The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-10-31


this ls something no ether STATE treasurer
has ever required"
The original statement h true Mr..
Young says: only IN an effort 70 explain
h. increases the amount kspt In the banks
from "s3l.GSo TO sf99.syo'' az stated IN the
Pos,sInieifgsacer. to 1880. ard on Top
Of ia.s Is the s10,go lost In TIE Tacoma
bank-a total OF si5e,D.D belonging 10 the
people but tied up II tns interest OF per
bankers. This II even worse than ] had
thought Il could be, and II means that the
fusion party should have a guardian ap-
pointed In order that the peoples money
can be k.ot out OF harms way and oar
Of The reach of Spectators and achemers.
In the face Of this new admission on the
par, Of State Treasurer Young. +. Is neces-
ssry 10 look further Into the case:
Ar. Young says there If s1an.o'0 In the
permanent sehoo. fund 70 be invested in
bonds and warrants. But THAT THE
BOARD OF LAND COMMISSIONER
HAVE BEEN UNABLE To INVEST IT.
that It is impossible for The treasurer 10
pay II out. and. therefore. OF course he
allows the banks to use Z.
Very good The board of land comnT.s-
sioners In brought into she case. That
board. and not State Treasurer Young. f.
Responsible, he thinks
%Tbe state law provides this method for
the Investment o. this s23o,1po 10y the state
land commissioners which Is composed OF
Robert Bridges, win u. jenkins and F.
J. Browne.
whenever there shall be in
the state school fund the sum of
$4,000 more the board of state
land commissioners may invest
the same I'm national, state. mum
.ictpai or other county bonds at
par, Of the United states, this
state, or of the counties or
school districts. hearing not less
than . per cent interest per an
mum, OR IN WARRANTS DRAWN
UPON THE STATE OF WASH
INGTON."
The Republicans first enacted this law
tor the inYessn ent OF the permanen,
SCHOOL fund and the Republican iegisla-
ftire amended the act By the addition Of
the nine words last quoted IN isa5. In or
der to permit OF the complete investment
az the permanent school fund
The board of state land COM
missiOners has been dereIict
Not state warrant should have
been sent out. Endorsed ON the
bnck mot paid for lack of
f"nds." To draw per cent. in
tcresf since that state school
fund began to accumulate
Every dollar of this a23OOOO
eh00id have been Invested i'm
state warrants. which the nudft-
or ana treasurer are enabled To
turn over 10 the board OF land
commsssioners without pre-
MUM. Had this been done xIs.
SOD peg year would be earned
ny the school fund and saved To
the people on Interest that 4.
now being paid out on stint.
warrants.
10 nave paid the general fund warrants
oui OF the permanent school fund under
contract with the land commissioners
would have been to have deprived soma
OF the fusion officers and employees Of the
chance 20 bay up these warrants "a -
sned. and sell them to brokers and invest
orr al ii premium aud II would have nre-
vented the bankers from lending tho ner-
manent school fund 10 private borrowers.
who are paying a high rate Of interest.
THIS interest does not 50 to the school
fund. To whom. then? Isn't IL reasonable
TO suppose that some one is Interested
VIII the state land commission explain
why Ii does not do It's duty and properly
invest the school fund? The school fund
and The people ara being robbed Why?
State Treasurer Young says further that
$leooo lies Idle In the revolving fund,
which cannot be paid out until after the
nsxt legislature provides ii way.
This revolving fund 81 as a rule. no; I'M
dersteod. II was a s1o.co fund. originally
appropriated by a Republican legislature
'io provide a permanen; revolving fund
for the purchase ana delivery at the state
penltentary OF tute. clay and other ma
terlals for the manufacture Of iute and
other fabrics ana brick"
The revolving fund was used FOR buying
materials described. and was reimbursed
ty the receipts from grain bags. brick etc.
Thus Ii has grown from So go 10 sio0.eso
The fusion legislature. either nalciously
In the interest ~ persons desgrons OF Sc
curing "a profit GA the fund Tor two years.
or through incompetency failed ,o author
ize the treasurer 10 pay cut The moneys
IN that fund. The matter has been kept
from the people hs the reform board Of
control and by ihe state adtninls,ra.i
until II now leaks out through a desire On
the part ~ the state treasurer 70 protect
I'm the pet banks az the fusion adruinlStra-
ton, drawing biz interest for sonic prl-
safe individuals, It wou.l he Interesting t.
know:
GU Has theSstate hrtn issuiug warrants
to pay for t. cost Of supplies AZ the sate
nlia and At<...., ard 81 .he psuitenti&tyr
ca Wat : tss total face value ~ stich
warrants issued. aat what Is tAe amount
Of interest tae state VAL Jay pey year In
consequence
g, Il the fusion administration desired
TO lie honest With the people. WY was not
ihls $40" broken hank tgye as.arltv. tbs
system az lending nearly &N.40 10 pe.
harss. ana this rvVoltiaE fand ~cRrrue not
eAnssined waen IS .esue8 its YatnetosIotas
and erroneous cvaalsay tv-er8 tov cam
paien purposes
Tae Indications are {he; ,arsr las bean
carefully executed p'an o9 sae part %
some ~ the STATE atHt.s.s - serve .Ae.r
own personal ENDS ia; tae expense ~ me
people. by which graat saass Z tar states