Albuquerque morning journal., 1921-01-23
THE LEGISLATURE SHOULD BE CAREFUL.

The emergency confronting the livestock indus
try is serious and should have careful and sym
pathetic consideration at the hands Of the legisa-
ture.
So is the situation of our agriculturalists
serious. If there is anything which can be done
to aid them it should be done.
Just now our merchants selling many class
es of goods below their cost because Of declining
market. If the state assist them in any way
it should do so.
Considerable numbers of laborers in New
Mexico are just now out of employment This idle
ness reduces below the actual bread-and-
butter line. If aid them we should
But when government makes start toward
being paternastic it should be sure that in aiding
of its children, it is not doing injustice to
the rest of them.
The general revenue of the state have depend
ed in quite large degree upon the assessment of
livestock These assessments have already been cut
about twenty-five per cent, owing to the recession
in their values We assume that this was quite the
proper thing for the State Tax Commission to do.
We should remember, however, that in doing it,
the commission threw back upon all the other tax
payers in the state, who are also struggling with
their peculiar burdens the payment Of this twenty
fiveeTer cent of Perhaps that is where it be-
longs We not attempting to settle that ques-
ton.
The livestock interests are organized and any
organized interest in the state always has a
chance to give the unorganized majority the worst
of it." 1t therefore behooves those in office, who
are presumed to represent this unorganized major
ity, to see to it that it is protected against in
equality.
Now comes the proposal that the payment of
rentals upon land and the COLLECTION of interest due
deferred payments from sales be postponed.
The Journal agrees that where absolutely necessary,
this should be done. No bank, however would de-
clare a moratorium for all customers because they
all pI cirI1 Tho ptCarN dp
eide in each case, whether any extension of time
and if so how much, should be granted the debtor.
The state institutions need this money in order to
operate and will be compelled to provide in
some other way for the deficit which will result
from postponements 1t is therefore imperative that
no wholesale deferrng of payments shall be per-
mitted. The necessities of each should deter
mine the lcnency shown.
With the suggestion of cutting down the forty
per cent assessment clause in contracts for the
purchase of state land so that the buyer will pay
only upon his equity, we in sort of agree
ment. The payment of this tax part of the
agreed purchase price, to speak. The buyer un-
derstood he to pay this when he brought the
land. The fact that he is distressed temporarily
is for relieving him of his contract agree
ment for thirty years. If it is necessary to defer
payment in individual cases well and good, if it can
be done legally. The proposal, however, contem-
plates in effect, rebate of part Of the purchase
price.
A majority of purchasers have an equity of only
five per cent This is one-eghth of forty per cent
If carried into law every present dollar of such
assessment would become twelve and one-half
cents. The remainder of payers would be
compelled to assume the balance and make up the
deficit
The legislature should with caution. We
fear that Governor Mechem, in writing his message
mised by people in whom he trusted.