Washington State journal and Adams County news. [volume] (Ritzville, Wash.) 1906-1907, 1907-02-13


the finest examples of architecture in
the United States. The sandstone
long ago began to give way against the
attack of the elements and slices of
the pillars occasionally fall to the
ground. Attempts have been made to
clean these columns but owing to their
porous character this has been i'm
possible.
State Normal School Warrants.
The bill to pay off the Cheney nor
NAL schools, warrants, issued under the
act Of 1905, has been favorably report
ed and from the expressions of men,
bers of the house and senate, seems
likely to pass both houses. This is
now virtually the same bill that was
introduced two years ago. The war;
rants have never been paid because
the state supreme court held that: the
normal school building could not be
built, under the law with a permanent
fund. Concerning the payment of
these warrants the Post-Intelligencer
says:
In 1895 the state legislature was; in
duced to pass a law providing for the
construction Of two normal schools
one at Cheney and the other at What
com, with the specious reasoning that
the two buildings would cost the state
nothing; that the construction of them
would be paid for out of that mex
haustible and unknown fund described
as the general land grant.
The state was to issue $1OO, 900 4 per
cent. bonds for the creation of fund
against which 500, 00O per cent. war
rants were to be drawn. No provision
was made for the payment Of interest
on either the bonds or the warrants
OF course, there was no sale of bonds
under this watering project of legis-
lative high finance; but the auditor
issued the SlOO,OOO int per cent. war
rants and the two building were
erected without a cent in sight to meet
the payment of principal, or interest
This ingenious deception was not ca
jolery on the part Of the state. 1t was
the seduction of weak Legislature.
The buildings were put up and equipped,
the contractors and artizans paid, and
the per cent. rate carried the war
rants off into the bond and warrant
market. With the lapse of time and
the indefinite prospect of interest pay
ments, the suspicious of the holders
led up to a legal investigation of the
worth of the warrants, and ten years
after their issue the supreme court de-
cided that the law authorizing them
was void.
1t was passed in violation Of both the
constitution and the enabling act, for
the proceeds from the sale of the nor
NAL school grant are to form a perma-
nent fund, the interest of which..is ap-
plicable only for maintenance and sup
port. No moneys derived from the
disposal of the educational land grants
can be diverted to any other use than
the creation of permanent and irre-
dueible fund, without the consent of
congress.
The effect of the decision was that
the warrants were peddled for less than
quarter of their face value, and are
now in the possession of a syndicate
who made an unsuccessful assault on
the last legislature for an appropriation
redeem the principal and interest in
full.
Another attempt will be made to job
the bill through the next legislature.
With the interest compounded the orig
inal appropriation of 500, 600 would be
more than doubled. With simple inter-
est the sum is $l84, 900. The idea of
asking the taxpayers to put up for this
financial folly is daringly absurd. The
state legislature cannot afford to go in
to partnership with spectators.
From the first these warrants have
been a speculative issue, the legality
and value of which it was the duty of
the buyer to ascertain. 1t is true the
last purchasers should be made whole
on their investment. 1t should be an
easy matter to determine what the state
in equity ought to pay them. What
did they pay for the warrants? And at
what value have the warrants been
listed to the assessors for the purpose
of taxation?
Having determined the facts asked
by these questions, the amount of per-
sonal property tax should be added to
the speculative investment, and inter
est on the whole computed at 4 per
cent. By this process the spectators
would get square deal and that is all
to which they are entitled.
Wanted.
A good, practical well driller. Must