Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1902-01-27
THE COUNTY DEBT
SHOULD Be COMPROMISED
The Opinion Of Leading Citizens on the CON-
promise Offered the Creditors Of Santa
fe County by the Board Of County
Commissioners.
A COMPROMISE WILL Be FOLLOWED
BY BUSINESS AND INDUSTRIAL REVIVAL

Santa Fe county at its January meet
ing at which one Jf it's members, Hon.
Arthur Seligman, presented his report
| with the leading creditors of Santa Fe
county for compromise Of the crush
| ing indebtedness of the county. A num-
Der Of representative citizens of the
capital city, including members of Il
| citizens committee appointed at a
mass meeting to seek a compromise Of
the county debt, were present at this
January meeting. They all expressed
themselves very favorable to the plan
of compromise proposed by Mr.. Sell
igman and wisely adopted by the board
of county commissioners and the New
Mexican herewith presents the views of
several Of these citizens as they were
expressed
MAJOR PALEN'S STRONG ASsER-
TION.
Said Major r. J. Palen, president of
the First National Bank, and a men,
Der of the city council: 'The county
owes a large amount of money, total
of about $1,000000, all of which has
been practically recognized as legal
and binding. The annual interest
charge on this debt Is $4,000 to $4,000,
which is a burden too heavy for the
county to carry. The Seligman propo-
sition If accepted, will relieve us of
half million dollars Of debt and over
$50, 900 of annual interest charges. If
we can obtain this we certainly ought
to accept it. I think 1t Is exceedingly
doubtful that we can secure settlement
on such favorable terms. In any event
we must do the best we can and ac-
cept the best terms our creditors are
willing to give us. Unless some salts
factory settlement is speedily made, the
business interests will practically have
to abandon this city and the county, as
it will be impossible to make living
here over and above the burden of tax
alton. We are in bad box and should
get out of it as soon as we can on the
best terms we can get"
MAJOR FRED MULLER'S OPINION
Major Fred Muller, treasurer and ex-
of1icio collector of Santa Fe county,
few, weeks ago appointed receiver or
public moneys at the Santa Fe land
office by President Roosevelt, says:
"The proposition Of the board of coun-
ty commissioners Is a good one. 1t
should be accepted. 1t Is certainly bet
ter for the county to cut its Indebted
ness and it's interest charges In two
than to run along as at present. After
compromise has been accomplished 1t
will be possible to cut the county tax
rate to less than four cents on the
dollar. 1t is the only thing to do and
is our only salvation"
WHAT COLONEL GEORGE w.
KNAEBEL SAYS.
Colonel George w. Knaebel, one OF
the members Of the citizens commit
tee to seek compromise with the
creditors of Santa Fe county, says:
| 'The proposition Of the board OF
county commissioners Is a very fair
and able one. 1t shows more than or
binary sagacity and ability. The report
of Mr.. Seligman Is thorough and pains
| taking. 1t Is deserving of a great
amount of praise and credit. His sug-
gestions ought to be accepted speedily
for the proposed compromise is very
good both for the county and the
county's creditors. I know from per-
sonal knowledge that as soon as this
debt question Is settled, Santa Fe coun-
ty will experience business revival.
Many new houses will be built, capital
will think of establishing industries
and developing natural resources, and
the assessed valuation of the county
will increase greatly, thus enabling the
board of county commissioners to low
er considerably the annual tax levy.
| That will bring In more capital. more
industry and another Increase In as
sessed valuation and still greater
lowering Of taxes. Just to give you an
instance, Last year, we'll known wo-
man. had selected lot on Palace av-
enue on which to build $4,000 resi-
dence. Just as the negotiations were
about to be closed she inquired about
| the taxes. 1t was explained to her
that while the tax rate of the county Is
high, yet the low valuation placed up
on property by the assessor Is such as
to make the actual taxes paid on prop
erty very low. But she said: No, this
debt of yours must be paid eventually,
it is growing every day, 1t doesn't even
stop growing at night and some day 1t
must be paid. No, am not going to
build a house that someone else will
gobble up some day to help pay the
countys Indebtedness Many such In
stances could be cited. 1t Is natural
that people will hesitate to build, to In
vest in permanent Improvements as
long as there Is any uncertainty about
| the county's and the city's financial
standing. 1t is not the big debt that Is
killing Off enterprise as much as It is
the uncertainty about It, the only Ger
tainty being that 1t is still growing. and
will keep on growing until compromis-
| ed or paid. The compromise is an ex-
| ceedingly fair business proposition ana
should be pushed to an acceptance as
speedily as possible"
Colonel Knaebel is leading lawyer
and agent for many real state owners
in the city. He is therefore well post
ed upon the situation.
THE OPINION OF MARCELINo
GARCIA.
Marcelino Garcia, sheriff Of Santa Fe
county and a property owner, said
"since listening to the reading Of Mr..