The Wealth Makers and Lincoln Independent Consolidated, VOL. V1IL LINCOLN, NEBR., THURSDAY, June 25, 1896. NO. 3. (' A Populists at St. Louis Help Inaugur ate the Teller Boom. ALL PATRIOTS URGED TO UNITE Bring Together the Scattered Forces and Make One Victorious Charge. United Resistance to Wholesale Kobbery and Grinding Oppression. "Expressly . disclaiming any purpose or right to bind any party or person by the .views here set forth, we but yield to an overpowering sense of duty In saying what we do to members of the people' Party and t0 &U other good cit izens, who, apprehending the approaoh of a momentous crisis In our country's life, are willing to avert it by acts of exalTed patriotism. "We came to St. Louis as citizen members of the peo ple's party to be present at the meeting of the national republican convention that we might determine more definitely for ourselves the true aim of that organ ization In the present struggle. "Here we have seen the 'boss' in poll tics more securely enthroned, more servilely obeyed and more dictatorial as to candidates and policy than has ever before been witnessed In the field of national politics. One man, the per fection of his type, representing the millionaires, the banks, the corpora tions, the trusts and every other re morseless and plutocratic element In our country's .life, has, through the power of money, dictated the nomina tion of Mr. McKlnley and shaped the platform of his party. We have wit nessed a convention, magnificent In numbers, pretending to represent free American constituencies, moving for three days as if a hand of terror was above them, whose might they,- dare not tempt, and whose imperious point ings It was Impossible to disobey. . . ISSUE MUST BE MET. , "This convention, slavishly respondi ng to the will of the money power, has forced an issue which must be met. It is a challenge to the yeomen of the land. If it Is declined, or, If It shall succeed, the fetters of a tyr anny, more grinding than that of czars or . emperors, will be rlve'n upon the plain people of the - country, fetters which must be indefinitely iworn with the contemptible spirit inseparable from willing serfs, or, in the end, be broken with the irresistible power of a mighty revolution. "That issue Is formulated in the 0e inand that the existing gold standard must be preserved, and for the en actment of all measures designed to maintain inviolably the obligations of The United States, and all our money either coin or "paper at the present standard. This means that silver shall be .rmanently degraded into mere money of change and that it be 'deprived of its legal tender quality, except for some paltry sum; that the greenback ana all other forms of gov ernment paper money shall be re deemed and destroyed; that the na tional banks shall be swollen Into a power of triple their present ability to contract the volume of money, to absorb the earnings of ' dustry, and to grip the throat of all Industrial and commercial life, while from time to time it terrorizes the voters into choice of its tools for all legislative, Judicial andi administrative positions. tit will require that all of our pres- sion by the republican convention to the most extreme demands ever made upon Americans by the money power, every thought and effort of American manhood should, from this hour, tend towards creating and cementing a un ion between those who would resist 'the- conspiracy of wholesale robbery and grinding oppression. A coinci dence of fear, of hope, of conviction, already exists among Intelligent and observant people. Political division alone creates an obstacle to unity of purpose and harmony of action be tween them. The duty of every patriot la to remove this obstacle, so far as it can be, by honorable concessions and reasonable sacrifices. These do not contemplate even the thought of merg ing our party into any other, or the slightest impairment of its efficiency, but alone for the sake of humanity, and to avert, if possible, the disas ters which the supremacy of the money power now so menacingly forebodes, to secure the union of good citizens who "hlnk alike upon the important issues of financial reform, In behalf of the election of a president, who, In spirit, is antagonistic to none of the fundamental principles of our party, has openly engaed in the most sturdy advocacy of our chiefest meas ures. . "Measures must be gained or de feated . through men. After all the ohlef problem In this crisis THE GOVERNOR A Protest Against Stealing Interest On the Children's Money. WORK OF SNEAKING BOODLERS- TheyHold $600,000, the Children's Funds and Pocket the Interest. says: NOT STATE SECURITIES. P ' J,Jt national bonded debt be refunded f "'and new bonds be issued, running for J I half a century and made expressly JJ payable in the present standard of rf money gold. All other forms of debt- private, corporate, state and municipal, will ultimately be. made payable In the game yellow money, or its equivalent. "With these measures enacted, the gold plutocracy triumphant, the condi tion of the people will be no better than was that of the recently manu muted -black slaves. Their right will be to go to the end of tne chain that fotn'ds them a freedom or irremovable debt, of grinding poverty, of a black ana cneeriess future. "The money power has forced this issue now because, ip its judgment, thosn whom its policy would enslave are divided into hostile political fami lies which cannot be united in time to resist its onset. It regards It as im possible that harmonious action can be secured between the different or ganizations that favor monetary re form and resistance to their insatiate greed. With populists, silver demo crats and iiridppendent bimetallists, supporting different nominees for V feels assured of victory, and it has de- termined to press now and without f abatement thn advantage which this apparently lamentable condition raised up before it. 