Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-03-22
MUST WAIT FOR THEIR MONEY
CANNOT DRAW 1T OUT AND IN
VEST WHEN THE STATE IS
DIRECTLY RESPONSIBLE.
HOUSE BILL 80 NOT IN FAVOR
Governor Not in Harmony With Ac-
tions of Legislature-Need No
More Legislation.


Helena, Mont. March 22.-Gov. Tooie
this morning vetoed house bill 80, pro-
yiding for the investment of the agri-
cultural college permanent fund and Tor
the expenditure Of the agricultural col
lege income fund. His message is:
$50 far as this bill proposes to provide
for the investment Of funds derived
from the sale OF agricultural college
bonds, the subject Is amply covered by
house bill II, entitled an act to author
ize and provide for the investment of
the permanent school fund, permanent
university fund and other land grant
funds held by the state treasurer OF the
state of Montana, and to authorize the
state treasurer, with the advice and
consent of the state board of land COM
missioners, to make such investment
approved March Is, 1901.
Amy further legislation would un-
necessarily cucumber the statutes. So
far as it is proposed to authorize the
executive board of the agricultural col
lege to draw out of the state treasury
upon estimates of years expenditure
in advance, 1t is at variance with the
declared policy and judgment Of the
state board of land commissioners, a
Inasmuch as the act of congress making
the grant, makes the state liable for
any loss or diversion of the fund. the
money should remain in the state treas.
ury, or at least under the states direct
control until actually required and nee
essarily disbursed."
The bill provides that the proceeds
from sales Of agricultural college lands,
or of timber, stone and other material,
shall be placed in the permanent fund
and be invested in such good public and
municipal bonds and warrants as may
be approved by the state board of land
commissioners. The money received
from leases and interest on the perma-
nent fund is to be placed in the income
fund. The executive board of the agrI-
cultural college is to submit to the state
board of education at the June meeting
an estimate of the expenditures for the
following college year. and when ap-
proved by the state board. the money
is to be paid by the state treasurer to
the treasurer of the agricultural col
lege. If there is not enough in the
fund, he shall pay all there is, and
then pay quarterly all received until
the full amount is made UP. This
money is to be spent on maintenance
anu CQoipAiOhts
In pursuance of an agreement to con-
solidate the A. NJ. Esler Mining and
Concentrating Co. with the Michigan
and Montana Copper Mining and Smelt-
ing Co., the latter company has in
creased it's capital stock from $4,000 to
100000 at he stockholders meeting at
Kalispell, at which 6625 out of the 5000
shares were voted. The Esler company
had lease on the Cracker mine, on the
ceded strip, from the Michigan and
Montana Co., and surrenders it and the
mill 1t had erected, exchanging it's stock
for stock in the Michigan and Montana
The Shaw Sheep Co.. of Valley county
has increased it's capital stock from $50,
600 to 100000.
The A. w. Miles company, Livingston
filed articles of Incorporation today tc
manufacture and sell hardware, harness
saddlery, wagons and carriages with
capital of 100000 of which $65, 900 is sub
scribed by Arthur w. Miles, $1,000 by j
Herman Wolcott, and $1,000 by Edward
NJ. Sybert.
Gov. Toole this morning appointed the
following park commissioners for Great
Falls: H. H. Matteson. Frank Atkin-
son and Joseph H. Mcknight for two
years; James Stanford. Ransom Cooper
and John A. Sweet for one year. the
terms beginning May l.