Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-06-28
GOVERNOR TRYING
HIS HARDEST To
SELL ROAD BONDS
Chief Executive Writes Letter
Endorsing Plan Urged by
Former Mayor to Dispose of
Issue,
ESPECIAL eoeessrosOencr TO Ho'Nso JOURNAL

ESPECIAL coRRgsPosoGHcE TO MORNING JOURNAL
Santa Fe, June Ex-Governor Nc
Donald is doing all in his power to
help In placing the half million dollar
good roads bond issue of the state,
which thus far has found no buyers.
although put up several times BY law
they cannot be sold for less than par
but since they bear only 4 per cent
interest, bond buyers are unwilling
to bid par Ex-Mayor Arthur Selig-
man and Kelly a Kelly however, have
made an offer OF 95 for the bonds and
sre appealing to county commission
ers and good roads boards to make up
to the state the other per cent, and
thus make available the huge sum for
construction of roads in every county,
the law providing for such appordon-
ment among the twenty-siX counties
Governor Mcdonald has written the
following letter in this connection
II am writing this letter not for the
purpose of advising any one but sim
ply to state facts as ! see them, in re-
gard to the situation relating to the
sale Of the state road bonds
You will remember that the first
state legislature provided for an issue
of $780, 600 of road bonds that had to
be sold at par. and provided for only
per cent interest 1t has been found
TO be an impossibility to sell these
bonds at par up TO the present time,
and / see no reason for believing that
they can be sold at any time in the flu
ture.
Therefore, some arrangement must
necessarily be made TO provide for the
difference between the value of these
bonds to would-be purchasers and the
par value required by law
"Mr Seligm&n and Mr. Kelly have
worked out a plan by which they can
handle these bonds, not at par, but
at a given price. the difference to be
made up by contributions from the
various counties and concession in
regard to interest. These gentlemen
viii call upon the proper authorities
i'm the various counties for the pur-
pose of attempting to induce boards
Of county commissioners to contribute
a certain sum from each county in
order to make up the difference be-
tween the actual and the par value OF
these bonds so they may be disposed
Of and the proceeds be made available
for the state highway commission Tor
building and improving the roads OF
the state
"Our law provides that the proceeds
of these bonds shall be expended in
the various counties on the basis OF
tax collections, so that each county Is
81, sure TO receive its due share of the
construction work.
From estimates and calculations
made by Mr. Selgman and Mr.. Kelly
they have reached the conclusion that
these bonds can be handled and the
proceeds made available for the use
of the state highway commission III
building roads in the various countess
If they can secure from each county
a contribution or appreciation of :
per cent of the sums that VIII De
available for each county to make up
the difference between the actual ana
par value of the bonds.
These gentlemen will present to
you an opinion of the attorney gen
eral, stating that you have authority
TO provide this money II you see ~
to do so, and a statement from the
state auditor showing the sums tha'
will be available for road construc'
ton for each county.
There seems to be no DOUBT OF
your authority to provide the tunds
desired and there is no doubt IN my
mind about the advisability of doina
this at the present time.
IF the proceeds of these bonds car
be obtained in July as is anticipated
road construction in the state VIII re
ceive such an impetus as Will BRING re-
suits generally throughout the state
far in advance of what can be ac
complished with the present hmite'
means, and cause an enthusiasm lol
road construction far beyond anything
that has up to date been realizcd
hnu mi