'V A SUGGESTION TO MAKE. I "In this, the most threatening nrteia that has menaced the country since V, the civil war, though simply citizen 1 V members of the people's party, we I venture to make momentous sugges- Vns to you, our brethren. In doing lis we have neither desire nor lought to Impair In the least degree f , Ye efficiency of our noble organiza- Ipn, charged as it is with the liberties Pent and future generations, and vnose integrity and growth is essen tial to the perpetuation of our free institutions. Our constant aim will be to defend it from foes within and without and to presrve it as a power consecrated forever to the defense of humanity's dearest rights upon the American continent. -"In view of the shameless submis- SENATOR TELLER. man upon whom patriots can unite, wnose nie is a witness that if en trusted with authority over national legislation and Its enforcement he will defy every allurement of wealth and every menace of power, standing un fllnchlngly by the cause of the people in the fierce struggle Inseparably con nected with the enactment of our pro posed! financial reforms. TELLER THEIR CHOICE. We see in the private and official life of Henry M. Teller a beacon, burning brightly, warning the people off the threatening shores of dissen sion. He has but now publicly aban doned the republican party, with which he has been associated! from ita first organization, entering it when led Dy conscience to strive for the over. throw of human bondageand leaving it wnen jmcoin s teacmngs and human uy were swallowed up In the greed and cruelty of money kings. For twenty years he has been a command ing figure in the nation's life, a cab inet officer and senator of the United states. Nominally he, as a republi can, has many times defied his party when its members sought to make it an instrument of injustice and oppres sion. " For twenty years he has stood! as a bulwark against the tyrannical en croachments of the national banks. H has never hesitated to declare that they should' be deprived of all -authority to issue money and to control its volume; he is an unflinching' advocate of the duty of the government to maintain and exercise exclusively for the people the sovereign power of emitting all money gold, silver and paper. He holds that to issue bonds in time of peace is a stupendous wrong to the people and the country. "When to thisofflcial record are unit ed an unsullied private life, a character without blot or stain, a grateful and generous nature, a patriotism that knows neither state nor section, we feel we are but performing a duty to our beloved country in thus calling atten tion to Mr. Teller's merits and availa bility as a candidate for president as one upon whom all populists may consis tently unite while they strenuously pre serve and strengthen their organiza tion. 'The necessity and wisdom of a dis passionate consideration of his claims upon the support of the American people have become the more apparent since the patriotic republican leaders who abandoned their party under his Inspiration have announced him as their nominee for president of the Uni ted States. "We beg our fellow populists to calmly consider the suggestions we have made. It is our fervent hope that the patriotism of our motives will, in their judgment, Justify the course we have taken. Let us all so act that, If In the wisdom of an Inscrutable provi dence, the union, which we may ten der and of which our suffering country stands in such trying need may not be affected, we can at least declare In the presence of God and our country that we -did our duty as patriots and the fault or failure does not lie at our doors." This is signed by II. E. Taubeneck, Illinois; J. H. Davis, Texas; M. C. Rankin, Indiana; T. M. Patterson, Colorado; J. Hugh McDowell, Tennes see; John P. Steele, Illinois; Thomas Fletcher, Arkansas; Howard S. Tay lor, Illinois; Homer Prince, Arkansas; J. W. Dollison, Arkansas; M. R. Coff man, Arkansas; J. A. Edgerton, Ne braska; R. A. Sankey, Kansas; Charles E. Palmer, Illinois; F. D. Eager Ne braska; J. D. Hess, Illinois; A. L. Max well, Illinois; George M. Jackson, Ar kansas; S. J. Wright, Texas; S P V Arnold Illinois; Eugene Smith, Illi nois; W. J. Quick, Missouri; Calvin K. Reifsnider, Missouri; Frank E. Richey Missouri; W. J. Flatt, Tennessee: Ho I race O. Clark. Colorado. 1 . 