The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-11-01
TREASURER NOT 70 Nnk.
E4ovxntea ~ supsene Cesrt Deeis-
800 N TtAe Le.a Case, He Says.
Dssa lavesfinG school pssA IN
state yavranss-Revoxvfag FssA


70 the Editor In your ssssae OF tais MORT
Ing f}x1oksr 81. Apeezns an Article over
the signature of j. Hoxs.ti Watson en-
sirie4:
f1An = sisi.sh s 800, - = 49, ~
rsptIts DetIss S. .sa sosi' $3.50 Tins
1880 sfsTs - ~ 1Irasas = n.-,r.mr.enr
rs s,s. u 80 .ss- s,yer Eax-
- lse $50 - sia'@ 49, 49, ~ Iufsrsse
- = 60 srs@s5 ssls Mouey Of
-. fses,rs, a@s.s s.s.I.<..s Ea,rc Nfslcts the
- ff.ss~.s~sss - 81. ysve~fss5 ia These
Wayrsats Is r.eas % Favored Bankers.
yEssbr.s, Irt~ress--Ssaa StesSur1 xDr Admir-
Is, - sss,
- s,arcst x..~rst. tina aforesaid stasemen.
81 - = ,s,,sss,sf.aa1sd II IRE article you
ssaae' whini, We ASSUME 10 be true. that
s6rrs = 4, tse persrxs Tssfas scssos fund EEL.
On which xt., ai.sge Is kept ~ the stats
re. snrsr ~ ast hs.:ks. Yossr aY.ieIs states
that me stase authorities have been deere
nt.f In ,5sgsr duty. and that fhsy have
in STATE warrants AID that sne inssies.
on Tsas1 warrants whsch otherwise ehosisd
have been purchased has been ASffalfk 70
the extenty ~ you shy. 81 Hs.0 PEI ysaI.
the state law on the suDtsct Aaa II fsaas
~ follows.
Whenever Inefs sfsau ne IN Tit 80 &c
achooi fund the enm OF A.wD or more TAG
board Of State land commissioners mAy u
yest ina Name ~ nastnus-s s1hss. nsuh -
pa or other county ooh1s = -. 81 s s,.s
Lhits1 - ~. tn.s 49, - - si - ,t.,s
per Cent. interest Pr Ann.in or $500 70 MAJ
tAa,s drawn "pvi TUG ssatu "
TOE. ....,..,.s.
Allsr qnoans .he ssass - appa's~''c jun
asasss laIinst pso. 'asa ~, - nas,,.xw
tno DuA!d q sta.r iaua eosals'. - sl
aas pfen aefehct. not ssa.s ~a az a a..
eu0uia nave uesi. sent ou1 Hlsua 80 VI. ai's
nr es. s interest," ssnce ina, state scassi
1uaa began 70 ascGmuiait.
Every oplar OF Ing s-,aseN1 1siosaa hase
pcan is!essea N state Narrsnss when Inc
over 10 the board Of land commissioners
without Premium iad tniS Seen cone
ynsW per year world pe earned oy tas
scnooi Iund Ano saved 10 the people tsE IA
fsreSf mat - now DethR p2sa oAt GA ssa1e
warrants
now. the very thing Whacn you tay snouia
nave been done = me tninx WIEN Vas saas
uone- Wnen the preseni ADMINISTRATION
discount, ana II found no difficulty IN IN
yeattng the permanent school fund Tor .
Time IN sta1e warrants at par. Shurtfy
thereafter. however. state warrants went
TO a premium, and 1t was innpossab,e for
the authorities to purchase warrants nj
par when the holders therscf cosld and did
aell Them to warrant purchasers at prems-
uM. Thereupon thaae state authorities. In
ferprrtiuv the Law az your reporter j.
Howard Watson. has interpreted IT, adopt
ed and for n whiie observed the practice Of
scented The wo-ds .No, raid for lack OF
4,snd :. mn an The contrary when 4 war
rant drawn upon the genera q
ssnted the treasurer took the money from
-.rre ~ ssssras,.s tran~ee-r.nv the urarrant
* ana c.ssss, "a she ss,,,a ns.st sehos,, f,,nd
ahe f,sxio,, ieyislat,,rn he,Ieviny this 10
- = vn,,s nrasftrs enaetes ~ lis first law
= 1a 49,. =. - % ,sa. ~. s,,,arirs.
=. =. 80 ~. =. 80 an a..
go. <An ~ . 80 sssse 80. 49, - - 49, 49,
In.ai ~ srnssa $500 ~ a.'a :, a''a h r, a..
emeIssncss sseeVsA VI "hasn 1aaess %
1MuMSi a..
hereby directed e invest al moneys s aow IN
his hands or which snail eonae INTO nus
hands prior 20 lbs arr Gay 81 January.
1 be'onging 70 the 70. iana innd ~ zen
ekni FUND warrants Of the etate. 10 De -
sued hereafter. at the face or par value
thereof. without regard 20 interest due
thereon
treasurer also Invested the moneys In the
tide land fund in state warrants. paying
the same upon presentation out of the tide
land fund. as well cut OF the permanent
divide the Investments equally bss~eca the
two funds. This practice Of .invsssing
IN warrants drawn on ths general fund
was eunttnued until thu supreme court az
the state declared the same to he Illegal.
s refer you To the saar OF tie State ex rel
Haller W. Young. state treasurer. reported
Nj
Naa an application for writ OF mandate
20 connect the state treasurer 10 make the
statutory Endorsement of mot paid for
want OF funds. upon a warrant drawn
nnon The geaeral fund The petitioner
WnA the owner ana holder OF warrant
In the aOth of September. 1887, he present
~ MI. warrant 10 the treasurer ana there
being NO money In The general fana an
piicable To the payment thereof der,ia nsisgi
that the warrant be sndorsed al above
The state treasurer refused 10 make said
Endorsement. claiming the right to invest in
ekffl varrnnl u. mar any money in The
eyleciai Tide land fund Of the a af.. OF MASH.
4ngfan The case Was suhfs.{,t,sf ,tnan a
GENERAL demurrer, IL Mi, be seen thsf
TIA law providing for the ss.exf,na.,f If
the tide land fund in the sar1a as The law
nsn0tpd sy va,,r Mr. wafaan for fbs' l,vss..
fient az tfe s,srs,.s. .ss,ss sehaai f,,s>s Fr,
this yaerisson The supreme r,Y,,rs "a p,4a,.h-
licuu supreme snurs bear in mind sx
ccpfinr Rsavis who wsfh ssh.~f Justice
Scott. silsneute3) used the goilowing lam
srsss -. s ''
SIT Ii matter az rssnsuan knagslssfse
that ri the time Of the passa ~. pf tbts a,s
warrants srpnn the referai r.us ~ fhs
state We're t@jns said ara discounted Tor
lene than their face value. AMI in deter
mining the purpose ard eYYetf Of fha aef
that fact may nyansriy hs car ssss...s
: n -