Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1897-05-14
Boise Correspondence.


Of the state than the maintenance OF
the public credit. Whether or not
IiahO's credit is suffering because oi
drvn.~ populi>t ration can
w.ii I've determined hv tn" expressed
0,,li,ions Of parties who, under ordl-
ua.y conditions aud circumstances,
ere purchasers OF state, county MI"
municipal securities. -,
Several counties have, within the
last few months, endeavored to fund
or refund outstanding Indebtedness 10y
Issuing bonds, as provided by law
This city has tried to do the same
thing. But the invar!able answer re-
turned to all inquiries and notices Is,
I'VE do not wish to invest ~ securities
from those sections at the country
where reputation is preached and
pract,ced."
Ina few instances county bonds
have been exchanged for old county
warrants, the warrant holders KNOW
ing tnat unless they would make the
exchange there would he no chance
whatever Of securing payment OF Their
claims. They have taken the bonds
in the hope that some day payment
might be made aud not because Of the
desirmbiiity of the bonds rs an invest
nenv, OuU SukVcI'Ic COJt N"bNSN'J
constituting the law AS laid down in the
state constitution, has made Is plain
that many Of our county governments
following the practices in vogue in the
territorial days have incurred in"ebt-
eduess that can not now be met hy
direct taxation and that must be
ljuuitlated by bond issues II ut all.
This state Of affairs makes an exchange
Of warrants for bonds possible, but to
sell bonds for monty Ia out OF the
question In Idaho.
The experience Of people who have
extended credit to the state within the
mast two years has engendered IN the
minds OF creditors well grounded fear
that anarch,.tic coun-els will prevail
IN nj departments Of the state govern
ment rs well ~ in the administrator ion
Of local affairs IN coInties. In the
near future the people Of Idaho will
realize how dearly they must pay for
the pleasure OF listening to the music
Of Economy Played by populist band
AZ showing generally the oaneiul
effect. on the credit of the states, pro-
duced by the Reputation tendencies
manifested In the Northwest in recent
times, WE may look ut the prices re-
ceivesi fur state bonds in Idaho and
Montana within the last three or four
wears. In 1898 We sold Safe Wagon
Road Bonds At u premium of over ii
percent. In 1895 our Normal Schoo
Bonds brought about eight percent
premium, while the state of Montans
thi. wear Disposed of an is>ue Of Nor.
NAL School Bonds, Identical in char
acter with our own issue Of 1898, ut less
than four percent
Now why this steady decline" The
security offered by Idaho aud MOntah,
In the case of the Normal B'nds Is at
sOlutely perfect, tOWit: The lands, ant
the proceeds thereof, granted by thu
general government for maintenance
and support Of Normal schools, LacNet
BY the Mith aud credit Of the state
The all controlling element Ia the dre;,t
Of general repudiation. Those win
have money for Investment uhde
favorable conditions prefer To ALLOW
It u remain idle and unproductiv
rather than trust II to nrecarious in
vestmenis il, localities where debts ar
liable either to Reputation outright q
10 enforced settlement IN ~ deprecia,e'
currency which amounts to II scatin
Of Indebtedness to II degree dependeh
Oilly upon the extent at the depreciu
tiOn Of the n,Onoy Of naynIent.
II IL Idle IL say that the fears {
mOneyhOluers nre grOundless or to pr
tend that investors are not Justified |
refusing u place their funds at the dl'
pOsAl Ot the political economists 0f III
school now dominant in our affair
Demag0es cry out when men Of meal
decline tn place confidence In o,
securities, I ut such actitn, IL but
fresh manifestation Of the desire of Il
..money power" to cypress the pSopl
We have heard the c"v, In Idaho, fro
every populist and democratic pla
form, but facts aud our own his,ol
teanh us that there IS something, AISLE
from desire u Cypress, that cOntrO
the holders Of capital. 1t Inns tss
well SAID that, "rhe legislative depa'
Dnent Of state represents Its polity NJ
highest demands Of natural ard poll
cal law to preserve justice and to no
MAJ inviOlMte the ptblic obligations. Al
departure from this rule. except
reasons most curent, never fails In q
erd 10 incur the odium Of the worl
ana to bring lasting injury upon I
state Itself" We can take this who
some truth home to ourselves.
Tue last legislature deliberately
fused to pay debts lawfully incurr
by the state. The law makes it /
duty Of the secretary Of state in p,
vide necessary supplies for the Ieg,s
ture. BY the appointment Il
passed In 1885 the membership of I
legislature WAS Increased. A. IA con
Quence Of this ~ order to have I
Senate Chamber and the Hall of
HOuse Of representatives in suitul
condition tn be occupied by the aus,
Oody which convened IN Boise On I
"a u