debt are:
Mills =,
'apitol contingent bonds. .......... 90 10
certificates of indebtedness. . .01. 90
'apitoi building bonds. s............ .O2.O9
PROVISIONAL Indebtedness bond .. 90 50 :.
Iotdl .............. ..................O4" w :,
One mill of taxation produced las; :,
ear fra action over $26,137. If the pres e.
mt rate of taxation is kept UP for TIE
ext four years, the reduction of ''ic J.,
errit orial debt will be: -,
apitol building bonds. .... 5000, ,D13
apitol contingent bonds ..... $4,000 -
certificates of indebtedness. ..... 122SO0
rovieional indebtedness bonds. $1,000
IOldl ...... ............ ...... $4ZZGVJ -,
pproxnately one-third of the total .r.- n,
ebtedness which is now $1.2O5 100.
The reduction in taxation VIII
mount to mills, over one-tThird of the
,tal present taxa tion, viz: :.
Four mills special levies for redemn- ~
on purposes. ''
ltert st charges ON the funded
terri torial debt, instead of being
as now. 49,. $66, ,00j -
will be approxiIma tely. ........ $4,000 20
heuucllOn ............. $3U GuD -
This appropriation for territorial pur-
tses, which now is mills. can then
fely be reduced to millls withou ~ ~
ippling the territorial business. ~
mill reduction in appropriation for ~
rrltorial purposes. Total of mills.
would further suggest that the
be empowered to apply the ",
oceeds of these special tax levios, ~
Used for redemption purposes, to tn ''
rchase of the respective bonds each
ar, and thus stop interest charges
erean forever, provided THAT such
ndIs can be purchased at a rate that
II net the territory at least per cen.
erAst per annum.
While it is generally conceded tha