1 The Most Disreputable Gang that Ever In fested the State. Executive Chamber, Lincoln, Neb, June 20, 1896, There have appeared re cently in both the newsand editorial col umns of the State Journal several arti cles concerning the question of the in vestment of the permanent school funds of the state which are so misleading and devoid of truth, and which bo willfully misrepresent my action in relation there to that it seems to me a brief statement of the facts should be made. To tbe peo ple of Nebraska this is a very important subject, and they deserve to be fully and truthfully informed as to just what has been accomplished in the way of invest ing the idle surplus permanent school fund by the board of educational lands and funds, as is required by the consti tution and statutes of the state. These several published articles have also been followed by a communication signed by Hon. H. C. Russell, one of the members of the board of educational lands and funds, which is largely a repe tition 01. and seems to be based upon the statements contained in the articles to which 1 have referred. The false im pressions sought to be conveyed by thtse several articles may be briefly sunstnar ized as follows: First, that a very large part of the permanent school fund has already been invested by the present board, second, that I, as a member of the board, have been endeavoring -to purchase securities bypaying premiums in an illegal manner, and, third, that by my action the rate of interest has been lowered and the board prevented from securing bonds at an advantageous rate ef interest as they otherwise would have secured. treasurer's report. I desire to state in the beginning that according to the last official report of the state treasurer, May al, 1896, there was 1675,036.59 in the state treasury belonging to the permanent school, uni versity and agricultural college endow ment funds, every dollar of which, under the law should be invested in interest bearing securities. Of this immense sum over f oUo.UOO belongs to the perma nent school fund, and yet we are told with supreme self-assurance that "this fund is nearly all exhausted." Let us see what has really and actually been accomplished. I he records for 1895, show but one transaction by the board of educational lands and funds looking toward the in vestment of any part of this fund. This was the purchase of Otoe county bonds in the sum of $40,000, bearing i per cent, interest, which was afterward ac cepted by the county authorities, was made by the board om July 22, 1895, and the bonds issued November 12,1895' and registered in November 22 follow ing, they were not in fact paid for until January 15, 1896, so that as a matter of fact, during the year of 1895, nothing J was accompusnea in tne way ot actually investing any part of this fund. It is true mas during mat year tnere was paid on account of bonds purchased the sum ol $ 75.0UO from December 5, 1884, to June la, 1895, but these payments were made on account of bonds our- chased by tbe board as it existed under the administration of my Dredecessor. Governor Crounse, and were no part of the purchases made by the board of edu cational lands and funds as at present constituted, these amounts were paid for balances due on purchases of Hamil ton county and Dawson county bonds made by the preceding board. On March 5. 1896. there were nnr. chased small issues of bonds of Richard son county and Harland county, aggre gating only $5,360.61. . On January 1, 1896, the permanent school fund alone had to its credit more than $600,000. At the first meeting of the board 01 educational lands and funds held January 15, 1 introduced a resolu tion providing for the purchase of state warrants already issued and those here after to be issued, which would have opened up a way for the investment of the entire fund at the very desirable rate of five per cent interest per annum. This resolution was in line with the decision of the supreme court and the action of the prior boards regarding this same fund. Jwer since the adoption of the constitution state warrants have been deemed state securities and at different times have been purchased as an invest ment for this fund, thus establishing a precedent which has been adhered to oonstantly until overturned by theopin ion of the attorney general after the in troduction of the resolution referred to. Had there been a sincere desire to invest this fund here was a ready and proper way and at a rate of interest at which no person couldcomplain. This method of investing school funds had not only been established and approved by several acts of preceding boards of educational lands and funds, of which the attornev general of the state was always a raem- Der, but it also had received the sanction of the supreme court by a decision rend ered in the 25th Nebraska bv Judire Reese. This decision referred directlv to the question as to whether state war rants are state securities within the meaning of the constitution and holds in the affirmative. To this was added the weight of the opinion of the court as it is now constituted, rendered in the 41st Nebraska, in the case of state against Bartley, cm page 284, where the court "We muss not, however, be understood as holding that warrants against the general fund are not state securities within the meauing of the constitution. Although that question is not presented by this record, in re state warrants, 25 Neb., and State vs. Bartley, supra, we assume them to be legitimate invest ments for the permanent school fuud; but, if the state, as trustees for said fund, desire to invest in that class of securities, it is required to do so on terms of equality with other investors." Notwithstanding these unambiguous decisions ot the supreme court in three Separate and distinct cases, all referring to the same subject matter, the opinion