The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1909-01-19

that the financial affairs of the terri
! tory are in such excellent condition
standard, which commands not only
those whose duty it is to officially ad-
/ minister the affairs of the territory
but all those who Join in assisting to
| make this a successful business ad-
ministration.
ASSESSED VALUATION.
The assessed valuation of the terri
tory for the year 1908 was $50, ,402,-
04726; from which was deducted on
account of exemptions, $3,S75,7 1925;
leaving subject to tax, $52 ,526 ,295. OF {;
this is an increase over the year 1907
of $4,O17, 1915.
TERRITORIAL BANKS.
At this time we have in the territory
twenty EIGHT territorial banks with a
capitalization of $S19, 10000, as COM
pared with eighteen banks with a
combined capitalization of $550500.00
two years ago; an increase in capital
ization of $3.50 100000. These twenty
eight banks have combined resources
of $4,240,03S.SS, with corresponding
liabilities; deposits, subject to check
and time, to the amount of 1929, 1872,
and cash and deposits with approved
reserve agents of 1926, ,O03 90; show
ing a reserve of over Al per cent.
This is 26 per cent more than required
of National Banks in New Mexico, and
indicates careful and conservative
banking methods on the part of our
New Mexico territorial bankers.
BUILDING AND LOAN ASSOCIA-
TIONS.
There are ten building and loan as
sociations operating in the territory
which, with the exception of two, are
purely local in their character and
have combined resources and liabili-
ties of $1,137 ,725.7S. These institu-
tionS are prosperous and show by
their statements of condition called
for by the Travelling Auditor that they
have enjoyed a gradual increase in
business during the past two years.
ASSESSMENT AND TAXATION.
The assessment of taxable property
and the collection of taxes are ques-
tions that involve the interests of the
citizens who maintain our government
and it's institutions, namely, the tax
payer.
Very satisfactory progress has been
made in this territory towards an
equitable assessment of property, and
a marked Improvement is shown in
the collection of taxes.
The present law is operating salts
factorially, but with few slight
amendments may be made more eff
fective
The interest rate on delinquent
taxes under the present law is only
five per cent, and as this is lower
rate than may be secured in the money
market, speculation is invited at the
expense of the public.
I recommend that this law be
amended so as to provide a penalty
of one per cent for the first month,
two per cent additional for the sec
ond month, and for each succeeding
With the law thus amended and prop
erly enforced, I believe the taxes may
be promptly collected.
The territorial board of equaliza-
ton, at recent meeting, advanced
the assessment on railroads, land
grants, and certain other property,
about fifteen per cent.
1t has been found difficult to devise
legislation whereby the rich and the
poor bear equitable proportions of the
public tax. Access to the possessions
of the small property holder is an easy
task for the assessor, while it is well
known that vast amounts of value
owned by the wealthy citizen is either
concealed from the officer, or relieved
from assessment in Difference to the
influence of the wealthy citizen. This
is not only wrong and unjust but
1amentabIy un-American, and l con-