The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1902-10-24

The tax levy of 1902 is the lowest ever
made in this state, which will pay all
running expenses and no doubt provide
surplus at the beginning of the COM
| ing year"
These figures are presented by the
Democracy for inspection, and as no
Democrat has denied their truth, they
are presumed to endorse the state
ment. The statement that the tax levy
for 1897 was only 1921, 900 is untrue for
! it exceeded that sum by 1920 and
was 1858 900 page 254, laws 1899: and
again in 1898 was $685.. 900 thus giving to
their Democratic administration S44-
10000 in excess of what had been al
lotted Governor Mcconnell during his
, term.
The floating debt of $1O2 900 mention
ed in March. 1902, and which sudden
ly disappeared in July 1902, and for
which credit is taken, still remains a
debt due to the issuance of deficiency
certificates recognized by fusion ad-
ministrations, and the statement that
the floating debt has been entirely
wiped out" is true only in this. that
the debt no longer floats" but has
has become a fixed "old man of the
sea-" to be carried on the shoulders
of the people of this state in the form
of bonds for the next 20 years, with
the additional incubus of semi-annu-
al interest.
The statement that no interest has
been paid on warrants, so far as it
applies to those on the general fund.
, is equally untrue. or else the state
treasurer's register of warrants re-
deemed is a false record. Our citizens
are not permitted to invest their mon
ey in general fund warrants. but as
soon as they present them for pay
ment at the treasurer's office he Dor
rows from other funds for that pur-
pose at such seasons as there are no
moneys in the general fund, and af-
forwards, when the latter is replen-
ished such warrants are redeemed out
of the general fund and the interest
earned between the date of registra-
ton and payment to the holder and
the time of actual redemption is paid
over to the fund from which the mon
ey was borrowed to cash them at the
time of registration. No interest is
outsiders but interest is paid just the
same on them to the state and the peo-
pie of the state have to pay it.
Democracy's assertions of state fl
nances look good on paper and will be
swallowed by the gullible, but they
won't bear inspection. If, as Democ-
racy asserts, there is a surplus in the
treasury. then why does not the DEM
ocratic administration use that surplus
to pay its warrants instead of permit
ting them to the amount of $685. 900 to
go unredeemed, and meantime accum-
ulating interest?
No warrant can be said to be re-
deemed until it is paid out of the
fund on which it was drawn. When
the state government uses the money
of any other fund for the purpose of
carrying a general fund warrant, it is
simply a purchase of that warrant by
the fund whose money is used. John
Smith gives his note in Jones' favor
payable at the First National Bank,
where Smith has funds; Jones takes
it to the Second National Bank, which
buys the note and then presents it
at the First National Bank. where-it
is paid by Smith, or in other words
redeemed. Just so it is with warrants
and in no sense is a warrant redeemed
until it is paid out of the fund on
which it is drawn.
We present a few figures, taken from
the books and reports of the states
accounting officers which, in the Ian
guage of Governor Hunts exponent.
speak volumes for the Democracy.
and especially the present state ad-
but scarcely in a fiat
tering way.