of the attorney general to the effect that state warrants are not state securities seemed to have been suflicient to out weigh in the miuds of a majority of the board the constitution, the statute and the decisions of the court referred to Refusing to follow tbe long established precedent and the decisions of the court, the board voted down the resolution which I had introduced and which would have provided an ample and adequate means at a good rato of interest for the investment of this entire sum. Not con tent to allow tho matter to rest upon the opinion of the attorney general and the action of a majority of the -board thereon, and in view of the important public interest involved, I took occasion to request an opinion from three of the ex-judges of the supreme court, giving to them a copy of the resolutions intro duced by me and the opinion of the at torney general. "Ex-Judge Maxwell says: y"l have re read this (the attorney general's) opinion very carefully and the reasons heassigns fail to show that state warrants are not state securities. Although the opinion of Judge Reese was not rendered in an action actually pending, yet it was given to the legislature in pursuance of a request for. the view of the court as to the propriety of passing a law for the in vestment of the perraanentschoolfundin state warrants. The questiou was very carefully considered by the entire court and the opinion prepared by him con curred in by all of the' members. Judge Keese is one of the ablest lawyers in the state, and was a member of the constitu tional convention of 1875 and knew the object of the provision was to make safe investments for the school fund. " I see a correspondent in the (Fremont) Leader calls attention 'to the fact : that the members of the constitutional, con vention of 1871, which was in session about four months, were paid in state warrants, which tbe state board invest ed the permanent school fund in. That is a fact. I was a member of that con vention and also tbe constitutional con vention of 1875, Chief Justice Mason of Nebraska City and, Justice Lake of Omaha, both then judges of the supreme court, were also-members of the conven tion of 1871, and their warrants as well as my own were paid out pf that fund and no one questioned it." Judge Keese says: "1 have re-read the decisions of the supreme court as found in 25th Neb., 659: 49th Neb., 353: 40th Neb., 298, and 41st Neb., and am wholly unable to see that the decision in 25th Neb., is wrong, or that it has been over ruled by the later decision of that court." sound 121 LAW. Governor Crounse, who is also an ex judge of the supreme court says; nave neitner tne time nor nave l access here to the authorities cited to enable me to enter upon tbe discussion you in vice, xour resolutions, nowever. are substantially those adopted on my mo tion by the board when 1 was a member of it. You know their fate. Yours, think, will fare no better. The resolu lions in my judgment are as sound in law, as wise in purpose, but the wisdom and ingenuity of our modern Daniels seems to run in the direction of shielding the plunderers of the treasury rather than to protecting the treasury itself, I submit that, in view of authorities so numerous and carrying such weight, this well adapted plan for the invest ment of this entire fund should not have been rejected; nor can it in truth be said tnat 1 nave not made every enort pos- 81 Die to secure the investment of all these funds at a greater rate of interest than can be obtained in any other way, After the refusal of tbe board to co operate with me in the purchase of state warrants my attention was turned to the purchase of United States bonds which, while it would not bring as large a revenue lor the benefit 01 the tempo- rary school fund, it would bring a great deal more to ttie state than could bo ob tained by permitting this fund to remaim idle. Besides, in so doing, the board would be complying with the law and discharging its full duty. Therefore I offeed a resolution looking, to the in vestment of all idle funds in United States bonds, the legality of which could in no wise be questioned, and at a rate of interest that would yield at least 3 per cent per annum, providing especially in the resolution that if at any time be fore the fuuds were invested county or state bonds could be purchased yielding a higher rate of interest, that this be done in lieu of the purchase of United states bonds. This resolution met the same fate. Thus by the action of a ma jority 01 the board we are restricted to the purchase of state or registered county bonds, the only other securities mentioned in the constitution. Now I desire to briefly allude to what has been accomplished in that respect. The $40,000 4 per cent Otoe countv and $5,000 of Richardson and Harlan county bonds heretofore mentioned having been purchased, the next issue offered to the board was $30,000 of Greeley county bonds drawing 4 per cent interest. Upon the submission of the proposition to sell these bonds to the state at par, the minutes of the meetings of the board of educational ands and funds show that Commissioner Russell moved that the bonds be ac cepted at 5 per cent interest per annum, winch was seconded by Mr. Piper, after which 1 offered a written resolution to INDEPENDENT INDEX. Pane 1 Proposing Leader. The Governor Speaks, rage J t English Interest. Kill Oft tbe Old Guard. No Willing Worker Idle. Morton'a Ninety-eight Million Lie, Cuming County Convention, Work that Counts, Do Both. i The Despot Ueed. ' The Result ot Despotlsm- Now Stand by It. Why Kem wan Mad. Pages Senator Teller'! Reasons. Republican Bolters' Manifesto. Gold Demqcrata Making Ready iO Fight. Page 4 .Editorial. Page 5 Omaha Platform, , Free Silver Frauds. Nebraska Politics. . . Turned Traitor. ..Hit It Page ft- .