Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1901-01-04
TERRITORIAL TREASURER.
According to Report, Finances Of
Territory in Good Condition.
SEVERAL RECOMMENDATIONS.

A otero. Governor OF New Mexico
Sir--I hav the honor to sebmit my
report on the condition and operations
OF the territorial treasury for the last
two years from December 3, 1898, to
December 1. 1900, inclusive.
On December l. 1900. the end Of the
ifty-first fsca year, the cash balance
In the treasury amounted to si09. 97i.3l,
although that during the past year the
public debt has been reduced by sl4.-
SOC. viz:
Capitol. contingent bonds bought,
so, 900; certificates OF indebtedness re-
deemed. $4,000.
Deductlng from the cash on hand
December 1. 1900. via, 500 974.Sl. the
sums due to territorial institutions and
10 funds created for special purpo $
and subject to immediate call. all
amounted to $40. 5ss15. there stiIl re-
mains a net cash balance Or surplus
In the TREASURY at the close OF the hf-
ty.first fiscal year Of $50. 375.ls.
Therefore. recommend that the
treasurer be authorized to transfer
from such fsnds as can most easily
spare II ar amount Of $4,000. and
place this amount to the credit OF the
general defunding fund. to be used for
the purchase Of outstanding territorial
bonds, particularly the current expense
bends, amounting to $4,000, and ma
turing in 1907 and 1905. For the ulti-
mate redemption OF these current ex-
pense bonds 50 far. no provision has
been made, unless such provision be
contained in sections 10 and SO Of
chapter IS. laws OF 1899. entitled. AN
act to provide for the ~refunding Of the
bonded Indebtedness of the territory |
OF New Mexico and the various coun-
ties and the municipalities thereof"
Section ~ reads as follows:
That at any time when any out |
standing bond or bonds. or any portion
thereof OF this territory. may have be-
come Reasonable at the option OF the
territory and the holder or hold rs
thereof, fail. neglect or refuse to sur
render the same. under the provision
OF this act, then 1t shall be- awful for
he territory 10 issue bonds as her, In
provided, and the treasurer, with the
approval of the governor Of the terri
tory, shall have authority to dispose
Of the same for cash, al no less than
par. and out OF the proceeds thereof.
take up any such outstanding bonds,
or any portion thereof. that may bear
a higher rate u interest than herein
provided"
l hardly think 1t would be advisable |
to raise the present rate of taxation |
and make a special levy sufficient TO
pay these current expense bonds on
maturity. I would therefore recon-
mend that his section ~ Of chapter
So. laws Of 1899. be so amended as to
empower the treasurer OF the ter ritory |
to sell the new 4 per cent %rcfundlng
bonds therefore land not after) the
expiration OF the option or maturity |
OF the bonds to be redeemed or re
funded.
Mills |
Capitol contingent bonds..........0o 50
Certificates OF indebtedness.......Ol o.
Capitol building bonds ............02 90
Provisional indebtedness bond 49,. 90 60
Total ,,,..... ,",.,..""..,. "a 90
One mill of taxation produced last
year a fraction over s26,l37. If the
present rate OF taxation Is kept up for
the next four years the reduction Of
the territorial debt will be:
Capitol building bonds. ....... 100000
Capitol contingent bonds. ....... $1,000
Certificates OF Indebtedness. 1880
Provisional Indebtedness bonds. 5000
Total -. ID. ..,............ 1922, 800 |
approximately o%ne-third OF the total
Indebtedness. which Is now 81 1905, 100.
The reduction In taxation will
amour to Ave mills over one-third Of
the total present taxation, viz:
Four mills special levies for redemp-
ton purposes.
Interest charges on the funded
territorial debt, instead OF be-
Ing as now 90. ...u..,.,,s6 6'OJo
will be approximately .,...". $4,000
Reduction ID. ,. ............. $4,000
This appropriation for territorial
| purposes, which now is 6 mills.
| then safely be reduced to 5 mills with
| out Gripping the territorial business.
/ mill reduction in appropriation for
territorial purposes Total OF 8 mills.
/ would further suggest that the
treasurer be empowered to epply the
proceeds OF these special tax levies.
raised for redemption purposes. TO the
purchase OF the respective bonds each
year. and thus stop interest charges
thereon forever, provided that such
bonds can be purchased at a rate that
will net the territory at least 3 per
cent interest per annum.
While It Is generally conceded that
the wealth Of the territory Is con-
stsntly increasing. the assessed vslua-
ton of the Territory SHOWS a steady
decrease In some counties. | can as
sign no other reason for such decrease
but the neglect of some county asses
sors. As an instance. | will cite So
zorro county:
Assessed valuation in 1898 ,,,.t6b7,474
Assessed valuation In 1899, 4.3214e3
Assessed valuation IN 1900 .... 2.IT4,l7o
This is an injustice to both the terri
DRY n the county. and serves no
good purpose whatever. A certain
amount OF money has to be raised for
territorial and county purposes, and ~
the assessed value 10 decreased the
rate OF taxation must be Increased In
proportion. High taxes always deter
investors, who DO not look to the rate
assessment as they do to the rate Of
taxation.
Very respectfully your obedient SER
want j. II. VAUGHN
Territorial Treasurer.
II troubled with a weak digestion,
b~elching, sour stomach, or II you feel
dull after eating, try Chamberlain's
| Cfav,aaA 81 \ Lac. nN.INaVa I-g.a Ok