The San Francisco call., 1896-04-02
FITZGERALD TO THE "BEE''
I he Attorney.General Outlines
His Position on the Bond
Issue.
He Believes State Moneys Should BE
Invested Only in Bonds Above
Reproach.

the following telegram was published:
SACRAMENTO, April 1.-The Bee tonight
vii! publish story to the effect that, not
that whenever there shall be $4,000 IN the
State-school land fund the same shall be in
the fund.
The Bee will also say that this is due to the
TACT that Attorney-General Fitzgerald has
placed MS stamp OF disapproval upon the
bonds OF various counties many of the issues
OF which have already been taken up by some
OF the leading banks in the State.
The paper will further affirm that the State
is believed to be the holder OF many bonds
which, If the Attorney-G General is correct, are
absolutely valueless and that, although he did
Eot consider these county bonds safe invest
vestment OF 100000 in the late National bond
issue, and that by this means many thousands
OF dollars of interest have been lost to the
schools OF the State.
Mr.. Fitzgerald's attention being called
to the dispatch he displayed no particular
concern.
can attack of this character" he re-
marked, sis really not worth noticing. A
man in pubic position must expect to
be a target for abuse from certain quar-
ters, and | cannot hope to be the solitary
exception to the rule So far as l am per-
sonally concerned | do not consider the
dispatch deserving of any attention what
ever, and what is more | can see no rea-
son for noticing it officially. Still, since
the matter OF county bonds has been thus
strangely misrepresented it may not be
out OF place Tor me to briefly outline nv
official policy regarding them.
I'm rejecting the county bonds in ques-
ton did so because, in my opinion, the
proceedings under which they were issued
were defective. | consider that the State
should purchase no bonds which are not
absolutely above suspicion or reproach in
rs
past purchased bonds not altogether un-
impeachable, that fact, if indeed it be a
fact at all, does not in any way influence
me In passing upon the validity of the
proceedings for the issuance of any bonds
which may be submitted to the State.
Board of Examiners with view to their
being purchased by the State.
81 have not advocated, nor do I advo-
cate, the investment of State money i'll
bonds of the United States, because | be-
lieve it to be the duty of the State to
invest the said money in bonds of the State
or of the various counties in the State,
rather than in United States bonds.
sowing to the fact that the proceedings
for the issuance of State and County
bonds have been in many cases most un-
satisfactory in the past, / have personally
undertaken to examine all future proceed
ings before the bonds are issued, in order
to insure legality in their issuance, and
Win Une ODIeCt OI rendering Sucn DondS
acceptable to the State as a safe and relia-
BILE investment.
81 consider that if I were to advise the
board to purchase bonds, the title to
which was not absolutely perfect in every
respect l would be guilty of a hagrant
violation of my bounden duty as an off,
Ger of the State. And what is more. l fur
ther consider that by taking the precau-
tions outlined in order to secure the
issuance of valid bonds, l am doing all
that can be expected of me, and even
more, in the faithful discharge OF nv
duties as Attorney-General."