Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-08-21

That there is no limit to the indebt-
ness that can be incurred by the Leg
islature if the proposed bond issue
amendment is adopted is the opinion
oil the executive com mittee Of the Tax
payers association of New Mexico.
A signed statement from the exc
cutive committee, giving their objec-
tons to the amendment was given
out here last night by Rupert F. Asp
lUnd secretary of the association,
who is here from Santa Fe TO aid
the county commissioners in planning
their budget for next year Here it IS:
The amendment proposed. if adopt
ed, would introduce most unusual
provision into our constitution. The
matter of mourning Indebtedness is
one to be decided by the people. II
was the purpose of those who wrote
the debt limit provisions of our con-
stitution to follow the principles
which prevail in most of the other
states and therefore no debts were
permitted to be incurred by any po2
littcal unit except by favorable vote
of the people. No county, city or
! school district may issue bonds ex-
| cept upon such vote and, in thu
case of counties and cities. the voting
taxpayers. We believe, therefore
that the proposed amendment is con-
trary to the spirit OF the American
principles and out of line with the
theory upon which our state govern
ment is based
The meaning of the proposed
amendment is obscure The most care
| ful reading and analysis fail to dis.
close any real limit and the whole
effect OF the amendment would be to
| make void the entire constitutional
| provision which it purports to amend
/ Under the amended section it would
be possible to issue bonds up to the
limit of $3.50, 600, or one per cent Of
the valuation based upon the assess
ment for 1918, by an affirmative vote
of the people. An additional amount
in bonds, debentures and certificates
of Indebtedness can then he issued
for roads, by the legislature, without
a vote of the people. We are how
ever. unable to find IN the proposed
amendment any limit for such add
tonal indebtedness. According n
reasonable Interpretation of the
i language as used the legislature may
provide for any number of bond issues
| OF 100000 each payable from adj
\ va,orem taxes upon tangible proper
ty' and it is possible that debentures
end certificates of Indebtedness in adj
dtion to such bond issues and pay
able in a similar manner may be is
sued It should be kept in mind also
that the limit of $4,000 for each
| bend issue payable from taxes on
tangible property may be exceeded
If, in the judgment of the legislature,
more funds are needed to meet fed
oral aid This is not all-additional
d. bentures and certificates Of indebt-
ecness may be authorized and issued,
| to be paid at such times as the legisla-
ture shall determine out of motor
/ vehicle licenses or other licenses or
revenues. In other words, the legis-
lature may levy various forms of eX-
else or license taxes or provide for
ether revenues and issue cebepture''
and certificates of Indebtedness pay
allie out of such revenues to an un-
determinable amount This being our
Interpretation, there is, in our opin-
ion, no limit to the Indebtedness
which may be incurred by the legis-
lature If the proposed amendment is
passed and the qualified electors OF
the state" should carefully weigh the
matter of placing in the hands of the
legislature a power that might bur-
den the state with taxes for interest
and principal payments that would be
APPALLING.
The argument Is made that the is
suance of debentures and certificates
of Indebtedness payable out of motor
vehicle licenses and other Licenses
and revenues which night be devise
would lower the tax rate. This argu-
inent should be carefully examined
Surprising revenues from motor Te-
bicle licenses for ten years are ap-
, propriated for present purposes
through the issuance of debenturns
to be paid out of these revenues "a
they accrue, we believe that the stats
will be deprived for that period Of
revenues that would otherwise be usei
for road construction and mainte,
! nance and that such revenues so APP