The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-01-14

scientists and experts. chosen irrespective
of politics.
Investment of Permanent school
Fund.
On my recommendation, the last legis-
lature authorized the investment or the
permanent school fund In STATE warrants.
The result has been gratifying. Under
the former system, profitable security was
almost impossible 10 obtain, and the I'M
invested fund gradually crept UP to Sl4..-
1896. there had been invested In state war
rants s2l2, 500. As, bearing per cent. inter-
est per annur- No better security can
be had by the state than the states own
paper. The system practically amounts
TO taking money out Of one pocket, put
ting II in another. and paying the cur
rent school fund a high rate OF interest
for the privilege Of doing so. Prior to the
adoption OF this system practically the
best rate OF interest on securities obtain
able averaged 5lk per cent. On the trans
actions OF the past two years the cnrren,
will continue to profit until the warrants
are redeemed. at the rate of 21f per cent.
on sal2 SOB. rs. or $, go per annum; a show
taxpayer and parent Of school child.
state Insfftutions.
At the last session of the legislature I
recommended a sweeping reform In the
government of state institutions ! asked
that management OF state institutions
all commissions. directors boards and adj
ministrative officers to be placed under
the supervision of an examiner. who shall
act under the instructions OF the governor
in scrutinizing contracts. investigating
methods and discipline, and In checking
up disbursements This I considered
then and consider now the , moss needed
hope that you can see your way 20 ef-
feet It.
The state Institutions I believe win hs
- xzyrf 1vz1 sat a
managed as any in the United States. and
exceptionally well IN most instances. For
details I refer you 70 the reports. IL is
nroper here 70 say that a judgment has
bean recovered against the bondsmen OF
the late warden of the psnitentiary, ]. H.
Coblentz. FOR the fun penal sum OF his
bord, s1o.0o0
parsons. bat with a desire 20 call your
attention TO their changed status, ! wish
to say that under their present manage
the agricultural college and school Of SCI
ence at Pullman, the culmlna ton Of our
system OF intellectual and industrial edr-
cation. have taken giant strides forward
Revenue Law Revision.
our revenue laws we're modified IN the
direction Of reform BY the last leeisla-
ture. Much remains 20 be done. Assess
Taents should be based on actual worth In
money, not on speculative or imaginary
sl09.aa. is altogether too high. eollat-
erai inheritance tax should be adopted.
The reduction Of de.inauency penalties
too low taxes viii surely become delin-
auert and revenues viii fail 20 meet esti-
mated and necessary income
Railroad legislation
have nothing to sdd to my former rec
cnamendaflpn that minimum charges Tor
TRANSFORMATION should be secured 20 ship
IN ~ szNa .sf frEFfra
roads and their patrons. Ny views, which
were SET forth with urgency. dtd not meet
with approval ard the legislature failed
70 grant the relief so long desired In this
state. I have only 20 say that fair and
honest regulation OF railroad rates can
work 10 real hardship 70 corporation IN
fAres1s. What the government al wash
fngfon has done the government in WASH
inxton should do. The same principles OF
Law and justice which apply 70 and gov
ern the interstate commerce cornnlission
should apply 20 and govern &c this state.
State Lands.
For a detailed statement OF the condt-
ton OF ire state lands I refer you 70 TIRE
report OF the com missioner Of public lands
ard the beard OF state land con- rnssSicr-
e~s whose statements and suggestions I
concur with and iudorse. You viii see
from those reports that the important
task OF selection OF granted lands Is COM
plsted 50 far as the board Il concerned.
and VIII De complete when the reserva-
s.5ns OF Rnsurveyed townships already
made bv ne In accordance with law ars
surveyed. and ire reserved areas selected.
The LAYING Of the narror lines. the 1T
ting and survey OF the tide lands ofNne
Ersf class IN front OF cities have been
carpieted- ard the hearings CT contests
over preference rights 20 purchase have
been d.scose1 90 so far as tire state ~
concerned This important ard delicate
work has been com plefe6 without legal
objection oy any parties The facts that
the commissions OF public sarSs was SO
largely occupied BY the necessary duties