Arizona republican., 1921-05-30
Our Only Solid Foundation

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 N have been interested in the discussion at e3 r~tmers Protective League meeting Saturday - @1 two subjects which before 1.-the justice
 nc1ng the taxable valuation of agricultural
 P nearer approach to the market valuation
 proposed~ constitutional amendment to limit tkS bonded indebtedness of the state per cent uf tts taxable valuation
 @ Though the two subjects at first glance do not apoear to be related they are most intimately n6cted. since the amendment proposed increase tos agricultural of state give 1t per manence which 1t cannot acquire through the devel oocnent of any other industry
 As to the justice of reducing the taxable valuation of lands there be dispute Any system Of taxation which imposes valuation property be- ydnd it's actual value is extortion The abe values fixed at a time when all agricul- tural lands fictitious value. Those values have slnce been deflated, and 1t but justice that the taxable valuation of them should be brought down.
 Though this was the subject for which the meet ing had been called to discuss, the consti tusional amendment became a rather overshadowing one-one concerning which sharp contest is prom ised within the year and which has already been initiated.
 For better understanding of the subject it should be stated that the amendment has been pro- posed chiefly enable the state lend it's aid credit projects reclamation of arid lands At present ridcuously restricted by the constitution bonded indebtedness of s30o,o0o It would been ridiculous s the constitutional convention had decreed that there should no bond ed Indebtedness
 The argument against the proposed amendment seems be divided two parts an argument against commitment this time general de- precision. and presumption of certain of the proceeds of any bonds that may be voted under the amendment.
 As to first part of the argument we may inquire: Are afraid to pledge the future? As the second part: Are always live in apprehen- the public funds2 so should repeal the laws by which now raise money by taxation for sup port of the government
 During the session of the legislature warning was properly constantly sounded against expenditures for things which could wait That warning was against appropriations which would have to be raised immediately by taxation when the people were already overburdened. But these warnings could not properly against provision for the ance of bonds for necessary useful Bonds would not and could not increase present weight of taxation
 We can conceive of no more useful purpose to xvbicb public money credit be applied than malicious use to encourage reclamation to sbe agricultural area of the state. And that uss he increased if our highest prosperity is maintained and if any prosperity is to be
 There i no State in the union whose permanence ~.s.. mn anv other industry. What of the once c.ued mining states2 There only two remaining ; which mining is regarded the principal industry .xszona and Nevada. Nevada regret to say is s.caaent. and Arizona would in time become so but .grieultural possibilities which the proponents s this constitutional amendment are trying to 2on- verr certainties
 is proposed that the proeeeos of any DOT Y