The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-11-29
NEED OF ECONOMY.
Insisted on by the State Treas
urer In His Report.
\ POSTMASTER RIFLES MAIL.
Dspositoys IN sstpes Eesiyn Bsnh DIS
satisfied with the Eeeeiver-1hs
Absraeea Failure.

OLyxprA. Nov. 2s--fspeeial. The bi-
enniaI report Of State Treasurer Bowen 20
tie governor has Just been issued ana
presents the financial condition OIL tne
state in Q comprehensive manner ana III
Guides some recommendations deserving
of tas attention OF our next legislature.
According TO this report there we're out
standing warrants On the general funo.
October 81, 1902. amounting 10 st4s s4l-os
AT this time the state was only seven
months behind ia their payment On the
same date there we're outstanding against
the miissasY fund warrants 10 the amount
Of So SIS ~ and the Etafs Was sevea months
and i've days behind In their payment
AZ tie time OF the date OF the report
October 81. lega, there were outstanding
warrants against the general fund 70 the
amount Of saFg4 osa s.. and the state -
behind in payment one year. one month
and tuenty-six days. The outstanding
warrants against the military fana
amounted 70 sd. ics -. and the state Is.
behind in payment one year. i've months
and fifteen days.
Much % this Indebtedness Is due 70
ep,,rouriations for new state buildings
tosber than the capitall Tie sum OF
$40 0081s these appropriations viii revert
TO the treasury from the proceeds ofths sale
az lands granted 70 The state for charitable.
educational, pena. and reiormatOry ansti-
tutions ard from tiAs SAFE Of the old nat-
vers.ty slte IN Seattle.
From the above Ii sill De seen that the
amount Of outstanding warrants In the
general fund has increased 500 $50 and
the time for drawing interest Las length
ns. he mill fa- -
fund there has been an increase OF 81. SOS ~
and the tine has heightened over ten
months.
The total amount o. interest paid on
general fund warrants during the past two
years was $50. i5eei: on the military fund,
$s5SL2s
Tie credit Of the state is excellent, but
IN order 10 maintain this high standard
the state treasurer is Of the opinion that
il viii 30 necessary 20 cal! halt at once
ANA step expenditures ia excess Of the
revenue OF the state. Further. that legis-
Iators must rise above personal ambitions
to secure appropriations for their respect
I've localities and legislats TO maintain the
credit OF the state unlmpaired.
The treasurer iayors the elimination Of
rs many funds as possible. and make the
general fund the common receptacle and
disburser, which would materially reduce
the amount Of cash on hand. and conse-
quenty the interest bearing floating debt.
Ii the appropriation from this fund for the
maintenance Of the penitentiary should
include sufficient amounts for the pur-
chase of jute and clay used at that institu-
ton, So, gU2 81 now In the revolving fund
could be applied TO the payment of out
standing warrants. thus stopping interest
on that amount.
While the constitution provides safe
guards for the investment OF the general
school fund, Treasurer Bowen believes
that the increase IN receipts will demand
q wider field for investment than is now
permitted. and II the constitutional re-
sirictlon now existing could be so modified
"a to allow the surplus TO DO invested In
temporary loans to the state the security
OF the fund would not be endangered, and
IL would be earning interest for the current
school fund.
The treasurer also recommends that o
board be Instituted. composed of three
elective officers OF the state. whose duty ii
shall DO TO count and certify In duplicate
10 the state treasurer and auditor the
amount of cash on hand in the treasury at
the end Of each quarter