The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-08-02

There is something very peculiar about
rants OF the state are being manipulated
at Olympia. For an administration which
il SO pure that IL takes some courage even
10 suspect IT, the showing made in the
news columns of the Post-Inteiligencer
yesterday is very unfortunate
Not to beat about the BUSH II may Be
frankly stated that without some expla-
nation there is room for the suspicion that
somebody around the state capitol. elected
on the reform ticket, is jobbing the state.
The banks-ies US say banks-at Olympia
are paying a premium of one-quarter Of
] per cent. on general fund warrants, and
the Populist officials have been pointing
with pride to this fact in proof OF the
claim that SO great Is the confidence in
the Populist administration that the
states warrants have gone above par.
The banks are not paying the premium
unless they make some more by discount
ing those warrants. and the officials who
are conniving at this scheme are not doing
1t in ignorance. One of the first laws
passed by the legislature at it's last ses-
sion was one directing the state treas
urer to invest all money then In his hands.
or which should come into his hands prior
TO the first day of January. 1893, belong
Ing TO the tide land fund. In the general
fund warrants OF the state. to be issued
after the date OF the passage Of the act
at the face or par value without regard TO
the interest due. 1t will be remembered
that this act was passed for the purpose
OF paying members of the legislature in
cash. and there was considerable indig-
nation at what looked like a raid on the
treasury. because at that time general
fund warrants could only be cashed at a
discount on account OF the fear Of the
outcome OF the legislative session. then
so unpromisingly opened. The public SEN
tirent against the act was met by a very
plausible statement which was embodied
in the second section OF the act. which
made II appear that its purpose was not
10 give the members their salaries In cash
but TO confer benefit on the state. The
| emergency clause. which forms the second
section. had an explanatory preamble. and
the patriotic purpose of the members is
shown In that section:
Whereas, at present there IS a large
amour, OF money In the tide land fur,
for which there Is no other immediate de-
mand. ard. whereas. the investment OF
! such money. as directed in section of this
act. will result in profit TO the state. an
/ emergency exists for the immediate effect
/ of this act and the same shall be in force
| Immediately upon its passage and ap-
| prevail by the governor"
/ This law Is nov being complied with
/ OF course the state treasurer may say
/ that investing In them is no; cashing them
| al the counter whenever they are pre-
| scented bur he did not raise tina, objection
| when the members OF the legislature pre-
/ sented their warrants 10 ne eashed. What
| is being done now is. when general fund
| warrants are presented 20 the treasurer
| he Endorses them mot paid FOR want Of
| funds. and they Immediately begin TO
| draw s per cent. interest. The banks paw
| a premium Of one-auarter Of per cent
| although II Is said that IA hlgh as one
/ half per cent. 70 three-Qu3rtors per cent.
/ has been paid. This IS very compliment
| tAry to the credit OF the state. but not
| Very profitable To its treasury. Meantime
the tide land fund on June ~ amounted TO
/ SueS-. although the state issues about
/ Ssaen In general fund Warrants every
/ month. During the campaign IL was one
/ q the pToudest boasts OF the supporters OF
/ Nr. Young fer the Office OF state treasurer
| On the PopuliS; ticket that he had never
/ worn Waite shirt nor a collar" and il
| may be that be is so nnsophisticated that
/ &c cannot see the opportunity afforded
| him FOR adding - his salary by thu sys-
ten Ter which he must be held respon-
! s!oie Whether he knows II or not. the
/ opportunity exists. and the fact. are In
] consistent with the theory tha. The hanks
! and the treasGrvr'S once ara making cor.
/ tT'eationS oUs OF their own pocket for The
purpose % Increasing The value Of state
/ warrants In ne East.
/ Somebody IS paying more than IS neces.
| s2ry Tor those warrants. The only object
| in paying more than = necessary Is %
/ take advantage eS color Of a shady eva
Sioa & ire law for the purpose Of making
/ something our 81 she transaction
| STATE Treasurer Young has once or
| twice struck ar attitude O: Painful ho--
| esty when shsre WAS nothing 70 be made
| by any char course. No aoaa, he Is hon
| est enough now bat Il certainly does nc.
| ioos very well for man who professsss
such immaculate pulchrstude 80 ~ having
his clerks mail cheeSs 10 away across the
mountains o. Olympia hanks instead OF
forwarding the warrants. II there Is
premium % oae-halt per cent. WHERE dos
thst go7 There are several aaesstons
- hsca might Re asked % IRE state treas