Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1907-01-23
The State Of the Territory
Governors Biennial MESSAGE
3ieNeo

Santa Cruz county ............ 3ie9Oeo
Total ........... .............. $500. Slscors
The next and up to this time last issue Of lns uzr
the Funding law bears date January 15 1906 for 49,
OOI bears interest at the rate of per Per
for so years but edeemab 20 years after date The
bonds issued and sod and the proceeds thereof used
pay off like amount of pasdue Pima County bonds Of like
amount and they properly ehargeab against that county
This makes aggregate Of bonds issued under
the Funding law of $2S2921529 appOrtOned and eharga
as follows:
To the Territory ................S s2S95243
To the various counties. .......... I,961,SO4s7
To the various cities ......... I3s4g799
In addition to the Indebtedness of the Territory above
shown to be included in bonds issued the Funding
law there are:
Old Indebtedness evidenced by bonds dated January
l5 1883, due in 25 years bearing per cent due
IN 1918 ACKNOWLEDGEMENTS 100000
July 1, 1892, bonds to pay for exhibit at Chicago
Worlds Fair due in 20 years with per
June l. 1898, bonds for construction of Capitol
building, due in 20 or so years. wiA per cent
interest iooOOeOo
January 2, 1902 bonds to pay for certain improve
cent interest sseeOoo
January |, 1903, bonds to pay for exhibit at St
Louis Exposition due in 1928 with ) per
interest .:;;...;... .............i.. 100000
interest .-:........ - 100000
March 1, 1905, bonds to pay certain expenses of Ez-
pertinent Station of the University, due 1895.
with interest at per cent 10000
Total ......... .....................s 2s4. 10000
This makes total debt of the Territory Oee9.e4s
10 which must be added the county and town IN
debtedness funded, and for which the Territory
is directly and primarily liable Of....... 210O3Oss6
Making total ACKNOWLEDGEMENTS. ss,12s.g.5e9
This brief review of financial operations for the past
Il years neither gratifying nor credabe II would be less
if stopped to anayze the various of indebtedness
of which the total consists Without such can be
stated generally that the Territorial Indebtedness has increased
not ,itao ho1f, Il.
be justly said that it should have been increased
centndeed it could have been diminished without justly IN
casng the burdens of the people, and it should have been R
duced.
do not here say, it is important in view Of
what have to say that the expenditures made ius
titled appears almost at once that of the $4,000 90 Of
bonded ndebtednenew debtcreated since 1892 every dol
lar could have been paid for the purposes for which paid
out OF money coming in from current of revenuehsd
there been merely increased levy Of
cents the hundred dollars, the Legislature the
various sessions during that period had been economical max
ing appropriations from the public treasury 1t wholly
necessary to have created this part of funded Indebtedness
whatever may be said of that antedatng The
have created eredtabe does testify
foresight and afraid it might appear that without
much regard for obligations.
There statute books legislative authority for
the creation of than S00O0OOO of further bonded
debtedness for the benefit of the Territorial Prison. and
the Asylum for the Insane have become impressed
the situation that have thought best bonds
for Indebtedness for purposes any rate that easily
within the current ability of the Territory
fed that the purposes sought to be accomplished BY the
of these bonds be accomplished BY the ordinary
method of direct appropriation of available revenues
may say here in justification Of and for this
assertion that the two years just passed the first biennial
period of which have any knowledge in which Territorial
indebtedness has not been increased single dollar and
which there has not been single unpaid claim against the
Territory and not dollar of floating indebedneS-and that
within this period the Territorial
duced from 90 to IS cents and the county reduced
greater less proportions And may still further say that
all the Improvements for which bonds have been authorized
but not issued could have been made contemplated during
that period of two years. and paid for out of
and the tax rate still have been reduced below
But because there legislative authority for such expen
dture, it not made.
What justification then could there have been in the minds
prudent for increasing bonded indebtedness during
the last biennial period though the Legislature had
thOriZed it, when no public interest neglected?
Recurring to Indebtedness, you will recall that S7S
100000 of it natures in 1913that is the time fixed for the
maturity of these bonds without any option part Those
bonds should be paid at maturity do suggest their
funding for that do not deem usabe warranted indeed
we have declined to refund them cannot of prOphey
with accuracy what the valuations of property for taxation may
be during the years that will intervene between and the
maturity of these bonda period of five years But
completely warranted believing that it will easily exceed
60 million doarsand ought increase much above that
valuation assuming levy of p cents for those years. that
will raise somewhat than enough 10 retire these
bonds therefore recommend that you direct levy Of p