Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1902-12-29
RECEIPTS OF TWO YEARS
AND BALANCES THAT REMAIN

Territorial Treasurer j. II. Vaughn
has submitted to Governor Otero, his re-
port for the two years ending Novem
ber 80 last. 1t shows the financial con-
dltion of the territory to be exception
ally good and the outlook the best in
its history. On December 1, 1900, al
the commencement of the fifty-second
fiscal year, there were balances in the
various funds to the amount of $109,97
During the past two years, the receipts
from all sources amounted to $1,0S7, 1872
and 5he disbursements to $94S,626, leav.
ing on hand as cash balances in the va.
rious funds, the sum of $248, 449. Dur
ing the fifty-second and fifty-third fiscal
years all claims within the appropri-
ations made were promptly paid and In
addition, the bonded debt has been re-
duced from 81, ,205, 100 to 81, 200, a
reduction of Ss3, 900. Certificates of in
ucbtedness paid amounted to $4s, 900,
capitol contingent fund bonds redeemed
to 100000 and capitol building bonds
purchased to $4,000. In addition to this
the Territory has accumulated for the
ultimate redemption of capitol building
bonds $s7, ,76O, and for provisional indeb-
tedness bonds $26,321 or total OF
$114,082.
The territorial funds are deposited in
nine territorial repositories which are
entitled under the applications and
bonds filed, to have OF deposit $203, 900.
These banks now have on deposit the
full amount of their applications which
bear interest at the rate of per cent
per annum. The total tax levy for the
ffty-third fiscal year, ending Nov. 3oth,
1902, was 1920 mills ard the appro-
priations for the same year for general
territorial purposes, $1S2,172. The ter
ritorial tax levy for the fifty-fourth fis-
cal year was reduced to 1899 mills and
the appropriations to $177,372, or de-
crease of $4,000.
On May /, 1908, $lO1 800 of casual de-
felt bonds become redeemabe at the
option of the Territory These bonds
are dated May /, 1898, running thirty
years and optional after ten years from
the date of the bonds, bearing per
cent interest. The present law makes
it lawful for the Territory to issue 4
per cent bonds, to take up any bonds
that bear a higher rate of interest,
when the bonds may have become re-
deemable at the option of the Terri.
tory, but restricts such action from be-
ing taken until the optional period has
expired. In order to allow ample time
to prepare and advertise such bonds,
Treasurer Vaughn recommends the
amendment of the law so that the treas
urer, with the approval of the govern
or, can dispose of the new refunding
bonds for cash at not less than par, at
any time within three months prior to
the time at which the outstanding bonds
become redeemable at the option of the
Territory.
Attention is called to the present law
governing the class of securities required
to be given by banks doing business in
the territory, who may apply to become
a depository of territorial funds. Under
the law, as it exists, personal sureties
shall be accepted. Treasurer Vaughn
SAYS: "Tha late experience of tho terri
tory in the case Of the suspended Taos
County bank leads me to believe that all
banks applying for territorial moneys
should furnish the territory such secur-
ity or bond as could be at once realized
upon provided it became necessary. 1t
would be very difficult undertaking
for the treasurer to attempt to keep in
formed as to the sufficiency OF the sure
ties on the bonds given by the different
banks, and as there is good reason to
believe the territory will be able to con-
tinue to carry large deposits with the
various territorial banks. 1t would surely
cause no little embarrassment to the
territory should an amountequal to that
now on deposit with any one of the au.
thorized repositories get tied up. This
can be obviated and the territory Sc.
cured from any possible loss by repeal
ing the present law and passing a law
making it compulsory thatany bank ap-
plying for a deposit of territorial mo-
neys shall, before receiving such deposit,
execute and deliver to the territory q
bond in some reliable surety or guaranty
company, authorized to do business in
this territory. Such bond to be in pen
atty which shall be not less than double
the amount applied for"
on the subject of a travelling auditor,
Treasurer Vaughn says; ut was recon-
mended to the thirty-third and thirty
fourth legislative assemblies that there
be created the Office OF travelling auditor
or territorial examiner, the duty of such
officer to be the examination of the
assessment rolls, tax lists, collectors and
treasurers accounts and territorial
banks, at stated or irregular intervals,
and establish and maintain o uniform
system in each county for the keeping
Of records and accounts. The conditions
as they exist today demand more Inn
peratively than ever that such an Office
be created and 1t may be cone without
in the least working any hardship on
any interest As an economic measure
this method Of systematizing the public
business Of the territory would increase
the revenues very materially and result
in corresponding decrease in tax levies,
as well as equalizing the values placed
on property Of the same class and value
for taxation purposes over the territory
The receipts in each fund from De-
cember 1, 1900 to)and including Novem-
her 30, 1909, and the cash balance on
the last named date, were:
Interest fund-R eceipts, $1e3,4oO;