The State's Mounting Red Ink
State Auditor T.M. Reed delivers a scathing biennial report to the legislature, blaming erratic spending and poor revenue laws for a ballooning state debt.
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State Auditor T.M. Reed has completed his biennial report to the legislature for the period from November 1, 1890, to October 31, 1892. The report shows that the floating debt of the general fund on October 31, 1892, was $510,166.52, nearly double the previous period. Mr. Reed criticizes the legislature for rushing through financial laws without consideration, calling some of them a 'travesty on statesmanship.' He specifically highlights the lack of limitations on state department printing costs—citing the agricultural college for wasting funds on excessive materials—and argues that current revenue laws allow wealthy individuals and corporations to escape their fair share of taxes. He concludes by recommending a total overhaul of the state's accounting methods, including the abolition of the university commission, to protect the treasury from future mismanagement.
“Some of our laws relating to finance and the disbursement of money, passed by the last legislature, I regret to say, in some respects at least, are a travesty on statesmanship and good judgment.”
Reed’s critique of legislative 'rushing' and the lack of fiscal oversight remains a perennial theme in Washington state politics. His frustration over how the state handles public accounts echoes contemporary debates about government efficiency and revenue transparency in a rapidly growing state.
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