The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-09-12
MORE LIGHT ON THE BOND ISSUE

NoTERs should not confuse opposition to the $29oOOo state road
bond issue proposed for ratification in amendment No u, with
country who oppose highway construction. President Harding did
not oppose highway building when he urged caution in the issuance
of public bonds and care in the expenditure of pnblie appropriation
for road building. The statement made frequently by advocates OF
the New Mexico bond issue. TINT railroads oppose highway building
because il promotes the competition OF the motor truck, does not
square with the facts at all, and is foolish to those who have studied
the results upon the railroads OF good roads building ms result
where the motor truck has come into use, has invariably been develop
ducfye. increasing in almost every instance the volume OF longhaul
freight, which is the business all railroads want and upon which their
Opposition TO this proposed 100000 bond issue is not OPPOSE
ton TO highway building. or to any phase Of It's proper development
and expansion. 1t is a very serious questioning of two vital points
both affecting the pockets of all taxpayers Of this state.
The first point is the necessity for THIS bond issue in order to
meet the federal aid road aIotments. Can the state meet the federal
aid alotmeuts without this bond issue and without taxes in addition
to the 2mil levy made by the Legislature for 1927. 1922 and l925i
In a careful analysis Of the state highway commission own bud
get as published by the commission in support of the bond issue, r. f.
Asprnd. director OF the state Taxpayers aSSoca'on' SHOWS tht me
revenues now available 20 The highway commission, for 1927, 1922 and
1928, will be ample to meet the federal allotments, without the pro
posed bond issue. Mr.. Asplunds analysis is presented in am article IN
this issue Of The Herald. Taxpayers may draw their own conclusions
figures ne gives are accurate, 1t seems fairly plain that the state viii
have enough money TO meet the federal aid ailotmen's without issuing
the two millions Of new Indebtedness proposed.
Advocates of the bond issue, whether Intentionally or not, have
failed to inform the taxpayers that the 2-mll state road levy wa,
made by the legislature for the years 1921, 1922 and 1928 and that
the highway commission has power TO issue debentures, or snort tern
certificates Of indebtedness against these tax leyies 1t appears t
tend such a tax levy beyond the period Of the next regular Legislative
session It has been done in this ease If the highway commission
can issue its certificates of Indebtedness against these future tax lev
les; and an issue Of 100000 Of such debentures has already beer
made, 1t $ clear that there IS no danger whatever OF inns state $ laI
ing to meet any federal aid allotment, should its road revenues from
taxation already tNnrus ana IhNl NlHtI NthiNfN IlNF iH"iHN'h
II appears that provision has been made mp Ia aud including 1928
The legislature meets again in january, 1928. If there is a deficit %
any federal aid requirement at that time, 1T can then be provided for
The states meeting of federal aid alotmcnts having been fully pro
tected in The interim.
If we can pay our way with the federal aid allotmcuts with do
revenues already provided if the 2mhl tax levy stand. for tins am
two more years TO come, Is 1t appears that II does why should "
vote S2.OO0OOO of boudst
The other point on which opposition to the proposed bond i,n
is based is that il will carry this state over the limit of one per cen
of bonded indebtedness fixed by the constitution Mr. Springer
chairman of the highway commission, in a recent letter 10 The Herald
admitted that IL might create am excess over the one per cent ten
porarily. lie expressed a doubt that this would hc so Mr. A7plul
contends that his investigation of probable assessed valuations, base
on allowances for the improved assessment and collection laNI
shows that the proposed bond issue will beyond a doubt take us owe
the one per cent limitation; q safeguard that all agree Is sound and
protection 100 valuable 10 be broken down.
Another point brought out by Mr. Asplmd article which me-
it's consideration S. in his assertion that the highway commission
It's budget. provided for every other requirement OF the highway 81
partmcnt before giving the requirements for meeting idcraI and alto
lnents This procedure, hc claims, would make IL possible 90 ,ho
almost any probable deficit that argument for the bond issue mFi
make desirable.
The Herald is not opposed 90 good road> The Herald 3, and b
ALWAYS been All advocate OF state highway building THIS urW~pap'
n moi onlv not IN opposition 10 the state highway commission. imf ID
neyes thoroughly m the efficiency of the present organization n D.
upselgsh public spirit and purpose and Boa 30, ability Co get result
N nrsof of this attitude Is needed il i found boo thr fight Th" licw|
made dnrina the legislator against the county road law adopted
against the return Of full authority in road fund ou'ays 20 the count
.oye,rnients as q step backward. aud 30 lat"r of r" concentrate
of fun power m the highway commission We believe mat le leg