State Treasurer: Two good candidates for one office; we'll go with McIntire

Here's the deal: We recommend that Democrat Jim McIntire be elected state treasurer.

But only if he retains his Republican opponent, Allan Martin, as assistant treasurer.

Yes, we're serious. We like what both would bring to the office and think one can complement the other. As for a Democrat picking a Republican for the second-in-command, that's nothing new: Martin now works for retiring state treasurer -- and Democrat -- Mike Murphy, who likes Martin's work so much that he's supporting him in this election.

This is one office that should not be partisan anyway, even if it remains an elected position. As Martin advised during an editorial board interview with both candidates: "Money is not red or blue, it's green."

The state treasurer is paid $116,950 per year.

A former Chelan County treasurer, Martin has worked in the state treasure's office since 1998 and views the treasurer as the banker for state and local government, managing the public's money.

McIntire, an economist, is a five-term member of the state House of Representatives, has worked in the private sector as a business consultant and is an economics professor at the University of Washington. He thinks the treasurer should be the state's chief financial officer, taking a broader view of managing the state's money than that of a banker.

He advocates working with the governor and legislature to develop a long-term finance plan that increases traditional investment earnings that could then be used to better help with the building of transportation systems, schools and local infrastructure.

So it's the banker vs. the CFO. Do we want the steady hand on the rudder or someone who wants to build a better boat? We see value in both.

While Martin certainly understands the ins and outs of the job, there is much to like about the innovative ideas of McIntire.

Martin is a solid day-to-day manager. In McIntire, we see an expert in economics who looks at the broader long-term picture without coming across as a loose-cannon risk taker.

The treasurer's office is low-profile, but is critically important in state government -- responsible for managing roughly $5 billion in cash assets, $6 billion in local government investments, $11 billion in short-term assets and $13 billion of debt. The treasurer sits on several related committees, including chairing the State Finance Committee, which also includes the governor and lieutenant governor.

Both candidates say it's a bit early to determine just what fallout there will be from the meltdown on Wall Street of late. But they are quick to add that Washington's economy and a solid track record of money management in the treasurer's office will ease the impact in the Evergreen State.

We'll concede up front that this was a tough race to call. Both have impressive credentials and solid experience at what they do. But since only one can be elected, we'd suggest it be McIntire as CFO and then let him follow Murphy's lead and hire the good banker Martin as assistant treasurer.

Or maybe even vice versa. McIntire gave up his House seat to run for treasurer, so if he loses that race one would imagine he might be amenable to a job interview.

* Members of the Yakima Herald-Republic editorial board are Michael Shepard, Sarah Jenkins, Bill Lee and Karen Troianello.

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