Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1898-08-26
County Trca>urcr's Statement.

OF tat STATE % tho other.
County Trea>urer's Statement.
In THIS connection and on his page in
box form. We give the interesting imam
ciil statement issued 10y County Treasure
cr Charles +. Whittles"y ON June 80 1N'S.
bringing all figures down To that date. II
shows in detail the figures given in the
opening paragraph of this article. TAX
payers and voters In King County are
requested II study the figures carefully.
They are more eloquent and forcoful than
any words we can use. They are taken
from the official records and cannot he
disputed. They measure the difference
between dishonest, eXtraVagant Repuhlc-
an administration. and honest Fusion
Governments 1t will not be difficult THIS
fan. even among the clamor OF Mckinney
ism. TO choose between the two.
Comments Of The Times"
The Seattle Daily Times in an editorial
commenting on Treasurer WhittleSey
financial statement on August says
A MAGNIFICENT SHOWING.
An examination of the financial condi-
ton of King County as gathered from the
official report of County Treasurer Charles
+. Whittlesey for the fiscal year ending
June 30. 1S9S. shows a condition OF things
of which the taxpayers and citizens at
large of this county might justly he
u.
weston and to the people of the country at
large that King County is one of the great
counties of the country: that its imam
cial standing has attracted the attention
of men everywhere; and it induces the
newcomer to invest readily in property
within the county.
An examination Of the official report.
which is printed in full In this issue, shows
that not only Is King County paying its
current expenses in CASH, but that II is
reducing daily the outstanding indebted
ness of the county at such rate that
within a few years King County ought TO
be altogether OUT of debt.
When. n year and a half ago. the pres
ent county administration took control
of the affairs Of King County things were
in a bad condition. At that time King
County warrants both General Fund and
Road and Bridge warrants, though draw
ing seven and one-half per cent interest,
were selling at Discount" ranging from
ninety to ninety-five cents on the dollar
Twice within the past year and half
the Board of County Commissioners Of
this county has reduced the rate of inter-
est on these warrants. They are now draw
ing but "six per cent" interest per an
mum, and the county and the taxpayers
are thus saved the difference of the rate
Of interest on the outstanding indebted
ness. Though the new warrants issued
annum. yet they are readily sought by
the investor and are selling "above" par
worth more than their face value.
The Treasurer's statement printed else
where shows that while the county is on
a cash" basis. and has been for five
months past paying all current expenses
as they accrue, our people have been do
ing more than that. They have kept up
the interest on the outstanding bonded in
debtedness, and they have paid off over
"$1oS 0OO' Of the outstanding general in
debtedness during the twelve months end
ing June 30th, 1898. On June 3Oth, 1897, as
the statement shows. the outstanding in
debtedness. exclusive Of the bonded in
debtedness, was s2S4.094.54. On June both,
1893, this indebtedness amounted to only
$1S3. 1896 In addition to this the county
owed the state on June 30th. 1897, s. S42. As
for penalty and interest" paid and not
accounted for by the county. This indebt-
edness the county has also paid off dur
ing the year. thus showing total reduc-
ton of indebtedness during the year Of
800. 97499.
All current Indebtedness created since
February 1st. 1898. goes into what is called
the Current Expense Fund.-" and all this
current expense, or general Indebtedness
Of the county is paid in cash. The state
ment shows that the outstanding war
rants in this fund on June 30th. 1895,
amounted to about $4,000 But as matter
Of fact there are practically no outstand-
ing warrants in that fund. as they have
already been called In though not present
ed for payment. From the present out
look there will be no Indebtedness what
ever in this fund in the future and King
County will pay in cash" its expenses
as It goes. as It has done since February
LIST, 1898, but never did under Republican
rule.
In addition to having paid IN "cash" all
Indebtedness created since February 1st,
1898. what else has the present administra-
fion done during the twelve months past?
It has paid on the bonded Indebtedness"
created in 1889. the yearly interest Of s15-
6s7. So It has paid Off Of the old indebted
ness. inherited by this administration.
500. 974as in the short twelve months. III
other words, It has paid its current obliga-
lions in "cash" and has paid off the out
standing Indebtedness inherited by 1t at
the rate Of $341 for each and every day of
the year ending June goth. 1898.
When we take into consideration that
the taxes for the present year were $4,000
less than the taxes for the previous year.
this is certainly a very good showing. AS
appears from the statement, the County
commissioners in the last assessment
levied $50 900 less taxes upon the property
of King County than had their predeces-
sors in the levy before.
What would one say of a "private cor
poration" that was paying its current ex-
renses and paying off old Indebtedness at
the rate Of $341 each day Of the year? At
this rate, If the present county admins
tration keep on their good work. they
would In less than two years wipe out
every dollar of Indebtedness in King Coun-
" in the Road and Bridge Fund. and In the
county indebtedness fund. in addition to
paying the yearly interest on the bonded
3pI aht cd n
According to the statement. the only
bonded Indebtedness of King County Is for
$4,000. These bonds were issued in 1882
$4,000 for the outstanding indebtedness
at that time. and 100000 for the building
of the present court house upon the hill.
These bonds. amounting to $4,000. run
for twenty years or until the year
1909. and every citizen or taxpayer when
he climbs the hill to the court house can
not help thinking of the stupidity, to say
the least of the 'old gang" who in the
year 1859 bonded this county for twenty
wears to the extent Of 5000 OO0 for building
this court house upon this far off hill
II today the county could sell this court
house for one-half the sum 1t IS bonded.
and would build a court house down
where the ordinary man could reach Il,
it would be n saving to the taxpayers In
the end. The old court house. however.
we shall retain as one of the many relics
Of folly of the old crowd. who seemed to
have no other idea in the past, except TO
run the county in debt.
The taxpayers of the county ought to
take pride in the present condition of the
county's finances and of the good work
the present officials are doing to reduce
the Indebtedness. and thus reduce the
taxes Of the citizens of the county
While the total Indebtedness Of the
county. outside Of the bonded Indebted
ness. was only s1s3 119 4s upon the 3nth Of
June. 1905. the county has to show for it.
in addition to other assets "delir1uent
taxes" to the amount Of s1475.21352 and
under the present law, which provides
that all future levies" OF taxes shall be