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Board. Attest: TUB BOND ISSCK AMKNDMKNT. A Ktntemwit of the View of Ue Kterutite t'ommlttee nf the Taxpayer' Association of 'ew Mexico. At a meeting of the Executive Committee of the Taxpayer'! Ano clatloa of New Mexico, held at Santa Fe, August 18 th and ISth, at which a majority of the com mittee were pre tent, the following etatement wai prepared and author lied to be publlahed with reference to the proposal to amend the con atltution ao.aa to alvo power to the leglalature to Iseue bonda with out aubmltttng the matter to the Tetera of the atate: The amendment propoied, If adopted, would Introduce a moat nanaual provision Into our consti 3 FINE SHOE REPAIRING MODERN METHODS AND x MODERN MACHINERY YOU will be surprised to find how much good service may be had from the shoes you have decided to throw away. This shop is equip ped to do the finest repair work on Shoes for Men, Women and Child ren. We use the best Oak leather soles or any of the good fibre soles. Leather heels built up or rubber heel3 attached. PI Sorvico Shoo Shop Johnnie Boeglin, Prop. First Door West of Express Office Washington, D. C., August 20, 1919. Pursuant to authority vested in the Federal Reserve Roard by the Act of Congress approved December 23, 1913, known as the Federal Reserve Act, as amended by the Act of September 26, 1918, the Stoat Natumal lank of (íarlsbab, Nnu Mmta has been granted the right to act, when not in contravention of State or local law, as Trustee, Executor, Administrator, Registrar of stocks and bonds, Guardian of estates, Assignee, Receiver, Committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies or other corpor ations which come into competition with national banks, are permitted to act under the laws of the State of New Mexico. The exercise of such rights shall be subject to regulations prescribed by the Federal Reserve Acting Secretary. tution. The matter of incurring Indebtedness la one to be decided by the people. It was the p arpone of those who wrote the debt limit provisions of our constitution to follow the principie which prevail In most of the other states and therefore no debts were permitted to be .Incurred by any political unit except' by a favorable vote of the people. No county, etty or school district may tsaue bonds except up on such a vote and, in the case of counties and cities, the voting la limited to the elector who are also taxpayer. We believe, therefore, that the proposed amendment I contrary to the spirit of the Ameri can principien and out of line with the theory upon which our state governments is baaed. The meaning of the proposed amendment la obeeure. The most Fritera! Stem loarh careful reading anil huhIvMs fall to disclose any rent limit and tin whole effort nf thn iinipnilmpiit would lie to uinice void the entire constitutional provision which It purports to amend. Under the amended section It wcojd be pos sible to Issue bond up to the limit or 13,760,000, or one per cent of the valuation based upon the assess went for 1918, by an affirmative vote of the people. An additional amount in bond, debentures and certificates of Indebtedness can then be Issued for road, by the legisla ture without a vote or the "people. We are, however, unable to find In the proposed amendment any limit for such additional Indebtedness. According to a reasonable Interpre tation of the language as used, the legislature may provide for any number of bond iaauee of 12,000. 000 each "payable from advalorem taxes upon tangible property" and It Is possible that debenture and certificate of Indebtedness In ad dition to such bond iesiies and pay able in a similar maaner may be Issued. It should be kept In mind also that the limit of $2,000,000 for each bond Issue payable from taxes on tangible property may be ex ceeded If, In the Judgment of the legislature, more fund are needed to meet Federal Aid. This Is not all additional debentures and cer tificates of indebtedness may be authorised and Issued, to he paid at such time a the legislature shall determine out of motor e hlcle licenses, or other licenses or revenues. In other words, the leg islature may levy various forms of ercise or license taxes or provide for other revenues and issue ie btnture and certificates of Indebt edness payable out of such revenues lo an undeterminable amount. This being our Interpretation, there Is, in our opinion, no limit to the In debtedness which miy be Incurred by the legislature if the proponed amendment Is passed anil the "qualified elector of tho state" should carefully wcIkIi the matter of placing in the bunds of the li Islature a power Unit might burden the state with taxes fur Interest and principal payments that would be appalling. I The argument i mude thut the Issuance