Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1907-01-23

Ordinary business prudence and a due regard for our
credit well desire for acOntnuatiOn of that happy stu
alton which do not feel the burden of the cost govern
ment to be onerous admOnh to make proper provision
for the future.
For twenty the Legislature has done little nothing
in this direction This suggestion is not made in critical
spirit the fact simply historic one and should direct
timely attention a consideration of the future, and
to prompt endeavor to make provision for it and for that
purpose the facts cited.
In 1887 twenty years ago. the Legislature enacted
law known the Funding Law The circumstances that
gested the pOpey of that act the unsatisfactory cond
ton of the debts of the Territory and of the counties
municipalities and school districts These aggregated large
sum, maturing different times, bore different, but
every instance excessive rates of interest and there in
most provision for the extnguhment of these obi
cations they matured 1t argued and the event has
proved that justly argued that renewals
ary and the credit of the Territory large higher than
that of of the several subdivisions the credit of the Terri
tory should be pledged for the payment of these debts by
rng them for longer periods and at lower rates of interest
This law appears in the Revised Statutes Of 1887 being
Title XXXI of that revision
For years after the enactment of the law nothing
to have been done under its provisions In 1890 Congress
ratified the Territorial funding law by reenactng it with
notifications thereby making act of Congress This
done may be assumed to any question to the
authority of the Territorial Legislature to make such pro-
Visions and to give the act sanction and dignity of the express
approval of the supreme law making power.
This act of Congress with subsequent amendments
which relate chiefly to extensions of time for its operation
pears Revised Statutes of 1901 being embodied in the
Organic Act and begins at page 1O4 of that revision.
These acts provide for the refundng of the Territorial
debt and provide for the taking of certain county, municipal
and school Indebtedness by issue of Territorial bonds in lieu
thereof As to such county, municipal and school Indebtedness
funded by the issue of Territorial bonds practically the
relation Of debtor and creditor established between the several
counties municipalities and school districts and the Territory
to the extent egeray of the issues of such bonds the counties
municipalities and school districts respectively being the debtors
and the Territory being the creditor OF between the
holders of the bonds issued under these acts and the Territory
the Territory is the only debtor the counties etc. etc. not
being known in proceedings except pemnar to the issue of
the bonds.
The first meeting of the Loan Commissioners provided for
by the Funding law held July IS, 1890.
The first issue of bonds under this funding law bears
date of July 15 1892 and aggregates 50 0000000O bears in
ret at the rate of per cent per and for so
years after that date but with the right reserved to the Ter
tory redeem the bonds after the expiration of 90
These bonds therefore redeemabe and after the 18th
day of July, 1912-a little five years from
In the So 600 10000 issue included:
Territorial Indebtedness Observation-Disclosures. 1884 97243
And Indebtedness of counties and cities as follows:
Apache county ................ $43,473.5O
Coconno county ............... 100000
ella county ................... 44,7S1.36
Graham county ............... 147,364.7O
MaricOpa county ............... 267,63643
MOhave county ................ 105,363.29
Pima county Observation-Disclosures. 210,240.05
Pinal county ................. 136,13S.0S
Yavapai county ............... 292, 163.7s
Yuma county ................. SS,791.11
Prescott city ................. 90,2619O
Tombstone city ............... 13,S12.3S
Tucson city ................... 100000
- s1,615,O27.57