The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-11-23
COUNTY AND CITY WARRANTS.


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TACOMA. Nov 22-l5peciai. 1.-The Cham
Der of Commercs has appointed commit
tee. consisting Of George III. Stone. w. G.
Wheeler and r. G. Hudson. TO investigate
and prepare a report on the recent repudi-
alton of xi07.0o0 Of the Pierce county war
rants, and the intimation OF tho legal and
financial departments of the city that the
s2i2, 900 of city warrants deposited by ex-
City Treasurer Boggs would not be cashed
By the city.
In the case of the county warrants, II IL
considered insignificant that the sl07.o
OF warrants were repudiated at the polls
on election day, November 9. inasmuch as
less than Is per cent. of the voters voted
on the proposition, and their failure to
vote on IL can very easily be traced 10 the
rank failure Of the local press 10 inform
the people on the subject The Morning
Union touched npon the matter q short
time before election. but none of the other
local newspapers enlightened the people
percep;ibly. except the Populist press,
perchance, which seems to have kept its
following pretty well posted. sufficiently
so. indeed. to secure the polling of good
opposition vote.
It Is now proposed. ss suggested by the
Posr-IErKLLIsEScER. after the result on
this proposition was announced. that the
matter be brought to the attention Of the
public and save the credit of the county
by having the matter passed upon again.
letting the people understand the grave
importance Of zeaiously guarding the
community's credit. The warrants were
Illegally issued, because tho issue was in
excess of the limit. There is little or no
doubt but that, If the people were aroused
to the importance of this matter, the war
rants. although illegally issued. would be
protected and paid when presented for
payment.
As regards the s2i2. 900 OF city warrants
which Mr.. Boggs deposited Is cash just
before he went out Of Office, the legal and
financial end Of the city hall has hereto
fore decided upon plan to effect q settle
ment with Mr.. Boggs, and has stated that
he acted in an illegal manner. according to
Judge Stallcup's decision In the State Saw
ings bank case. in depositinG warrants a.
cash. 1t has been stated In the Posr-
INrELLIGEScKR and 10 now borne out by
the statement Of Secretary Collyer. of the
Chamber of Commerce, that the city did
not intend TO rspudiats the s2i2, 900 of city
warrants. Mr.. Coilyer says he was told
so by some city official; and . banker
present at the meeting Of the Chamber Of
Commsrcs today stated that, ii there was
any question about these warrants the
banks negotiating them ought to settle IL
with the persons who purchased the war
rants, thus protecting the credit of the
city. as IL is certainly very injurious to this
entire section Of country to have II noised
about the country that Tacoma and Pierce
county are going to repudiate warrants.
That would Kill confidence and bear the
warrant business.
The simple fact Ii that the city council
finance committee agreed to accept the
warrants held a. cash and reduce the de-
posit Of the banks holding them just that
amount. The proposition was not ac-
cepted. Some bankers. who have none of
the warrants in dispute to redeem, are
quite willing that other bankers may be
held responsible TO the warrant buyers.
The easiest way out of the matter 10 for
the banks negotiating warrants for cash
on the cisy's account, to return those war
rants TO the city and have their deposit on
behalf of the city reduced. This will cut
off interest. please the taxpayer and put an
end 20 any eonisctures about the warrants
no prospect of the warrants being
''esshsd," according to the present plans.
but IL would answer the same end TO have
them taken back by the city and reduce
the deposit of the bank returning them.
So far as tho warrant brokers are con-
eerned they know all about the situation
and have known all about IL for q year or
more. They have seen TO ii, in moot
instances. that warrants irregularly issued
or marketed do no. fail into the hands of
their clients and the only way for the
Chamber OF Commerce 10 assist in by get
ting the eity's pledge TO accept the irregu-
larry marketed warrants in lieu of cash
whenever they are rendered. That much
being settled a little publicity to the illegal
Issue Of county warrants aud another cleo
ton viii very likely result in three-fourth.
Of the people voting 10 legali4e the Illegal
paper.