The daily silver state. [volume] (Winnemucca, Nev.) 1903-1907, 1903-05-28
ET TU, ELkO
INDEPENDENT
Democratic Paper Suggests
the Propriety of an SIX
pIanation"

The Elko Independent of May 27
has the following to say in regard to
the exchange of bonds belonging to
the state school fund for Massa-
chusetts bonds. The article is erron-
eous in some of its statements; 1t
says the Silver State claims to have
evidence of crookedness on the part of
the state board of education, which is
wholly untrue. The Silver State has
never made such a claim. 1t has de-
manded in the interests of the tax
payers of the state an explanation
Of a transaction that from all out
ward appearances looked shady to
say the least; it has published facts
and figures and the people have been
left to draw their own conclusions.
And since the following from the In
dependent advocates the same course
that this paper has insisted upon, we
are pleased to republish it, hoping
the suggestion will be complied with.
The Independent says:
THE exchange of United States
bonds for Massachusetts bonds by
the state board of education, is caus-
ing a good deal of criticism. The Sill
ver State claims it has evidence of
crookedness on the part of the state
board and charges that the agent of
the Kansas City syndicate that engi-
neered the exchange made handsome
cleanup at the expense of the state
school fund. When the matter was
first discussed by the Silver State,
the Carson News replied with an arti-
Gle in which it stated that the transac-
tion was perfectly legitimate and net
ted a substantial increase in the prin-
cipal of the state school fund and
its earning capacity. 1t also stated
that the board acted upon the advice
OF the attorney general and the pro-
posed exchange of bonds was consid-
cred and approved by the joint COM
mittees on education of the assembly
and senate. Senator Raftice, a mem-
ber of the senate committee on educa-
ton, in an interview published in the
last issue of the Eureka Sentinel
states that a joint meeting of the Sen
ate and Assembly committees was
called to consider the proposed ex'
change, but no action was taken al
the meeting and that he was opposed
to it and that the sentiment around
the Capitol was against the move
Assemblyman Foster of Eureka, in an
article in Tuesdays Silver State, cor
robates Senator Raftice as to the SEN
timent of the legislature at the time
the proposition was under considera-
ton. Senator Raftice and Assembly
man Foster contradict the statement
that the exchange of school bonds
had the approval of the joint commit
tees on education of the Senate and
Assembly.
Whether the exchange was made
WlID OF lhC aPPAO'0A -
committees is a very small mattei
compared to the charge that the State
school fund has been impaired by the
transaction. That is the charge tha'
directly interests every citizen OF the
state. Ii the exchange did not impair
the principal of the state school fune
or its earning capacity, the lndepend'
ent cannot see where the state has
been injured. II, however, the princi-
pal of the school fund has been reduc.
Ell and it's earning capacity curtalleo
by the exchange, the state has suner'
ell a grievous injury.
while the Independent has the Ut
most confidence in Governor Sparks
DR.. Stubbs and State Superintendent
Ring. the members of the board ol
education, and believes that they act
ed for the best interests OF the state
| in making the exchange of schoo
bonds, 1t would respectfully Suggest
to them that they make an oflcial
statement of the transaction. rms
and this alone, will satisfy the people
of the state"