Deming graphic. (Deming, N.M.) 1903-1948, 1914-04-17
TINE Pen CAPITA DEBT
OF NEW MEXICO Is SMALL

coming bulletin pertaining to national
and state Indebtedness and funds
and investments have been given out
by Director W. j. Harris, of the Bur-
eau Of the Census, Department Of
Commerce. The bulletin carries in
formation for the state Of New Next
co, as well as for the other states
and the United States. The data
were compiled under the supervision
Of John Lee Coulter, expert special
agent in charge of the inquiry on
Wealth, Debt, and Taxation.
The bulletin, which will soon be
issued, will contain statistics for
each state for each year from 1890
to 1913, inclusive, as far as statis-
tics are available, and will also con-
tain details for the year most nearly
corresponding to 1880, thus making
it possible to show the general move
ment during a period Of over thirty
years. The bulletin will show the
total debt of the states, as well as
many details, such as the various
classes of outstanding bonds and
special debt obligations to public
trust funds. II will also show the
floating debt and its component
parts. Under Funds and invest
ments" will be shown separately all
the different funds, and in each case
cash and securities will be shown.
The population Of the states for each
year under consideration will be
used, and the per capita debt (less
sinking fund assets) will be given.
An inspection of the tables for
New Mexico in the bulletin soon to
be issued shows that from 1892 to
Ill only biennial reports of the
debt Of the state were obtainable.
The bonded debt increased from
$4,000 in 1890 to $l,l4S,000 in
1912. No special debt obligations 10
public trust funds were reported.
The small floating debt disappeared
in 1900, and until 1911 no such debt
was recorded; in 1912 il amounted
To $4,000.
1t T 'st be noted that the territory |
of New Mexico was admitted to
statehood in 1911, and an act APP
proved June l, 1l2, provided that
te state would assume "the debts
and liabilities of the territory of New
Mexico and the debts of the counties
thereof which were valid and existing
ON June 20, 1919, and pledges its
faith and credit for the payment
thereof" Also the bonds of Grant
and Santa Fe counties, which were
validated by act Of Congress Jan
uary l6, 1897, were assumed by the
state of New Mexico in this act of
1912, and three series Of state bonds
were TO be issued, as follows:
Series A.-To provide for the pay
ment Of the debts and liabilities of
the territory of New Mexico.
Series BIO provide for the pay
ment of county debts.
Series C.-To provide for the pay
ment of bonds and accured interest
thereon of Grant and Santa Fe coun-
ties, according to the act Of Congress.
January l6, 1897.
When the state government is fully
inangurated and the provisions Of
the constitution compiled with. the
debt of New Mexico will approximate
SO, 900. 900; Of this amount, however. {,
SO, 1000 will represent the debt Of
counties, in assuming which the
state merely acts as an agent, guar
anteeing the payment. The tables for
New Mexico included in the bulletin /
soon to be issued have been compiled
from state reports covering the ac-
tual financial transactions of the
state to November 30, 1912.
In the ease Of funds and invest
ments no securities were recorded
except for the years 1899 to 1901.
and the amounts were too insignif-
cant TO be factor in the total. The
cash changed greatly during the
period covered, but shows n general
increase from $27s.O0O in 1891 to
$685.. 200 in 1912.
The sinking fund assets were re-
ported irregularly and remained
small throughout and remained
less sinking fund assets) did not
differ materially from the total debt,
increasing from $4,000 in 1890 to
81. 2lS. 900 in 1912.
In 1890 the total debt of New Mex
leo, at the close of the fiscal year.
November 30, was ss7 900; in 1912
it was sl,237, 900, the greatest
changes occurring in the bonds. The
population Of the state increased
from 16l, 900 in 1890 to 357 900 in
1912. In 1890 the per capita debt
was $5.42; in 1900 il reached the
Of 5000, but fell to S3.Il