Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1905-01-17

tOUuutUueU tfOiu Tuke oHrf
1neue bsnks now have on deposit
es2s.s%l.< IS ~ which the territory gets
Interest ~ the rate Of three per cent
yer annum. providing a source OF
~venu Witch II Or rcrent origin and
very gratifyinG
The casual ltneit bonds issued In
1888, amounting to SOL. 10000 and
dtsvhS S rer c<pt interest were 70.
f}ndsd lbyl - sssue Of lsioi. 10000 Of
bSSds drssin Ink J, per cent interest.
they selling at par. thereby saving the
. payers on this issue OF bonds
alone. for the time they have to run.
scns q 100000 In interest.
The treasurer In his report makes
some timely suggestions. and ] re
specially caB your attention TO his
full report which is a part OF this nes
sage and marked exhibit "A"
The present law providing for
banks TO give bond TO the territory
for, public moneys received by them
and setting our tho qualifications q
the surxies on such bonds shouii 10
changed 10 as "a require all such
bonds 10 be executed by a fidelity or
. surety cofnpany. authorized 10 do
BUSINESS inu this territory, and I I earn
estiy recommend that you tnsc. q
law TO this effect and also providing
thai ali official bonds o required
by Law be executed In the same rnaa.
ner. and that no personal sureties We
received.
For many years the territory has
been pot 10 great delay and expense
in bringing suits upon such bonds.
which ara Invariably contested with
great bitterness and result very un
Satisfactorily. and I believe that the
records win show that not 10 per cent
Of the amounts for which suit was
brought have been recovered By the
territory; while . fidelity or surety
company assures the pronpt payment
a any sucf forfeited bonds. which
would be 10 the great and manifest
advantage os the territory. The prem
iums ON the same should be raid b.
the territorial and county funds. this
70 apply only 70 territorial and coan
~ o~fficiAls: the banks to furnish sin
liar bonds IT their own expense.
Assessment and Taxation.
The proper assessment OF taxabL
property and the promp, collection o.
taAes Is or vital impdrsanc. to every
common wealth or community. OF lais
years. there has bcan some improve
ment In both. In this territory. espc
ciaYly since the enactment Of thu
travelling auditors law. but u IL still
net what II ought 10 be. II Nv rec
0gnixed, that the collection Of taxes
although distinct from the duty Of as
sessing properly for taxation. IN never
tAeiess very much dependent upon tn
latter. II Ia no consolation to New
Mexico tar payers 20 know that 9th
cr commonweaIths contend with thu
same difficulty and are also SIN IA
from having solved the problem o
equitable assessment and taxation. TO
It's i function that lies ut the roo
Of ali good government and ! look Z
thss legislative assembly 10 enact lNg
islation that viii 20 further toward
solving this problem for New Mex
leo than has been done heretofore
During the past two years d trial ha
been given by the board OF eauaitza
ton 70 The sections Of chapter IS 0
the laws of 1908 which empower !
to apportion and adjust In . hump sun
The amount Of taxes to be raises
among the different counties, and tn
board In frank 10 acknowledge tha
this msshod under existing eircnn,
stances. while correct theoretically. Il
prsetice fsas not abolished existing in
equalisies but has rather aceentuate'
them. moi 10 speak of the question 0
law thar might be raised by on
county lesyipg ! higher rata Tor ter
ritorial purposes than another count,
upon the same class OF property A
The travelling auditor says In his RI
port hereby appended
THE enforcement OF The provision
Of this act has resulted In producinI
more or less confusion. and instea'
Of equallzing taxes among the severa
counties has had a tendency TO pic
duce a greater discrimination thai
existed before the passage Of The aei
II appears 10 be lmprecticahie at hi
time 10 arrange for the collection In
lump sum u a pfoportionate amoun
Of tho total territorial revenue fror
each 81 the several counties accoftiinl
TO their assessed valuation MS pro
yided BIZ the act In question Will
the percentages OF taxes collected Il
sorne Of abe counties will ran hishe
than the SIS per cent contemplated d
this act, there are other counties 4
which the percentage falls yer
much below this figure. hence. u ha
been necessary IN some ot the coun
ties TO levy A territorial tax as higl