Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1905-12-22
Another Of Those Opinions.

Attorney General Atkinson has
" handed down" another of his famous
opinions, which, of course, has to
stand as law for government OF public
officers, until it is reversed by exec
utive methods or the ordinary course
of the courts. He now declares that
all State and municipal securities are
exempt from taxation. He is reported
AZ holding that "to tax bonds would
he to impose burdens upon and to
hamper the resources Of the State
and "discredit its assets and agencies
in the administration OF public func-
tons, by depreciating the value of its
securities" Whether this would be
the effect or not, is mere matter OF
sIrmise, as State bonds have been at a
premium, without this preferred quail
ity, and We doubt not the same princi-
pie would apply to municipal bonds, ii
their issue is not excessive and the
interest is occasionally paid.
There is no good reason why the
kind of bonds the banks and heavy
investors deal in should be exempt
from paying their due share towards
the unavoidable expenses of the gov
eminent service, just as the note which
the poor man may accept for loan OF
few paltry dollars, is made to yield up
its proportion OF flesh to the official
Shylock at tax-gathering time. There
is no good reason why any class OF
property should be exempt from the
tax.levy, unless it be OF charitable in.
situations which lessen the cost OF
maintenance, in some form, upon the
public treasury, to an extent that may
indemnify those who pay the cost. No
sect or creed should have valuable
property exempt, on which taxpayers
of other creeds, or no creed. have to be
taxed to make up the deficiency Great
ed by exemption.
Mr.. Atkinson says in letter to the
King county Auditor:
81 am not inclined to take stand
which would discredit or impair the
marketable value of State or municipal
bonds, and am of the opinion that they
are not legally taxable in this State"
Now, would the taxing of State Sc.
curities impair the marketable value
OF their bonds? Are they not prefer.
able to notes or mortgages of any
form? Arc they not absolutely safe,
without the slightest danger OF loss or
trouble, an element OF distrust that
always enters into speculation in priv
ate notes or bonds? The bare fact
that the State Through its sixteen
years OF history has not thought proper
to specially provide for taxation Of
this sort OF paper" as Mr.. A. affirms,
cuts no figure. 1t 10 more probable
that the lawmakers never thought OF
itas all, or if they did, very naturally
supposed that the term notes and sc.
curities would embrace public as we'll
as private paper.
This opinion of the Attorney Gen.
eral creates no surprise, for il is not
the first arrow from bis bow that has
fallen far from the mark. His " opin.
ion" reversing that of his predecessor,
and its re.reversal by the Supreme
Court, regarding the sale of Port
Townsend water bonds to the Perma-
nent School Fund, is an instance
wherein the Attorney General landed
in Sis wheelbarrow after Maud's kick.
WEALTH MAY SOMETIMES Be UN-
MERITED. AND Nor STOLEN.-It was
prominent clergyman. the other day,
who asserted that o man receiving
more than q $3.50 salary. is a thief.
The term is palpably ill-chosen. for
theft implies taking by stealth, and big
salaries are exacted openly and un.
blushingly. Ben Wade said, quarter
Of a century ago, that no man could
honestly accumulate more than $50 900
in life time, but even that is placing
high value on the actual earning Ca
pacity of the human machine. II
must be admitted that the element OF
luck enters largely into accumulation
of the majority Of big fortunes. Heavy
salaries alone, in the allotted life of
man, can never amass the colossal for.
tunes of modern times. 1t is when
nature aids, by oil springs, or in giving
o corner on some other universal ne.
cessity, that the human machine has
had but little more to do than sit at Q
table and cut interest coupons on
wealth which, while not stolen" has
come to it's possessor without recon-.
pense Of any kind. The only way it
can be regarded as stolen is by the
bandits argument that the world owes
him q living, and it has been Tab
sorbed" by somebody else who should
stand and deliver on demand.
IT Is Now DISCOVERED SHE Is In.
sANE.-Mrs. Humbert in prison at
Renues. France, lie now reported TO
be insane, because she imagines herself
to be rich, and when asked how she
would live when she left prison ex.
pressed great astonishment at the
question, and declared "Why on my
millions, Of course. I have one hun.
dred and twenty.seven millions. 1t is
curious that while my memory has
left me can always remember the