The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-03-15
STATE OF CHAOS

Goveruor Mcchem took occasion 10 DENY IN
gentle suggestion that he IL the governor q
a state Of chaos and to Indicate somewhat con
y%ircingly that he is the governor Of New
Mexico. a state of the American union. whicl
in a business and governmental way is n,
worse off than any Of its sister states and il
some ways is better situated. 1t was quit,
proper that the governor should make such d
statement in Albuquerque because it is from
this city that most of the allegations hav,
issued that this state is I'm a state OF chaos.
is headed for The rocks. 80 is wallowiug ia
'ieivic unrightcousncss etc, etc. adj infinitum
-or at least until the dawn of a new day.
The only Estate Of chaos" that exists in New
Mexico is that established in a considerable
portion of the public mind by the more or les,
continuous stream Of INSTRUMENTATION as 10 the
3pblic business, intended 10 create a state of
political chaos out Of which the vendors Of this
misinformation hope 10 extract political and
personal advantage. The immediate result is
to iniurc the state both inside aud outside It's
bordcrs, without the slightest hope, or cx-
pc%ctation by the propagandists of chaos, of any
beneficial result
A state whose government was seriously
disorganizcd or Inefficient, whose public
finances were impaired, or whose methods Of
pablic financial management were uotoriously
bad as compared with its sister states. would
got be regarded as a good credit risk and could
not market lis bonds with facility. That was
demonstrated recently in The case of North
Dakota, after a period Of government by
prophets Of discomfort.
New Mexico, ON the other hand. recently
sold an issue Of state highway bonds at par.
accrued interest aud a very satisfactory
premium. The Herald opposed the issuance Of
those bonds as being questionable public policy
m a period of burdensome taxation. But the
people Of New Mexico voted hem by an over
whelming majority aud it is certainly crafty.
ing 10 know that the states credit, rather than
being impaired. as the chaos creators would
have us believe, is exceptionally good enough
To command a premium on such bonds in a
period when the bond markets are flooded
with state and local road bond issues. Cover
nor Mechem was quite right in referring 10
that incident as disFrGving completely the re
iicrated charge that New Mexico is u headed for
the financial rocks.
The only seriously unfortunate incident that
~ ~ ~ 49, ANhh ~ AAA Ah-
Governor Mcchem's administration was the
Failure Of a state bank with a large deposit Of
state funds, which deposit was probably there
IN violation of law, although this has not been
established. The state treasurer followed the
practice established by a majority Of his pre-
decessors in leaving the management Of the
office TO subordinates while he attended to
private business. That practice has resulted
in scandals in the past. IT il is not stopped it
will result in agr oauuI.lg -, Al. g.t... M.
governor had no power TO force Treasurer
Strong 10 resign. There was a general feeling
that he should resign, which The Herald tx
pressed and supported Strong has now ten
dercd his resignation. The governor no doubt
will appoint a successor when he has reached
a wise and deliberate decision as to the best
man available from a number Of competent
men.
In the meantime by dealing with the situa-
ton deliberately, without haste, prejudice or
in response to any hystrrical demands, the
governor, instead Of closing absolutely and
finally the way TO a recovery and reopening of
the Santa Fe bank which would certainly have
been the result Of hasty action, held that way
open and u courageous group of bank directors
and depositors have taken advantage Of il adj.
mirably. II is hot necessary TO sympathize
with or eondone wrongdoing in order TO be
fair aud Just. The Santa Fe bank incident. in
~ifsk4znal analysis, will not reflect weakness IN
Governor Mcehem, ability 10 meet aud deal
with a situation, as has been so frequently and
v~cheinently charged. II will record ON the
contrary an exceptional patience aud de-
termination IN seeking the best way to deal
with a bad situation. so as TO involve the least
loss 10 all concerned.
Without minimizing in the least the wrong
which mnde this SANTA Fe hank
state deposit Incident possible II Is stili no moFc
than sln.nle iuNtice 10 Governor Mechem 10