of debenture and certifi cates of Indebtedness payable out of motor vehicle and other license! and revenues which may be de vised would lower the tax rale, Thl argument should be carefully examined. Supposing revenues j from motor vehicle license for ten year are appropriated for present i purpose through thn Issuance of debentures to bo paid out of these revenue a thoy accrue, we believe that thn atate will be deprived for that period of revenue that would otherwise be used for road construc tion and maintenance and that such revenue to appropriated would have to be replaced by orne other form of taxation, la answer to the argument that Ifaiiwral 2feamt? the adoption of 'this amendment Is required so that provision may bo mude for meeting, dollar for dol lar, the Federal allotment of t,3S9,000 fur roud construction, attention I called to the fact that the laat legislature provided for compulsory tax levies, uniform throughout the state, aggregating lour and one-halt mills, the pro ceed of which are to be spent on state road for the declared pur pose of meeting the Federal allot ment. In addition motor vehicle license, delinquent state taxes prior to 1916 and other revenue are covered Into the State Koad Fund. Furthermore, the atate I given ample time to meet the Federal Aid allotments and therefore there Is no necessity for adopting the amendment for this reason. The Taxpayers' Association Is in favor of the building of roads un der state supervision, but it holds that there I no necessity in order to carry out the program even as planned, to resort to the proposed measure amending the constitu tion. The Association has demon strated that with the taxes, atate and county, direct and Indirect, to be levied for the benefit of the atate road fund, there Is no necessity for the proposed amendment. It ha shown that with the four and a half mill levy authorised by the last legislature, which Is Itself an extraordinary high charge at this time, together with the motor taxes, certain delinquent taxes and other source of income, there will be available for expenditure by the state sums ample to meet the state' quota uuder the Federal Aid law a such quota become avail able; sums, too, so large In them selves as to seriously strain the peo ples power lo psy. In our opinion the" extraordi nary mensures, these attempts to disregard constitutional limitations, which have hitherto been sacredly observed, and tlin proposal now submitted to the peopl.i to repeal these conHtitutlonal limitations, can be Justified only on the plea of extreme nocesslty. They might bo justified In the face of a great and rltul crisis of sonto kind or upon iho ground that lit tha Immediate future there Is to be surh a mark ed development in New Mexico an will result In a great Increasq In our potilatlon and a multiplication of assessed property values. Thero Is no crisis, such ns tha war crisis through which we have just passed, Security Abstract Co. .Incorporated ) E. M. KIJUINMV. hecy. and Alúa rector Cnrlnbiul, New .Mexico COMI'LKTM AHSTIt UTH TO ALL LAN DM IN EDDY tOCNTV. IUtee Ilcaoouable. Accurate and I'rotnpt Henrico Conveyaorere. Office In Northwest Corner of Court House-Old Building. Month 7'. 0 fj. J(,fth,7, Governor. to warrant these unusual measures ' On tho contrary there is every reason why, because of the burden Imposed on us by the war, New Mexico and every other state should retrench. There is, in our opini on, no reason to expect that these expenditure can be Justified on the ground of any Imminent devel opment or expansion. New Mexi co' development has been slow, steady and gradual In the past and there Is every reason to be lieve that it will so continue In the future. There t danger, how ever, that our development will be seriously retarded If, in addition lo a tax levy ranging front two per cent to four per cent upon a high property valuation and Involving an increase In 1919 of from twenty to fifty per cent over 1918 taxes, there are levied heavy taxes for In- YOUR FAVORITE ON We are now selling 3 akes PTKLMOLIVE SOAP FOR 25c tfO Gakes tor Better Stock Up R. B. D1K 'Phone 9 DRUGGIST 'Phone 9 en-st nod pnnclpnl pnymenta upon InilebtcdiieM that would be incurred tlirnii'h the adoption of the propos ed amendment. II. J. 1IAGF.IÍMAN, JOHN S. t'LAKK, It. O. IlItYAMT, Meiibeis Kxecutlve Comr.iltteo, Taxpayers' Association. Mrs. A. A. Kalsei I in tovm coming last Sunday to be in readi ness to begin her school work, ah having been one of tho successful teacher In t'ailshad sennol tho past year and being re-elected to her same position lor thi comlnj school year. Mrs. Will Yarborougb left for her home at Abilene, Texu, Hatnr dsy morning, after a- ten-davV visit with her parents, Mr. and Mra. Ilnvd, In La Huerta. 1 SALE pM.sy 91 While It's Cheap.