The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-11-28
THE a

Mr.. George Finley. OF Olympia, in yes
terday's issue announces that there are in
his city representatives OF leading New
York financial houses who are willing TO
take the entire issue OF state capitol war
rants. and that. 50 far as obtaining the
money Is concerned, there Is apparently no
reason for further delay in pushing the
construction OF the new building. II this
Is so. It will be gratifying news, for It has
been generally supposed that some diff
Guilty might DO experienced in floating the
warrants. II the capitol commissioners.
after deciding which Is the better Of the
two bids before them. shall satisfy them
selves that the contractors and their bonds
men are responsible. It would seem hat
work can now be inaugurated and kept
up until the capitol is finished.
Mr.. FIlley suggests tina IL would be a
clean-cut business proposition 20 sell the
warrants in a lump. place the proceeds in
some safe depository. begin the work and
draw against the money as II Is needed.
This will hardly strike most people as
very clean-cut business. but ever II 1t
were. 1t is something hardly warranted
by the Law under which the commission
Is acting. Payments are TO be made
and warrants issued az the work pro-
crosses. There Is no authority for selling
them now In advance OF requirements.
II a contract were let today, IL YOU prob
ably be six months before any substantial
payments were made, and a year before
anything over one or two hundred thou
sand dollars was expended. These cap
itol warrants bear S per e interest, and
It will hardly be considered very clean
cut business 10 have over half a million
dollars in warrants outstanding and draw
ing interest a year or more before a cent
OF the proceeds from their sale is needed
TO pay for construction.
twas evidently the intention of the leg
i~slature that the capitol warrants should
be issued as other warrants are issued,
and only when the state is in debt for
labor. materials or construction would a
court probably hold the commission free
20 issue warrants in payment for the
same. IL certainly could not have been
the intention OF the state legislators TO
have these warrants sold and drawing In
terest months and possibly years before
the money was needed. We doubt II the
commission will feel itself at liberty. I'M
der the law. 10 carry out Mr.. Filley's sug-
gestlon, however much they may desire 10
see work resumed. Moreover, II is a ques-
ton as 20 whether they would care to as
sumo the custody Of over $4,000 OF the
states cash for a period OF two years or
more. Probably safe repositories could be
found for the money. but IL p~erchancc one
should he selected 90 which reverses
should come. the commissioners Il their
bondsmen would be IN a most unenviable
position. We hardly think they viii care
to assume the responsibility.
II financial agents stand ready TO take
the entire issue at once Il would seem that
they believe the warrants viii be paid.
Holding this belief. II is difficult 10 see
Why they should not be willing to take
them when issued as the work progresses.
The certainty az redemption IS the same
In both cases. In fact. q Is probable that
with time and the selection OF the capitol
land grant. the warrants issued against Il
VIII appreciate considerably In value. SO
far as the value OF the warrants IS con-
corned. they would probably be even more
valuable II issued from time to time than
II issued at once IN a block. and it is 10 he
hoped that the financial representatives at
Olympia VIII not make as a condition Of
purchase tho sale c. the whole issue At
once.