The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1901-06-28

party at home is adding that much
strength to 1t nationally.
PAINFUL MEMORY REVIVED.
Much as the people and possibly
the members themselves may wish
that the memory of the late legisla-
ture may fade from the minds Of
those whom that aggregation Of
statesmen misrepresented, something
continually occurs to revive afresh
recollections Of the comedy enacted
at Helena and cause new maledic-
tons to be heaped upon the per-
formers. Just now the whole farce
passes in review of the minds eye
Of the people Of several counties IF
the state and they are more vel,e-
mently and enthusiastically than.
ever ~objurgating the outfit.
The cause Of this sudden awake
ming OF ire and resentment is fur
nished in the existence Of house bill
No. n, the provisions Of which are
beginning to apply in a name not
at all to the liking Of the taxpayers
Of those counties. The bill declares
that no bonds of any county, city or
school district may be sold without
giving the state the opportunity to
decide whether it wants them or not.
Under the law trustees, commits
sioners or council authorized to ne
gotiate for the sale Of such bonds
must notify the state treasurer, who
in turn must notify the state land
commissioner of the offer and they
are to decide whether it is advisable
for the state to invest my Of the
money in the permanent school fund
in the bonds submitted. If the de-
cision is favorable the state takes
the bonds at par and receives 5 per
cent interest per n 1t will be
that the law makes it compul-
sorry to sell such bonds to the state
at a fixed, arbitrary amount, regard
less of offers Of a better nature that
may be received by the parties en-
trusted with their sale.
Powell county was the first to be
affected by the law and the county
attorney of that county declared it
unconstitutional. The county voted
bonds to the amount Of $4,000 and
disposed of them to parties willing
to accept Az per cent interest, quite
a saving to the county, calculating
on the basis of interest demanded by
the state. Now comes Madison
county with a similar proposition,
differing only in the amount of the
bonds it has to sell. The commits
sioners of that county decided to re-
fund outstanding bonds to the
amount of 100000, which are draw
ing interest at the rate Of 5h per
cent, issuing new bonds drawing Az
per cent, making a saving to the
county annually of about $4,000.
However, If the land commissioners
a notion that the state wants
the bonds the plans of the county
commissioners will go wrong to the
extent Of one-half per cent. AS the
old bonds were sold at a premium Of
something over $4,000 the commits
sioners are seriously considering tho
ACCESSIBILITY of not delivering the |
new, but instead leave the old in the
hands Of the present holders, as they
figure that by SO doing they will still
save money, Notwithstanding they
draw interest of one-half per cent
higher than would have to be paid
to the state.
While the intent Of the bill is prob
ably good, the conditions by which
it is hedged make it unfair to the
districts or municipalities hav.
ing bonds to sell and actually robs
them of that which by right is theirs
would seem that some of the trus
tees of bonds may take the question
up to the supreme court and have the
constitutionality Of the law passed
upon, as it is a matter of interest to
every school district, county
and city in the state.
Strange as it may seem, the speech
delivered by Senator Foraker at the
Ohio %renuhlican state convention