The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-08-24

TX another column today * a letter from Hon. Charles Springer.
: The adoption o. The constitutional amendment Ne. il. approving
The $2.ooooo road bond issue.
al VINO kupw him He has proved HE public spirit by his devotion
e ne eSas'ias work Of the state highway commission, and IN many
fuenee behind that proposal, because through his various huiness son
he y very largely II not chiefly responsible for having introduced
efasisney into the operation q INC state highway commission His
MI Springer areusasnt' hewsyer, has moi convinced The herald
thst 'tiiS bond <<us is either necessary or wise at this time. The re-
eent experience q The state Of caIcradoi in attempting to sell $1,000
600 road bond ISSUE, az par. first 10 the bond market and later to a
errss automobile manufacturer. and with failure in both instances
Is security ff which face value should he obtained The act 81 the
ieei<iasute Submitting Che ameadmspt, NJ. ~ provides that i il
I'VE y : y ''""s '''''''''' '''' : : omitted again - November
EspGaiser says that u 10000 win be needed to meet federal
aid anolmsnfs early IN H.. before The second vote upon these bonds
can he iaken But i would seem much wiser 70 wait at least until
ne; ,ss. ''s when s, ,Ss a sse 'ss ss' Of q Is, as'1 Ssa II S'% M so"s, ,"Gs 2, an 'ss p r..
new terms pending before congress would have been determined, and
the possibilities Of producing the money required without unreasonable
taxation would be more fully understood.
u one point in his statement Mr., Springer is right in correcting
sabniiinne te bond issue does not confer ens any sS power on future ieGs.
niurss 70 ins'e further road bonds, and unless this proposed 5000
upon state bonded debt. that limitation will stand until further action
by the people be taken
IL may be said. however, that the stronees, argument MI. Springer
makes in favor Of the present proposed bond issue, might and prob
ably would be brought forward in behalf Of future proposals of the
kind. This argument is that the state has contracted with the fed
eral government 10 meet its proportion Of a definite program OF fed
erpl aid construction and that the state cannot break faith with thu
federal government by failing TO hold mp its end. That argument is
hard TO meet. because the Legislature Of 1917 did pass a act piedging
the state TO meet the federal aid alotments dollar for dollar. Had the.
present stringent times and this years greatly reduced assessment
been anticipated IL j. reasonably certain that the legislature would
have made no such commitment.
BY the same token this bond issue, which is $4,000 more than
Mr.. Springer states is needed in 1922 10 meet the demands for the
first five years allotments, will lead Ms into further federal aid road
construction in which our ability TO participate is doubtful, even ON
q 1910 instead Of a $3.50 basis The argument for participation in
srrh construction can be carried ON indefinitely; another Legislature
can submit a new bond issue proposal and the same argument can be
made for lis adoption with equal strength. Thus the bars. while rot
down, as IL the people had given the legislature power TO vote road
bonds, would be SO weakened as TO make removal Of the constitutional
Limitation fairly certain.
IA W. uat oMa .o.I. - A. .~.-, - o. .ll;.. 10 49, e.. -
maintain. Beyond that we cannot go with safety. In our opinion
this bond issue takes the state beyond the point Of safety and sound
public finance.