The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1901-09-28
CANNOT ENFORCE
THIS LAW
Something Over $I5O,OOO in
Funds That Will Not
be Invested

BY an act OF congress the revenue
derived from leasing sections 33 in
Oklahoma is reserved for the erection
Of public buildings when the terri.
tory shall Rave become q state. The
accumulations OF this FUND now
amount to about S180000. and draw
interest at the rate of 2 per cent an
nually. under a contract made py the
territorial treasury with an Oklaho-
ma bank designated as United
States depository The fact that this
fund is intact will be a surprise to
most persons who followed the pro
ceedings OF the last legislature, which
enacted a law providing that the pub
lie building fund should be invested
in outstanding general fund warrants.
This law reads
Section The territorial treas
urer, under the advice and direction
of the governor is hereby authorized
and required TO invest the public
buildings fund now in the treasury
and such a part of said fund az may
accumulate in the next two years in
territorial or per cent interest
bearing warrants drawn against the
general fund of the territory.
Section 2.--The treasurer is au-
thorized to pay for such warrants
their cash value, but I'm no event shall
he pay more for such warrants than
the principal and accrued interest on
the same up to the time of such pur-
chase and payment, and, provided,
further that the treasurer shall not
invest any Of such money in any such
warrants until the same has been
examined by the attorney general and
by him found to be valid and sub.
sisting debt against the general fund
of the territory; and provided, fur
ther that such warrants shall be pur-
chased and redeemed in the order Of
their presentation and registration as
shown by official records or may here
after be registered z the owners Of
such warrants desire the benefit Of
this act.
Section 3.-All such warrants so
purchased snail be covered into the
territorial treasury and carried to the
account Of the public building fund,
and shall be carried as assets Of the
public building fund until such time
as the legislative assembly shall au-
thorize the repayment Of such mon
ey to the public building fund"
Prior to his retirement Governor
Barnes requested F NJ. Thompson
territorial treasurer. to invest the
fund. Treasurer Thompson, who had
carefully examined the law, replied
that nothing short of a mandamus by
the court could cause him TO attemp
to comply with the provisions Of the
law. The contradictions in the latter
We're such as TO prohibit its enforce
ment j. c. strang attorney general
examined the law and agreed with
T easurer rhomp-on that it was too
badly muddled to be operative. Tres
urer Thompson, speaking Of the law
today said
My principal objection 10 the act
is that it would violate the criminal
law by causing conversion Of the
fund. The ilvostmenc Is foe an i'm
definite time. until the legislature
shall authorize repayment Suppose
the legislature should never give this
authority; the money could not be
used for the purpose for which it was
set apart by congress, and somebody
would be hauled into court for conver
sion.
Again. the statement 8 o. 6 per
cent warrants Is peculiar, as the gen
eral fund warrants bear interest on
ly at the rate Of 6 per cent The pro.
vision requiring tho attorney general
to pass upon the validity Of each war
rant entails endless work The at
to.uey general would be compelled 10
visit the office of the auditor prepare
an opinion as TO the validity of the
warrants and the treasurer would
have 10 preserve an these opinions 10
protect his payments. The last
cause I'm section two Is On conflict
with section three The first requires
that warrants shall be purchased and
redeemed while the last says that
they shall be purchased and convert
ed into the treasury and carried as as
sets Of the public building fund until
such time as The legislature assembly
shall authorize the repayment Of such
money 10 the public building fund Il