Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1917-01-12

state to guarantee bonds issued
against the capitol building fund to
the amount required for the payment
of the present indebtedness against
the capitol building fund, and for the
completion and construction of nee
essary buildings. This can only be
done by vote of the people.
ITO endeavor to dispose of all OF
the lands and timber in the capitol
grant Immediately, for the purpose
of securing funds to pay all the in
debtedness now standing against the
capitol building fund and to complete
the capitol buildings, could but result
in the sale of the property at much
less than it's true value and, in my
opinion, such a plan would not pro-
duce sufficient funds to pay off the
Indebtedness and construct the build
ings necessary. 1t is the opinion OF
the capitol commission. and in this
concur, that the greatest returns from
the sale of capitol lands and timber
will be secured by disposing of the
property at such times as there may
be demand for it. This demand is
steadily increasing, but not to suffl-
cient degree to justify us in believ-
ing that any new construction could
be undertaken and paid for from the
moneys received from this source for
some time. may say that the lands
and timber sold during the past four
years have brought figure greater
than the estimated value.
MANY citizens have suggested that
capitol bonds be issued and pur-
chased by the state with moneys on
hand in the permanent funds Of the
state. The state constitution fixes
the class of securities inswhich the
permanent funds may be invested,
and in it's decision covering the act
Of 1913, the supreme court held that
the state board Of finance could not
legally invest these funds in capitol
building bonds.
Accident Fund Proposed.
"a suggestion has been made that
the legislature might authorize the
investment of moneys held in the ac-
cident fund of the industrial insur-
ance department in capitol bonds, as
there ia no constitutional provision
fixing the class of securities in which
this money shall be invested. ST.
sos ] 90 belonging 20 this fund is now
invested in bonds. It is the opinion
of those making the suggestion that
by the state purchasing capitol build
're bonds in the amount OF approxi-
mately $1.50O.OO0 with moneys in
the reserve for pensions in the acci-
dent fund. the balance of the bond
issue could be sold in the open mar
ket. l have not given sufficient con-
sideration to this suggestion to ex-
press my views regarding it, but men,
ton It at this time SO that the legis-
lature may give 1t such consideration
as it deems proper.
ION January /, 1917, the out
standing indebtedness against the
capitol building fund amounted to
The estimate of the
architects for the completion OF the
Temple of Justice shows that approx
imately $550,O00 will be required for
this purpose. The capitol commits
sion believes that the building can be
completed, without in any way inn
pairing its usefulness or architect
ural beauty. by the expenditure OF
$45O,0O0. The completion of this
building, however, would not add to.
the available office space. It is now
occupied by all Of the departments
for which it was intended.
IF any new work should be under
taken, the next great need of the
state would be the construction OF
capitol building. The estimate OF the
cost of such building, made by the
capitol commission, is $1,75O,OOO.
The improvement Of the grounds and
the purchase of the two blocks or
land to be used as an entrance to
the capitol grounds from Main street.
which was authorized by the last leg
islature, would fix the amount nee
essary for the payment of outstand-
ing indebtedness, the completion or
the Temple of Justice, the construc-
ton of a new capitol building, pur-
chase Of land and improvement or
grounds, at not less than $3.5oo,O0o.
Total Cost S4,OOO,OOO.
"should such complete plan as
this be decided upon, 1t would also
be advisable to construct central
heating and lighting plant. am or
the opinion that $4,00o,00O Will be