The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1910-12-23
|DAAO'S FINANCIAL PERIL
State Treasurer Hastings Is
sues a Warning.
CAPITOL BUILDING BONDS
Legislature May Saddle Enormous
Debt on Taxpayers.


The people having adopted the
amendment, bonds may be aut horized
by the legislature 10 any amount cot.
Sidered necessary to complete the
capitol building. according to Treas
urer G. A. Hastings, who In an
article presented for publication. sets
forth the financial peril with which
he believes Idaho Is today confronted.
The treasurer deals at length upon
the appropriations which will be
asked of the legislature. the amount
Of bonds that can be issued for state
institutions, roads and bridges. with.
out exceeding the constitutional
limit and the duty incumbent upon
every member at the legislature to
protect and place the finances OF the
state upon more sound basis. The
article 10 part follows:
1.-THE people, ut the last election,
having voted to give the legislature
the authority to issue bonds to COM
plete the capitol building is u law Of
the land (unless constitutional ques--
tions arise regarding the validity Of
the passage OF the billy. Candidly, !
think very few people really knew
| what they were voting for and vast
majority thought 1t simply meantth
completion OF the building now In
process Of construction. 1t means
nothing Of the kind-it means, tear
down the present capitol building
and the old school building, finish
| the present main building, add both
wings and bond for any amount the
legislature may see 1t, from one Go
twenty million dollars (and by the
way, when the capitol Is completed Il
will reach very nearly to the end VI
the present capitol on Sixth street
and to the end Of the old Central
school house on Eighth street,. Un'
. der the constitution OF this state, the
legislature cannot create an indebted.
ness exceeding one and 0ne-half mill.
on the dollar Of the total valuation oI
the state.
.sTbe valuation OF the state is (and
I will use round numbers on these
istatements) $i27,O56.000 and th'
limit CT Indebtedness that we cOult
have would be $l.905. $40. Th'
bonded Indebtedness OF today i
ISL, ,397 $50. We have coming due IL
1911, sos, 500 OF bonds and $500, ,OO'
due 10 1913. We have a two mill Ia,
OF the levy OF this year which goes t.
the sinking fund and will bring Il
$3.50, 900 10 January and February
when the counties remit to the stat
their share OF state taxes. Out q
this fund we can redeem the $l99,
500 bonds due in 1911 and 1918
thereby increasing our borrowing ca
pacity shat amount, then by the frs
OF March we can h,nd for $7O8, 90
and be within the constitutions
limit OF Indebtedness. exclusive q
the capitol building amendmen
, We have spent on public buildings !
four years approximately $1,000, 90
and still you will ti0d when Vi
legislature convenes, officers an
: committees from everywhere will /
logrolling for their separate institu
D tions or roads, bridges, etc.
Now, herein lies the danger--Ad
county will say to the Outside-yo
vote with us for one or two millio
dollars or more to complete the cap
tol and we will vote with you giyir
you (that is the counties outside I
Ada) the 100000 which we can boI
for, and vast debt will he settle
upon the taxpayers. Now regardir
the capitol building. II costs US
maintain the present capitol l,uildil
and annex $50. 900 for the two year
Take the new building. when con
pleted, and your appropriation W
have to be $i3O.o00 a difference
81 900 per week in maintenance.
1.-The financial market Is In such
: condition today that the state ca
:. not float four per cent 0ond not Il
than four and one half per cent Al
q: maybe we will have to pay Eve !
= cent interest, and there is nothing