The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-08-28
We Won't Count This One,
Said Rip Van Wrinkle, a 5
He Took One More Drink
But the Drinks That Weren't Counted Put Rip Out Of Commission,
and Iax Association Executive Says Road Bond Issue
interest and Principal Payments wll Work
Same Way on New Mexico.
BY RUPERT r. AsPLUND
Secretary New Mexico Taxpayers Association.


election. The bona ,ssue IN question
under present constitutional proyis-
Ions cannot be submitted until the
fsEeial election In 1899. II ratified
~ that election The proceeds Of the
bonds would not be available until
about January 4. 1914. A the pro-
ponents OF The bond Issue desired 10
have the proceeds available a year
earlier. the device was resorfed 10 OF
proposing a constitutional amendment.
No. ~. the adoption OF which would
have the eject OF validating the pro.
posed o n issue without voting d.
fcctiy upon h question. This amend
meni u b that IL said TO have
nenn lost In the nhunles at the time
81 the adjournment OF the legislature.
and 10 have not been filed with the
proper signatures until two weeks
amer the close Of the session.
The ratification OF amendment No.
il VIII have the further encc OF
validating highway debontures auth
orixsd By the nnh legislature without
admitting their Issuance TO q vote OF
M people. wen when such deben-
lures are 10 be issued against special
tax leVies In certain counties up 70
n including the year 1895. Subse-
qucnt legislatures may not change
those lesies ~ pledged for the pay
antIl OIL tNtUturIH.
Again. the bond issue. debentures
n certificates OF Indebtedness issued
for highways are made valid; ever
though the total indebtedness may ex-
coed the present Limitation Of one
Der cent Of h total valuation Of pro-
perry subject to TAXATION In the state,
The amendment also proposes 10
validate debentures issued ia antici-
patton OF revenues from motor vehicle
licences. but this provision will have
no enec unless h fifth legislature In
special session provides for the ls1u-
ance of such debentures.
The Taxpayers Association OF New
Mexico IL opposed TO the ratification
81 amendment No. IL chiefly because
the Association believes In a PAY as
you 80 policy" IN road construction.
such q policy means. OF course, a
slower program but II avoids large
Interest payments and by spreading
the program gives the advantage u
gradually lowering prices. In our
haste TO build roads. we have paid
out substantial In Interest
which might have gone into actual
construction. Because Of our haste,
also we nave built roads thai might
have been built for rs per rent less
u built at present. In other words,
considerably more Dad mileage might
have been secured with the same ex-
pcnditure OF money, a we been con-
tent 10 wait until the proceeds Of tax
leeies and other revenues should be
available.
In this connection attention may
well be called to the fact that the
state Highway commission Is borrow
ing 100000 through the issuance Of
state highway debentures when the
balance In the stase o a fund is over
4lsO00,0 600. which with other revenue
would seem to be sufficient to meet
n disbursement on a reasonable
program until 1891 taxes begin to
come In. IL Is dlnicult TO see why
the 1871 taxes should be anticipated
through borrowing at the present
time. In fact tho word Anticipate
u being overworked in legislation in
New Mexico. No less than a dozen
road laws were enacted at the last
legislative session authorizing the san-
u~cipation' OF How much
Interest will be paid out on the de
benturea ISSUED In anticipation OF tax
icVics' has not been estimated. but
there can be no doubt that II will
amount TO a substantial sum. Not
only in o a laws but In other mean
ures we find the anticipation OF reye-
nues a favoTite method OF getting the
money at once. A capitol addition Is
TO be built by anticipating the reve-
nues from the Income OF a land grant.
Levies may be made for court house
building and pledged for debentures
issued In anticipation" Certificates
OF indebtedness may be issued In an
tlcipation OF leyies IN new counties for
current salaries and In
several counties expenditures are now
a year ahead OF because Of
inadequate assessment. tax delin-
Guency and disregard Of budget linn
1tations. IL II now I o become the
policy OF the state TO "antIclpate," and
10 permit its subdivisions to ''antlci-
pate h revenues of future years
for present needs? No doubt ample
needs will be found Ina such years to
absorb their respective possible reve-
nues.
The attitude Of the Taxpayers as-
ISOLATION az to tax levics 20 meet fed
aid allotments is expressed in a
adopted by SIS executive
August 20. 1890: THE New
Mexico Taxpayers association Is In
favor OF continuing road tax leyies.
state and county. for a period of two
years beyond the time provided for
BY the present levies. on a basis SUM-
cient 10 provide funds to meet the
federal allotmcnts under the federal
aid laws now In force. As 10 what
levies may be necessary to provide
funds. n association reserves
The right to final determination until
after IL has made a careful exaniina-
ton OF the budget OF the highway
commission and discussed the details
OF the highway commissions plans
With the state engineer Several con- |
were held az TO the measures
proposed for meeting federal aid AL
during the session OF the leg
and The representatives OF
he taxpayers association assented 10
he two mill levy finally provided for
he years 1871. 1899. 1928. A. that
lime and now. Il In felt that present
evies viii prove ample 10 meet fod-
raj aid atlotmcnts ~aggregating a.
1870. 900 without reaortlng TO a bond
As 10 future federal aid all
otments. nothing will be lost TO the
by waiting for action at the ncxt
OF the legislature.
In asserting hat ample provision
as been made for meeting federal
I'd ailotments, the bare statement. oil
curse. should carry little weight. In
ipport OF u contention. we submit
he following for examination aud
Dnnlderatlon. II the estimates are
,uDd 10 ln based on miFtakeu aa-