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

One OF the first acts OF the next legisla-
ture II Republicans are elected. should be
an examination into the affairs OF the state
treasurer's offce. There are many things
there that need close scrutiny. The hard
earned money Of the psople--the money
collected in taxes and sent TO Olympia 10
be used in paying the expenses Of the state
government-as Well as the moneys collect
ed from other sources-is in sufficient
jeopardy 20 demand attention.
There is abou, se00oo0 in the permanent
school fund which the law says should be
earning n profit for Itself by investment.
Where is it? In pet banks as a perma-
nent deposit. being loaned at a high rate
of interest and paying big profit to the
bankers and those Interested with them.
There is about Sloo.cDo in the revolving
fund which should be used In paying cur
rent bills. Where Is that? In pet banks
as permanent deposit. being loaned to
private borrowers at a high rate OF inter-
est for the benefit Of the bankers and those
interested with them.
There is also $4,000 in the United States
fund, si0.oo0 in the library fund and an
average of 100000 OF the current school
fund-ali this kept as permanent deposit
in the pet banks OF State Treasurer Young.
being loaned out TO depositors, and earning
percentage for the bankers and those i'm
terested with them.
Treasurer Young has admitted that this 10
true. II was forced from him.
I'm all there II x46O.OOO of the
states money invested In pet
banks. for the benefit Of sOme-
body. and I'm order to do this
the laws of the state are being
ignored md violated, the rights
of the people are being trnmpied
upon, and the people them-
selves sre being robbed. In two
years the loss to the state Of this
money fs coating x73.6OO in in.
terest ON unpaid state warrants.
II s.3.6eO IL being earned On
the states money. while the,
state II losing tHc snne amount,
who are the bcncdciarfesf
\ few days ago the post-Inteiiigencer ex-
posed 10 the public the fact that for nearly
a year ard half $4,000 OF the states
money. which had been carried by the
treasurer as cash on hand" had been tied
M In a broken hafik IN Tacoma This had
been kept u profound secret from the peo-
pie lest II bring (l,scredit upon the unsafe
and unbusiness-like methods of the fusion
party now in control Of the state Offices at
olympia. The secret was wrested from
the state treasurer only after the most rigid
examination. and could not possibly have
been exposed unless the interviewer was
previously IN possession OF the fact. In
connection with thar II was shown that
no effort had been made to recover the
morey during the sixteen months that u
had been lost to the state. Why? BE-
cause the gentlemen responsible for Il be-
Ing there were upon Treasurer Young's Of
fetal bond.
The fusion newspapers made bold 70
charge that the expose Of the $50 90 loss in
a broken bank WAS pollcal canard.
They took their usua.eA tactics--tae
erroneous theory that 20 xnfsEe author
of the expose a iIar would be 10 dfscrciit.
the story. In the absence Of ability 70 prove
that ID was false. The day the expose ap-
peared in The Post-In,eil,gcnccr an even
ing popullst paper IN Seattle made "a great
hubub and announced.
state Treasurer Young has made n reply
10 tta4 charges ~ one j. Howard watson.
the Auanias % the Republican party. and
the same Viii be printed in fun tomorrow"
Here Is the reply In fuli;
The statement made by Watson i'm ths
Poqt-ln3elHeeacsr Of october q while II IL
true in some respects. ~ rather misleaa-
ing IN others The Pasf -laiellgeucer states
,hat from f20otou 70 $if1.re a kept con-
s,aafv tied mp in tire hanks of the state.
THE * TRl T.. but of this amount
about $50 90 is in me permanent school
fund and as tne law provides tina. thss
money can onsy BE- uses 70 btGy warrants,
bonds etr. ard that no premium can ba
paid en- said securities and as the board
If land commissioners have the Investment
0f this fund and IS said board has been
unable. 70 invest she money IL is trnpoE-
ssb.s. for the state treasurer 70 pay tnis
rnorey out. There IS over tlao.0.o in ths
revolving furf sbscn cannot re pad out
unfn after the next legislature provides
a Nay IL ysaying ii out or ordsrs the treas
urer to place 1t IN tfe general fund 50 that
I can b. pala oui.
This accounts :0r t2}0{ 90 of money whlch
cannot he paid ouI untli our laws arc
amended
'@raere Il a'eo 80 80 IN the United States
home. sieNa 70 the library fund. and tho
rnorsey when sccumu3ates in the current
school fund from the end Of one quarter,
whea y j. possible 20 pay II oQ; 20 the
next quarter, averages nearly sioo.1oo This
accounts for all the moneys kept IN the
hanks. exceot that which comes aai goes
day ~ day as warrant calls are made.
As 70 the $3.50 Ia the Union Savings
hank the state treasurer holds bonds
signed by Fneu wha are amply able % pay
.oy ,aa safe return ef 10. Only the 3z1.Go1