Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1902-12-30


has submitted to Governor Otero his
report for the two years ending No
vember 80 last. It shows the financial
condition of the territory to be excep-
fionally good and the outlook the best
in it's history.
On December /, 1900, at the COM
mencement of the ffty-second fiscal
year, there were balances in the vari-
Gus funds to the amount of s1O9, 974.
During the past two years the receipts
from all sources amounted to 1887
102, and the disbursements to S94S ,626,
leaving on hand as cash balances in
the various funds, the sum of s24s,4 49.
During the fifty-second and f~fty-third
fiscal years all claims within the ap-
propriat,ons made were promptly paid
and in ADDITION the bonded debt has
6een reduced from s1,205, 100 to ST.,
122, 200, a reuction OF $50, 800. Certif-
Gates of Indebtedness paid amounted
to $48, 900, capitol contingent fund
bonds redeemed to $50 900 and capitol
building bonds purchased to $4,000. In
addition to this the territory has accu-
INFLATED for the ultimate redemption
OF capitol building bonds $S7, 100 and
for pruvisicna a Indebtedness bonds
$26,321, or a total of $114,0S2.
The territorial funds are deposited
in nine territorial repositories which
are entitled under the applications and
bonds filed to have on deposit 1908 goo,
These banks now have on deposit the
full amoun of their applications which
hear interest at the rate of 3 per cent
per annum. The total tax levy for the
fi%fty-third fiscal year, ending Novem-
Der 80, 1902, was 1929 mills and the
appropriations for the same year for
general territorial purposes, 1882 72
The territorial tax levy for the fifty.
fourth fiscal year was reduced to 1898
mills and the appropriations to s177.
372. or a decrease of $4,000.
On May l, 1908, $1O1, 800 of casual
deficit bonds become redeemable al
the option of the territory. These
bonds are dated May l, 1893. running
thirty years and optional after ter
years from the date of the bonds, bear
ing 5 per cen interest. The present
law makes it lawful for the territory
to issue 4 per cent bonds, to take vi
any bonds that bear a higher rate of in
terest, when the bonds may have be
come redeemable at the option of the
territory, but restricts such actor
from being taken until the optiona
period has expired. In order to allow
ample time to allow and prepare suci
bonds, treasurer Vaughn recommend
the amendment of the law so that thu
treasurer, with the approval of thu
governor, can dispose of the new re
funding bonds for cash for not les
than par, at any time within thre,
months prior to the time at which tn,
outstanding bonds become redeemabl,
at the option Of the territory.
Attention is called to the presen
law governing the class of seeuritie
required to be given by banks doinI
business in the territory, who may al
ply to become a depository of territol
iaI funds. Under the law. as it exist:
personal securities shall be accepted
Treasurer Vaughn says:
'The late experience of the territor
in the case of the suspended Tao
County bank leads me to believe ths
all banks applying for territorial mol
eys should furnishe the territory sue
security or bond as could be at ono
realized upon provided it became ne
essary. 1t would be a very difficult III
d%ertaking for the treasurer to attemI
10 keep Informed as to the sufficient
OF the securities on the bonds give
by the different banks, and as there
good reason to believe the territol
will be able to continue to carry c
large deposits with the various teri
torial banks, it would surely cause 1
little embarrassment to the territol
should an amount equal TO that now G
deposit with any one of the authorize
repositories get tied up. This can !
obviated and the territory secure
from any possible loss by repeating Il
present law and passing a law makir
II compulsory that any bank applyir
for a deposit of territorial monel
shall, before receiving such deposi
execute and deliver 70 the territory
bond In some reliable surety or qua