Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1893-01-14

lINstElLy
Gates, received by him officially from the
state, but only that he should not re-
ceive good money into the treasury, and
pay the public creditors with depreciat-
cd funds, II any such are in circulation.
Any other construction Of these statutes
would ignore the reasons for their en-
actment and in our opinion would
lead 10 manifest absurdity. The better
view is. we think, that If the public
creditors receye directly from the
hands Of the treasurer, or from banks
On the trcasurer's draft, money having
the same value and essential qualities
as that paid into the treasury, the treas
urer does pay out "the same moneys
received and held BY him by virtue Of
his office" within the meaning and III
tendon Of the statutes under consldcra~
ton This Is so because money IS in its
nature severable-one coin or note hav-
ing the same essential qualities and
value possessed by any other Of like
denomination, and the law does not con-
Germ itself 10 trace and Identify each
specific coin or note.
3. Was Treasurer McFetridge requir-
cd by lag 10 keep in legal tender coin
or currency, all the public funds in his
hands rs treasurer, in the vaults Of the
treasury? If 50 he could not, Of course,
lawfully make general deposits there
Of IN banks The claim that
such was his duty is rested
solely upon the provisions Of Sec. $50,
II. s., which has already been copied
at length herein. This section was first
enacted in 1876 and stands as Sec 3,
Oh. $40 Of the laws Of that year. 1t is
argued that the term the vaults Of the
treasury means the iron vault or safe
in the office Of the state treasurer in
the capitol, and that the term money
as employed in the statute means lGe
actual coin and currency Of the country.
This construction u.s. we think, too mar
now, for 10 ignores the customary and
necessary processes universally employ
cd in the conduct Of business affairs,
and the methods by which the business
Of the treaSurer'S office has been con
Quoted from It's first organization, and
would work a violent and necessary
change in those methods, to the great
detriment Of the public business. and the
inconvenience aud damage OF public
creditors. We are not aware Of the ex-
iStence Of any conditions, when that
statute was enacted which called for
such nm extreme remedy
ON the contrary, In addition To the
conditions already mentioned, 1t IS well
known that large portion Of the
revenues Of the state-9O per cent
thereof 1t Is said-arc paid into the
treasury in the form OF checks, drafts
and certificates OF deposit The con
structlon Of Sec $50 contended for
would require the treasurer to demand
that the revenues Of the state should
be paid 10 him I'm lawful money, that is
legal tender funds, or else would compel
him TO collect such checks, drafts or
certificates deposit in lawful money
and place the proceeds and other money
thus received by him, in the vault In
his office, in order to be prepared for the
official inspection of the governor ana
attorney general II is impossible 10
mputc any such absurd intention to the
legislature
II may be conceded for the purposes
of the case that such restricted con-
struction of the statute in respect to
what Is meant by the term vaults of
the treasury is the correct one (a prop
osition we might hesitate to hold were
il necessary definitely to determine the
meaning Of the term but we cannot
agree that the word money as there
employed means only the actual coin
and currency in circulation as money.
Such Il construction would be extremely
technical and is, we think, mcalled for.
Money is gigantic term, and may
mean, not only legal tender coin
and currency, but also amy other cir
rulatiuE medium or any Instruments
or tokens i'm general use in the com
mrrcial world as the representatives Of
value, Ii includes whatever is lawfully
and actually current in commercial
transactions us the equivalent of legal
tender coin and currency. Thus
III Is Ntlit VA Taylor \N. ltNhll~oil, p4 i ttt.
Rep, cas-, that the term money is
used To designate the whole volume Of
the medium Of exchange recognized by
the custom Of merchants and the laws
Of the country, just as the term land
dcSignateS an real estate b Am &
Eng EucL Of Law, IO1 We have no
doubt that such is the sense i'm which
the term is employed in Sec. 100
Certificates of deposit or other vouch-
crs for money deposited in solvent
banks, payable on demand are most
convenient medium Of exchange, and
are extensively used in commercial and
financial transactions to represent the
money thus deposited, and as the
equivalent thereof Hence, the same
are "money" within the meaning Of
See l59. ana its requirements in thar
behalf were complied With by the
treasurer. if In their examination under
that section, the governor and attorney
general found 'in the vaults Of the
treasury" the amounts called for by
The books Of the secretary Of state and
treasurer although portions thereof