-... ' 'J. Nebraska Crop Report. Hardy 's Confession of Faith. Father Snyder's Letter, . Lodge Pole Notes, . . ' Page 7- ' .--.- The Old Twin Liars. Populfsl Record,. Ogalalla Items. Tariff AgnltistL's. Miscellaneous, ' . Page 8 , .. . Hastings Items. ' Miscellaneous. purchase the bonds at par value as of rered. The motion to accept these bonds at 5 per cent could have no other "effect than the rejection of the offer, because not only does the law Drovide that bonds issued as these were should not be sold at less than par, but these bonds were voted with tbe provision that thev should not be sold at loss than tar. This board, therefore, had but one of two alternatives either to accept them at par or to reject them. The resolution tnus introduced by me was accepted m place of the original motion and the bonds were thus purchased. The board has also purchased $25,000 of Boone county bonds drawing interest at 5 per cent upon a basis netting the state about i per cent . interest, per annum being paid by detaching coupons first maturing to the amount of the premium agreed upon. '1 his is the extent of the investments of every discription completed by the present board out of the permanent school fund. OTOE COUNTY REFUNDING BONDS. In my absence from the city, March 10, a meeting was held to consider a propo sition for the sale to the state of f 85,000 o per eent bonds of Otoe county. As a result of that meeting the following let ter was sent to the county clerk of Otoe county: ' ? Lincoln, March 14. 1896. Mr. E. R. Haas, County Clerk Nebraska City, Neb. Dear Sir: I am instructed bv the board of educational lands and funds to notifv you that after a careful consideration of your proposal to sell the state $85,000 wona 01 P-ouqs ap pne rate or. $ 3 per cent interest, payable semi-annually that we do not feel justified in taking mein at less than o per cent per annum payauie semi-annuany, wnich we are ready to do at any time that will suit your convenience. An early answer is desired, as we have propositions from Saunders county for $100,000 and other counties sufJcient to exhaust the fund on hand. Very respectfully, U. C. Russell, Secretary Board of Educational Lands and Funds. At the time this letter 'was written, March 14, 1896, according to the report of the state treasurer, the first of the month there was in the treasury trust funds amounting to over $ 690.000. Learning that this offer of the board had not been accepted by the authorities ol Utoe county and that the bonds had been sold in the east I requested the pur chaser to submit an offer for the sale of the bonds to the state. An offer was made to sell them to the state at 103 per cent, tnus yielding a rate of 4 7-10 per cent interest. I thereupon introduced a resolution to accept their offer upon the terms stated. This resolution was amended so as to require them to detach coupons for the premiums. This coun wr proposition 01 tne ooara was accep ted ami it is to De Doped that the trans ter will be fully completed at an early date. During the negotiations for tbe purchase of Saunders county bonds it was insisted by members of the board that the state should pay only par value on a 5 per cent, rate of interest and that they could be secured on such terms. At the same time the Saunders countv authorities had determined to issue 4tf per cent, bonds and had so notified the board and had stated that unless the staue desired to purchase them at par upon the basis of i per cent, they would probably go elsewhere. The board failed to secure the Otoe county bonds on a 5 per cent, basis: they could not secure the Saunders county bonds at this rate of in terest, and I am at a loss to understand where it is expected to secure such secur ities at that or a higher rate of iuterest. 1 have always been of the opinion that the board should purchase all Nebraska county bonds issued until this entire fund has been invested; that there was a mutuality of interests between counties issuing the bonds and tbe state, as the interest earned by these investments would all return to tbe different counties for the benefit of' thecommon schools. have always expressed the belief that bonds bearing as low rate of interest as they could be sold for in the markets at pur, or, in other words, that the board should pay as much or a shade more than otber intended purchasers. This is the position I have - invariablv assumed iu tho investments of these funds, and I believe it to be the only logical conclu sion to reach. It is tbe duty of the board to purchase these bonds, yielding as fair rates of interest as can be ob tained, for the benefit of the temporary school fund, but I contend that such in vestments must be made solely with ref erence to their fair market valne; and that the board should be ready so long as this fund remains uninvested to dupli cate any bona fide offer that may be made. Good Nebraska county bonds as every well informed person knows, can