Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1897-03-19

BY eliminating finish third floor. ...... 1000
by substituting plain for ornamental
plastering.:. ;,;.....;... .......... 5000
BY substituting FIR and cedar finish of
flooring for oak. 800. 5000
BY substituting fir for stone flooring 1000
by substituting good for elegant plumb
ing, heating and electric fixtures 900. 5000
by dispensing with tool work on body of
exterior walls. ................. -. 10000
Total.......... ...................s $3.50, 900
If, upon 4 careful investigation, you
are not thoroughly satisfied that these
changes are entirely feasible, that these
reductions are wholly attainable, and
that when made the building will be
an absolutely completed structure. you
can by Withholding the appointments
of the commissioners, by controlling
their action if appointed, prevent the
enforcement of the act and thus effect
all that veto could accomplish.
Moreover, if you should deem that an
appropriate building could be COM
pleted for still smaller sum than the
amount suggested, this empowers you
to adopt such changes as will effect
whatever reductions you deem feasible
and proper, and the capitol must be
built accordingly.
The Constitution, Article xvi, Sec
ton 4, prevents the State from turn
ing over its land grant for completed
building, and the lands must be sold
in parcels not exceeding 1G0 acres in
area. This being so, the only feas-
IDLE plan for the construction of n
capitol, before the lands are all sold,
must be substantially that proposed
by this bill and the general capitol
law of 1893, for investors will not take
long time securities without provision
for annual interest. The 103,I47.I7
acres of lands, already selected are ap-
praised at approximately 81 POS, 236. of
these selections S7,925 acres have been
approved by the Secretary. The tim
Der on the lands selected is appraised
ut $685., 1000, on the lands approved
at $65S,575. These appraisals have
been made on basis of % to so cents
per thousand feet. The acreage of
timber land selected and approved
west of the Cascades is 65,04l. An in
spection of the map exhibiting the To-
cation of these lands show that they
are near railroads and watercourses,
and coming daily more nearly within
the reach of logging operations. 1t is
a well known fact that as new timber
areas are opened up to numbering op-
erations, they come into market at
81 per thousand stumpage, to-day.
The timber of the State is being rap
idly numbered off. Can there be any
doubt that this timber will soon be
marketable at 81 per thousand, ire
spectiye of the general financial condi-
ton of the country? No criticism is
made of the selections west of the Cas-
cades, or the appraisal thereof. The
timber on these lands was appraised at
$454, 1856, or seven dollars per acre,
when selected. We believe that a
careful inspection of these lands will
show that the present value is much
in excess OF this appraisal, and that
much OF this timber is now, and all of
1T soon will be, worth 81 per thousand
or far in excess of its appraised value.
Deducting the 1925 acres approved,
leaves 44,O75 acres yet to be selected
or approved. The selections not vet
approved are timber lands and the
selections not yet made can all be
placed on timber lands reserved from
the public domain to enable the State
to make its selection therefrom. I'm
questionably, these selections can be
made so that the merchantable timber
thereon will be worth at 25 cents per
thousand over 100000. This means
a selling price very much larger than
that sum. We believe that the grant
to-day is worth at least 81 600 900. and
that before long it will begin selling
on the basis of a value of $4,000 600
Under the provisions of Chapter S3, of
the laws of 1893, page 1S6, section s.
deferred payments on the sale of these
lands bear interest at the rate of six
per cent. The interest on war
rants issued under House Bill GOO
does not exceed four per cent. The
interest on sales amounting to two.
thirds of the sum expended under
House Bill $40 will defray the interest
guaranteed by the State. We feel GER
tain that any investigation you NAV
make OF these selections and reserya-
tons by competent and Trustworthy
persons subject to such precautions as
you may deem best to secure informa.