Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-10-19


sold to pay deficiencies incurred In
1890 and 1891, besides an issue ol
100000 refunding bonds TO cover 9TH
er deficits.
Under the administration OF Gov
ernor Thornton no expense bonds
We're issued, although II became nee
essary to borrow $4,000 to meet cur
rent interest coupons, but deficien'
cy OF $l23,000. n reminder OF demo
cratic financial disability, was left
for the administration OF Governor
Otero to care for and pay, and this
was provided for by the legislature OF
1899, authorizing the issue OF certifi'
Gates Of indebtedness. Every dollar
OF that deficiency was created under
former administrations and all that
the Otero administration had to do
was to pay 1t. or else allow the cred
II Of the Territory to become q by
word.
Now, for the administration OF Gov.
ernor Otero--7 years. Not dollar OF
expense bonds has been issued, ex'
cept certain bonds to pay deficien.
cies left by the Thornton administra'
tion--no deficiencies have been in
Cured All just claims have been
promptly paid, including interest on
the $67S,S00 expense bonds issued by
the three previous administrations re-
ferred to above.
The levy Of six mills for general
territorial expenses, which, by the
way, is the same amount as levied un.
der the administrations of Ross and
Prince, and less than that under
Thornton, has been amply sufficient
to pay all such obligations.
Under the present administration
the public debt, instead of increas
ing, has been gradually decreasing
Fifty thousand dollars of per cent
capitol contingent bonds have been
paid; $4,000 capitol building bonds
and $4,000 provisional Indebtedness
bonds purchased with surplus Great
ed; sl22,900 certificates of indebted
ness left by the Thornton administra
tion, have been paid making total re
demption of s1S6,9OO. On the frs
day of September, 1904. capitol build
! ing bonds to the amount of 100000
, matured and il will be good news
to tax payers to know that the money
was in the hands of the territorial
| treasurer to redeem these bond.
| when due. March /, 1905, $4,000 O
the same issue of bonds will also ma
! ture, to meet which there is nov
/ some 100000 in the hands of thu
treasurer, and judging from the pas
| seven years of the Otero administra
tion, those bonds will also be prompt
ly paid when due.
+ AS to the credit of the Territory !
has never been as good as it is to
day. Under the administrations o
Ross, Prince and Thornton, with tn,
exception of bonds issued unde
| Prince, which bore per cent inter
est, all other issues bore 6 per cen
and were sold at less than par, while
under present conditions, no late
than on the Sth day of April las
| S101 800 casual deficit bonds were re
| funded at per cent, selling at pa
and accrued interest, thereby savin'
| tax payers on this issue of bond
alone, for the time they have yet t
run some $4,000. This, with th'
bonds that have already been paid
makes reduction in interest durn.
the Otero administration of the han1
some sum of $9,400 annually, AM
with the bonds that will be paid be
tween now and March next furthe
reduction of $l1,760, in all reduction
of some $4,000 in interest alone, an
nually, besides the reduction in tn
public bonded debt of over $3S0,000.
/ For convenience in comparing
these figures are gathered in tabula
form:
Twelve Years of Deficits, Incomps
! tency and Extravaganza.
i ROSS DEFICIT BONDS.
May, 1887 ......$ $4,000
| No. ,oo- IN 00o