The Elk Mountain pilot., 1901-07-16

about S25, 900. were at one time owned
by the internal improvement fund of
the state, and We're afterwards sold by
the state under special act of the Leg
islature, (see session laws 1889, p. 49,
in order to place cash in the said fund
for Improvement purposes; thus by my
action, the state only paid an honest
and legal debt, which it was doubly OBJ
ligated to pay.
For the payment of these warrants
there has been in the First National
bank of Denver for the past twelve
years, $4,000, and for part of that
time a great deal more. which could not
be used for any other purpose what
ever than the payment of these identi-
cal warrants, and upon that sum the
state has never received more than two
and One-half per cent interest per an
num- and from 1889 to 1896 no interest
at all, while the warrants We're draw
ing six per cent. per annum all the
time, thus entailing upon the state Il
loss of not less than $1,000 every year,
and for many years $4,000 per year. BY
paying these warrants, this loss to the
state has been stopped.
There was no secrecy about their
contemplated payment. The examina-
ton by Mr.. Reed of each voucher upon
which they We're issued was made
openly and above board in the office of
the state treasurer. The character of
the examination as well as the object
to be attained by it, to-wit. the finding
out of what warrants We're legal and
valid. and the payment of the same.
was discussed fully several times be
fore the committee of the Legislature.
by Mr.. Reed, myself and others; the
opinions We're obtained from Mr.. Reed.
the attorney generals office and from
Mr.. Richardson without any effort at
secrecy, and after many discussions
with them of every phase of the case.
During the preparation of their opin-
ions | also discussed the matter with
Ex-Governor Thomas, and he advised
me that l was safe in following the
directions of Mr.. Reed and the attorney
generals office in the matter.
The warrants were presented at the
, counter of the state treasurer during
business hours and We're paid by my
deputy as any other warrants are paid
on my authorization.
'"che internal Improvement and
school fund of the state held about S1S.-
900 of these warrants. and We're cred
/ tied with the account they owned, both
principal and interest in full.
My action in paying these warrants
| consider not only legal one but also
n good one for the best interests of the
state. and / am willing to rest my vim
/ dication to the judgment of the tax
! payers, who have had to suffer this loss
for the past twelve years.
II would also state that my bonds
men have Informed me that their at
torneys have advised them that said
warrants We're legal and valid. and that
my action in paying them was strictly
according to law, in which opinion they
! now concur, and further stated that
any opposition which they had felt and
shown at first. had upon careful inves-
! tigation. been entirely removed.
I'm all public positions | have held,
/ either by election or appointment
have always had the courage to act as
seemed to me for the best interests of
he people regardless of the adverse
criticism that my action might cause
| from persons or political enemies. The
path of duty seemed straight and clear
| in this matter. and il would have been
cowardly on my part to have shirked
the responsibility, and have no apollo
/ giles to offer, and no regrets TO express
for doing my duty TO the taxpayers Of
\ this state.
/ Il have given 81 900 900 bond to the
: people of this state for the faithful per-
/ formance of my duties, and II any one
doubts the legality of any warrant !
/ have paid, let them bring suit in the
courts, and If the illegality is estab-
/ lished | stand ready to make it good.
! "All of which is respectfully submit
[ ted.
Very truly yours,
y. n. CHIPLEY.
Treasurer"