The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-16
Interest paid Cas-
IN rfafeoyx,oB

1t VIII be observed that an unproduc-
1--WE cash deposit Is made by law to In
eresise steadily as receipts shrink. while
the puoac debt is Initiating conversely
as tne revenues contract Interest ar
cretions should be lessened and 70
stf1cted to minimum by turning tho
Idle moneys from all save the bond in
leresf fund into the general fund for
tue redemption OF warrants in rotation.
INVESTMENT OF THE school,.
FUND.
OF the siss. 900 in bonds offered enr sale
curing ahe two years past, the board Of
state ianu commissioners accepteds364.
eVo. subject to approval by the attorney
general. who sanctioned the purchase
OF sis1,s0o. Since October 81 an add,-
tional purchase OF $4,000 In county
bonds was made. leaving about sro, 0o,
OF uninrested school fu:sds. Opportuni-
ties for proper investment OF the school
fund are inadequate. The state ,s q, a.,
insnrinountable disadvantage In the
&ter OF obtaining tie most dEiraf.a
oosfds. IL cannot cope successfully with
the professional bond buyer. who oper-
axes IN person with the authorities en-
powered TO open and consider bids
oh gllt-edge issues the state inyariab,v
mus Its otter a tribe under ne pr,ce a
which sale Is made AS a last rAso,.,
other markets failing. the state Il ex-
peeted 10 convert the schoo, fund into
securities Incapable of enduring the test
OF iegai and financial scrutiny. Relief
rom thas embarrassment lies within easv
reach. The school fund should be al
lowed to revolve through the 8 per cent
Warrants drawn against the general
fant. Thus unremitting use OF the sur-
Plus at an interest raae exceeding that
OF bond investments by more than nor
cent wssiid be assured.
NO constitutional amendment for this
reform seems to be required. Sec. Of
Article WI. in its hrst clause distinctly
defines inhibitionx against the invasf.
nient or the school fund TO private per-
sons or corporations and seconssarilv
leaves the matter open to the DISCRETION
and wisdom of the legislature. by de-
ciariiig ii may be invested In national
state. county or municipal bonds ;, Ma
mandatory integsiictaon. exeapt as r., tha
two classes Of investors sneSssfias Is ass
coverable. Manites.y. so long as ,na
ssn"i iufad remains permanent ard ir-
rt'aecsnie. and Is not loaned 10 private
persons or corporations, the legissst1,,,e
may provide for It's lucrative conversion
through the general fund OF the sss,ta
IL should lie the Turp Sc To employ th..ss
moneys constantly with profit. while Ia.
surfing their immunity from losses h..
forfeiture o. deterioration or serv,4t,s
and no safer medium for steady nrc,,.
mutation frors use cauld be DEVISE,
than "A law authorizing invcS ;men, n
state E.-srranrs.
REVISION or THE REvrNf-E rsvs
In rensoGeling the revenue DAVIS IL VII
becnnlc apparent THAI the aeeys.r ea.,x,
ut the disproporskonats suhSisierre Of es.
ttrsa;ei weassh underlying trade and in
dastyiAl reverses II traceabie 10 the annl,-
cation ~ the hish-assesssrent. iow-Ievy
principle. cyerseaieusuess IN creating
ana maintaining excessive local vagus-
tEons has been seconded By the wholly
deceptive nosaon that taxes are rsnae.e,,
tssSs cumbersome when the levy IS gs.snl.
ntszea 81 maximum assessments. The
false yet casinaon tendency. has been TO
aprraA@e real property on tAe basis az cost
or prsee~as VIA, property ENACTED a.
speculative sale, ~ tsecreiicsslly. should
hrtag II sNt4--EasAer than 20 aaf.ss. as
sessmens On tae basis OF actual worth. IN
money. SIS determined by Utility ana no,
by carr.ee oGce the latter Plan were
adopted. though Tire lsHy. Fashioned -
the revenue nee<ls. hessus@ spee.sicsl,v
higher. che sarsher ass beneficial sfysxs ;
voalt Ne a snere equitable Distribution
az tsxatkaa. less perturbation of property
vafacs, a contraction 90 the slesgnanen
lsses. ara greater encouragement 10 those
processes at investment and sievesapascn
mas are permanent aad aes speculative II,
Character,
From the county auditors reports I
have n<uegzws Cor the rsssysase os Inform
tns sAe legislature as - tne srensi * ex-
s~ayarsnce IN government. Il appears tbs,
tie annual outlay for the assessment ex-
essss sEetega.
Assessment Of resl property Il foe FIRE.
aaeaI AL sasregere toe expensive. Tha