Think about it, at school you get taught thing how? The teacher goes on an on about something, you get pop-quizzes, tests etc. on the same thing then they give you a mark, an overall mark and these supposedly label your intelligence.
Thing is, they don't. At school, when you're taught something and you get a test on it, you're recalling answers from memory.
Intelligence, by definition, is one's capacity for logic, abstract thought, understanding, self-awareness, communication, learning, emotional knowledge, memory, planning, creativity and problem solving - and none of these tests are testing these. Therefore, none are testing a child's intelligence, which is the one thing they should be.
Thus I affirm my argument. May it bring you great woe =P
If you have to cram and only remember things for 2 days and forget them after and never ever ever have to use it in life, then there's a problem. Of course, some things do require SOME Intelligence, but really there's just a lot of busy work, homework, and memory tests.
The first thing I would like to mention is that the question implies that memory isn't part of intelligence, but it is. As for the schools, there are some subjects that are chiefly memory, such as history, however in other subjects, such as math or science, there is a focus on teaching students to apply the concepts and tests often involve novel situations to see which students understand the material and have the ability to apply it to new topics rather than just copy the solution manual in the book.
K-12 schooling doesn't serve to test you on memory or intelligence, but rather they serve to test you on following directions. In the modern world, you are expected to follow directions to the best of your ability, from the way you drive to the way you conduct yourself in public, and a lot of it stems from the very exams you take. Do you know how to listen to the information you are being told? Do you know how to follow directions?
These are not measurements of intelligence, nor are they of memory. Rather, they are grades based on whether or not you are on the right path to becoming a productive member of society.