Albuquerque weekly citizen. (Albuquerque, N.M.) 1891-19??, 1903-01-03
:. THE FINANCES OF NEW MEXICO :.


has submitted TO Governor Otero his
report for the two years ending No.
vember 80 last. II shows the financial
condition of the territory 20 be excep
tionally good and the outlook the best
in its history.
mencement OF the fifty-second fiscal
year, there were balances IN the varl.
Gus funds TO the amount Of si09 ga.
During the past two years the receipts
from all sources amounted TO 1887
102. and the disbursements to s9lS .626.
leaving on hand as cash balances In
the various funds, the sum Of s2is,449
During the fifty-second and fifty.third
fiscal years all claims within the ap-
preparations made were promptly paid
and in addition the bonded debt has
been reduced from 81 ,205.l00 TO 81 :.
t22,20O. a reuction OF sS2 900. Certih.
Gates OF Indebtedness paid amounted
20 $4S.900. capitol contingent fund
bonds redeemed TO $4,000 and capitol
building bonds purchased TO 81 900. In
addition to this the territory has accu.
INFLATED for tho ultimate redemption
Z capitol building bonds sS7 .760. and
Tor provisional Indebtedness bonds
s26.32i. or a total OF sl14,OS2.
The territorial funds are deposited
Ia nine territorial repositories which
are entitled under the applications and
Nonds filed to have on deposit 5000 900.
hose banks now have on deposit the
sall 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 Novem.
her 30, 1902, was 1929 mills and the
appropriations for the same year for
general territorial purposes. siS2 172.
The territorial tax levy for the fifty.
fourth fiscal year was reduced to 1899
mills ana the appropriations to sl77..
1872. or n decrease OF $4,000.
On May /. 1903, s101 SEQ OF casual
deficit bonds become redeemable at
the option OF the territory. These
bonds are dated May /, 1893, running
thirty years and optional after ten
years from the date OF the bonds, bear
ing per cent interest. The present
law makes II lawful for the territory
to issue per cent bonds. to take up
any bonds that bear higher rate of in
terest, when the bonds may We be
come redeemable at the opt A of the
territory. brit restricts such action
from being taken until the optional
period has expired. In order to allow
ample time to allow and prepare such
bonds. treasurer Vaughn recommends
the amendment Of the law so that the
treasurer, with the approval OF the
governor, can dispose of the new re
funding bonds for cash for 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 ~ the present
law governing the class OF securities
required 20 be given by banks doing
business In the territory who may ap-
ply TO become depository Of territor-
iai funds. Under the law. as II exists.
personal securities shall be accepted.
Treasurer Vaughn says:
'The late experience OF the territory
IN the case of the suspended Taos
County bank leads me to believe that
all banks applying for territorial mon.
eys should furnishe the territory such
security or bond as could be at once
realized upon provided it became nee
essary. II would be very difficult I'M
dertaking for the treasurer 10 attempt
TO keep informed as To the sufiiciency
Of the securities on the bonds given
by the different banks. and as there is
good reason to believe the territory
viii be able 10 continue to carry on
large deposits with the various terri
torial banks. II would surely cause no
little embarrassment to the territory
should an amount equal TO that now on
deposit with any one of the authorized
Repositories get tied up. This can be
obviated and the territory secured
from any possible loss by repeating the
present law and passing law making
it compulsory that any bank applying
for n deposit territorial moneys
shall. before receiving such deposit.
execute and deliver 10 the territory
bond In some reliable surety or guar
anty company. authorized TO do busi
ness In this territory; such bond 10 be
in penalty. which shall not be less than
double the amount applied for
on the subject Of a travelling auditor
Treasurer Vaughn says: 1T was rec
commended 10 the thirty-third and thir-
ty-fonrth legislative assemblies that
there be created the Office OF travelling
auditor or territorial examiner, the
duty Of such officer TO be the examina'
tion Of the assessment rolls, tax lists,
collectors and treasurers accounts and
territorial banks, at stated or irregular
Intervals. and establish and maintain
n uniform system in each county for
the keeping OF records and accounts
The conditions az they appear today
demand more lmperatiyely than ever
that such an once he created and II
may be done without in the least work
ing any hardship on any Interest As