Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1901-04-19
ROGERS MULCTS THE STATE.
Post Intclligenccr Ilth inst.

State capitol warrants, the people OF
the State of Washington are losers to
the tune Of from anywhere from $15,-
600 to $4,000. This is not the result
of accidental error or bad judgment.
Ii is a consequence of the direct act OF
Gov. Rogers, and he will have to ac-
count to them as best he may for this
bold and wanton sacrifice OF their
interests.
There were $35OOOO of State war
rants authorized for the purpose OF
purchasing the Thurston county
court house and making the necessary
changes and addition. These are Sc
cured by the State capitol bonds, and
are to be paid at some future time out
of the proceeds of their sale. Mean
while they carry 5 per cent interest,
and the State guarantees the payment
OF this interest as long as the warrants
are outstanding. They thus constitute
one of the most desirable securities on
the market; unquestionably the best
ever issued by the State OF Washing
ton.
A security is rated in the market
according to the guarantee of pay
ment behind it, the rate OF interest
and the period that it has to run. Se-
curity is the first consideration, and
this in the case of our States obliga-
tions is absolute. The rate, per
cent, is very high for good paper. 1t
is practically certain that the warrants
will not be redeemed for many years.
II all the capitol lands were wiped out
OF existence it would enhance the
value OF this paper; since the State
would continue to pay the interest.
What investors want is not the re-
turn of their principal, but the certain
payment OF interest.
What ought such paper to bring in
the market? The best answer is to
quote the prices of United States
bonds. On Tuesday the per cents.
sold in New York at LOG and a frac-
ton; the 3 per cents were from ITO to
Ill; the 4 per cents, having a long
time to run, ranged over 1873. The
very lowest estimate, and it is to our
mind an absurdly low one, of the
premium value OF these warrants to
any purchaser at per cent, or So 500,
per anuum, for the time they have to
run. II they remain out for ten
years, this would amount to 5000
if for twenty as is not unlikely, they
would be worth $4,000 more than
their face.
These warrants were sold, by the
extraordinary action OF the Governor,
at par. 1t is substantially his indi-
vidual action. He has from the first
assumed to be the whole Capitol Com
mission, and would brook no inter-
ference with his will. Whatever he
decided upon had to 60 through or
there would be fight, and resigna-
tions called for. The other members
wisely decided to give him his head.
He has taken his liberty, and the first
use made Of it is to rush violently
down steep place into the sea.
At meeting of the commission,
without other preface, the Governor
stated that the sale of the warrants
would be considered. There had
been, as far as the public knows. no
hint of the matter before, no adver-
tisement made, no bids asked for.
The Governor had taken the whole
matter on his shoulders, and he
handled it shrewdly. He said he had
written to an Eastern house about it
and met with a refusal. Thereupon
he called in the gentleman who after
ward obtained the bonds and was in
attendance, received from him his
offer at par, rushed it through the
scom mission, and the job was done.
The action of Gov. Rogers consti-
tutes no less than a public scandal.
This is the man who is always posing
as the friend OF the people. This is
the man whose tOadies put the prefix
"honest" before his name. This is
the man who wants to tear down the
costly capitol foundation because he
AYERS that the State can save a few
dollars by it. And this is the man
who railroads through a body OF
which he has made himself dictator
measure that mulcts the State of an
immense sum of money, probably not
less than from $35 900 to $4,000.
The responsibility and the odium
of this, by his own act, rest upon him.
OF him the people demand an ex-
PLANTATION. Ignorant as he is, he
knows perfectly well what is the
usual, the safe, the only proper and
honorable course when public securi.
ties are to be disposed Of. He has not
followed it. By haste, by arbitrary
methods, and by the abuse of his posi-.
ton he secured the disposition OF these
warrants that he had already de.
termined upon. What was the con-
sideration? Until Gov. Rogers can
offer some reasonable explanation OF
An act that bears upon its face only
an Interpretation least creditable to
himself, the people will mark him as
the center and cause of the grave
public scandal which the facts dis