be floated in the market at par when drawing from 4 to 5 per cent interest, and if the board obtains any of them they will have to take them bearing such rates of interest. The statement that such purchases had a tendency to reduco the earning capacity of the school fund so invested is entirely unsupported.either Dy reason or experience. UNWARRANTED OPINION, As to the statements made and reiter ated in these several articles that a premium cannot be legally paid out of the permanent school fund' for this class- of securities, I desire to say that when the test comes, if we should ever be able to reach that point, a maioritv of the board will be of the opinion that it is il legal to pay a premium out of the per manent school fnnd, the logical conclu sion of which would be that it is likewiso illegal to purchase at' a discount, and tbakwe would be restricted to the pur chase of bonds at par, or obtain them from brokers or others who might be willing to detach coupons, as has been done in the past, in payment of such premiums. " Ibis proposition has not onlv been ad. vanced through the press, but at meet. ings of the board objections to the pay ment of premiums out of this fund have been made, and so far the board has persistently refused to make any offers to purchase bonds except by the detach ing of coupons where a payment of prem ium has been required. - . lue construction mven to the law ia entirely unwarranted. It is contrary to the opinion of the supreme court an found in the 15th Neb.-, page 685, where it is held that premiums may legitimate ly ds paiu out 01 tne permanent school fund; that the true question to be deter mined is whether theinvestmentof what ever sum may be agreed upon is a proper one, and that the question is left entirely to sue juaginent oi tne Doara of. educa tional lands and funds, nor is there any thing in the constitution or the law pro hibiting the payment of a premium whereeverlt may be required in order that this fund may be profitably in vested. There has also been established by the action of this board heretofore a well defined antecedent for tbe investment of this fund in this manner. An examin ation of the reports of the board of edu cational lands and funds discloses that heretofore in many instance premiums have been paid out of the permanent fund and tbe bonds purchased upon an agreed rate of interest lower than that denominated in the bond. To illustrate: February 8, 1894, the records show that the board purchased $150,000 Doualas county 4 per cent bonds npon a basis of 4 percent, paying therefor $160,893.75 from the permanentschool fund, or $10, 894.75 more than the face of the bonds. ; h urther on, June 5. 1884. the board an- thoriznrl thn nnrchnu nf 17 ftflA Jan. county bonds for $18,565.3!, to be paid out of the permanent sehool fund. , lhese bonds drew interest at 5 percent and were purchased on a 4 per cent basis, a premium of $1,566.31 being; paid therefor.- Nearly all other Investments obtained in the last few years were secured in the same manner, and, while the secureties purchased may express a high rate of . interest, the investment in fact yields only from 4 to 5 per cent, which inures to the benefit of tbe temporary school fund. ; By reference to a report made to the state legislature and contained in the Nebraska house journal of 1893, which should be examined by all persona inter. ested in this subject, it will be seen that out a very small proportion of the bonda then held as an investment for this fund bearing a higher rate of interest than 5 percent were purchased at par value. It will be noticed that of the amount ex pended for bonds up to the time a very large percentage were bonds bearing not over a per cent, or were purchased at a premium, paid either in cash or by clip ping coupons for accrued interest or premiums. FAIR ILLUSTRATIONS. The above are but a few illustrations of the methods employed in the purchase of these bonds, and, while it mav be stated that bonds now held draw even as high as 10 per cent interest, it should be remembered that premiums have been already paid, very greatly lowering the rate of interest, and that large amounts of these bonds have heretofore been purchased at a rate as low as four per cent. Excepting a small issue of $6,500 Val ley county 4 per cent bonds, which lay in the treasury vaults for many months, patiently waiting the action of the board, finally taken, as shown by the records, the third of this month, all bonds which have already been pur chased or which there appears to me any immediate prospect of securing, un less different methods are pursued than those now employed, have been already ' mentioned. It is proper to remark here that the $100,000 Saundors couuty bonds, the purchase of which has been so vociferously announced, are not to be issued during the present year, and at the rate this fund is increasing there should accumulate in the state treasury before the first of the year an amount sufficient to purchase them without re gard to the fund now an hand. 1 here was also a motion adopted at one of the meetings of the board to pur chase about $30,000 of the outstanding state relief bonds, provided they draw 4 per cent, interest, but whether the party holding these bonds will part with them at this rate is, so far as lam informed, problematical and very uncertain. Like- (Continued on eighth page.) ,