Weekly journal-miner. [volume] (Prescott, Ariz.) 1908-1929, 1912-03-20

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butte, equally with the owner ~ . 'Yhtr'
COW. an humble home, or a ni netf
ground Ia the maintenance of ff'Vl VI
utions Of the state. Let It not n. " su,
that IN Arizona wealth or posiuor !" tad
or power. are potent To secure ir, paee
from the laws OF the land or niiasiIlV
of the requirements visited upnn sauos
~ moro modest stations " Vhp@
other and progressive states Al,
TAX commissions OF from ono t'Vikh
members, composed OF tho be,, ,aNs
men to be secured by appolntuer," 1el
finding satisfactory solution ~ az
revenue problem should u g%i Of Tie
tenn. which j recommend TO yot,r ps'
ful consideration be found ndyjeatt are
arizona, 4 should properly take no. iSi
vided 10y the constitution. and Pro
was made amendable by statute" ,.lcA
PRESENT STATUS OF STATE tt,sIN
The present status OF the state Il ,s1'
ury presents IA situation for which :.
Immediate remedy will have 10 no ~, an
vlded. When the state offloers re'
charge on the 18th day OF Febrvweo,k
with four and one-half months OF M.
present fiscal year remaining, and nv, ns
prospects Of an appreciable accesslos wv,
funds before next December. Inc gsns. "
fund showed balance Of about iI1,
the demands which will Of necs "ss
ons Tor the smailness and Insuf M rea,
OF this balance are not OF chief fnors.
/ Nv 'HlN ilfnfs Uut u w not Otlt Of n.
to say In passing that the condl,,os
may be partially explained by the Wv,
that the territorial board OF equallsa,io.'
In making It's tax levy for the fIss,i
levy from seventy cents 10 sixty.N
cents on each one hundred dollars ibsr.
by materially reducing the reyenn,
while the expense OF maintaining Tho
growing population. In increasing yss,
by year. This reduction Of the -,
rate. AT time when IL was nel,bs,
wise or Iudlcious, and incapable .,
81 political expediency-a state ca,nn.irn
being then imminent-has left the ysn'
eral fund. as well as several Of the sps.
cial funds. In most unpromlsIng coz.
di,ion. on the first day OF the "Sr WV,
month the general fund showed a III
anco on hand Of si0i.S3o.37. N il ws,.
not necessary to take into account 4,
all the unusual and Unavoidable expen,s,
incident to the transition from a te,,l
torlnl 20 a state form of government ,bs
readtustment and remodelinp Of room,
, In the capitol to accommodate officials
heretofore nonresident or housed elss.
81 where. the extra clerk hire occasoned
r by the large volume OF new busInsss
the expense OF this legislative session
, fore paid by the federal government tbs
\ balance In the general fund based on
D former averages. would he eaten nm nv
Z lh. nd OF the fiscal year, Jun, !
I
4 on hand with which TO pay the expenss
' Of maintaining the state goyernmsn,
I between that time ana .,ecember when
. taxes VIII begin To come In Then add
u the unusual and extraordinary expenses
l. have Just enumerate 60 the Ordinary
n general fund, and u liz not difficult "a
. see that the financial status ~ the state
Z so far M immediate requirements arr
r concerned. II most unsatisfactory MI
j. any other or further Illustration WIRE
n necessary to show the extraordinary
J. handicap we are confronting. II Nigh,
l. be shown that at the beginning Of ihs
II present fiscal year, July I. 1911 the gen.
o.. eral fund contained balance Of ,g.
n 1919 Deduct from this ~. az "a. which
l. was taken from the general fund 10 wIps
Al out deficits OF that amount I'm the mrs
II on and asylum funds. and there was
h stu surplus In the general fund from
10 the preceding year OF N32.0f7t. with
IL which to maintain the state government
s. until the receipt OF taxes In Decem.
Al bcr. Contrast this with certainty
\ Of n deficit at the close Of the fiscal
year on the Goth OF next June Of from
re $500 ', to 10000 and ] think my meaning
20 more comparison OF figures VIII make
3 i so. ON February rs. 1911. the general
n fund showed a balance on hand Of slg.
h JO6t Leave out OF consideration then
re- the unusual and extraordinary expen.
" SEES mentioned above, compare this bal.
10 ance with the balance OF SOL. $50 "a shown
p. by the books on February 18th. Just
pnst; and the discrepancy amounts to
n not n fun one. this is a clear state.
p ment Of the financial status Of the state
10 as II relates to the current and neces.
a. condition which calls for your most
10 careful attention. and for Wise and
A. prompt action.
" LIMITATION OF DEBT.
T. conflict OF construction exists In
b the case OF Section &. Article TX. Of The
To constitution. limiting the states lndebt-
L. ednesa Ia three hundred and fifty thous-
+ and dollars. While In my opinion mi.
~ was meant TO refer only to unsecured
III indebtedness caused by insufficlency Of
Ne revenue To maintain the running eN'
1c pense OF the government. and was not
o intended to include or limit the state.
to submit "A constitutional amendment
a Gearing this ambiguity. and ! so re-
be FUND BONDED INDEBTEDNESS
m gather the information that Arzonas
~ bonded indebtedness, exclusive OF the
~ funded q ibt OF counties and towns. At
~ I'd In eastern centers or capital are
~ bearing In practically every instance.
IA rive percent interest. Not only is this
n interest ratio to my mind unnecessary
~ able sum OF money which might Just
~ wei be kept at home. MY plan =
tnis' mat you enact n law authorizing
Tho refundIng Of the states bonded In.
~ uebtndness by means Of an Issue OF
ne bonds bearing four percent Interest the
70 bonds To be In small denomination
~ cay OF $500. or oven lass-and 10 h. Of
he fered 10 the people Of Arizona. be-
81 l,eve they Will b. readily bought up by
ne thH general public ms highly desirable
q security, as safe as bonds OF the United
~ states government. and bearing high.
DC er rate Of interest Certain n II ina,
ed the bankers Of Arizona would be rlsc
70 To subscribe for them. under n provision
ke OF law permitting their deposit VIII
W the state treasurer as security Tor y
~ IKE deposit OF state funds. Thus woul,
Us the banker realize n reasonable rate o
us interest on his investment In bonds o
le' the state, as we'll as the profit whei
~, would accrue to him by means OF w
III state funds In his possession, and In 40
e. nltion the state would save, on w
y basis OF the present bonded indebted
~ ness something like ten thousand 90,
IL lars per annum, while instead OF senu
ny ing over fifty thousand dollars YEAR,
% 10 eastern bondholders. this mohsl
es would he kept ut home. In oreder y
w include the entire bonded debt i.
IVY winch Arizona's credit In loaned y
various counties and towns these Uk