The river press. [volume] (Fort Benton, Mont.) 1880-current, 1905-03-01
PROFITS ON PUBLIC FUNDS.

A measure designed to redeem one
of the pledges made In the republican
state platform, and which will prOba.
bly, be passed before the close of the
session, is under consideration by the
legislative assembly. It Is known as
the substitute for senate bill No. 20,
and relates to profits or public funds.
Two other bills relating to the same
subject were introduced in the house
several weeks ago, and have not yet
been reported from the committee to
which they we're referred.
The provisions of this measure are
intended to make it impossible for the
state treasurer to receive interest on
state funds deposited by him, by plac.
ing control in the matter of deposition.
les in the hands of the state board of
examiners and providing that such in.
terest as is paid by the banks shall
60 to the state. Under the bill, Sec
ton 443 Of the political code ia amend.
ed so as to read as follows:
"The state board of examiners shall
designate as repositories as many
banks within the state as in its iudg-
ment are necessary for the safe keep
ing of all moneys in the hands of the
state treasurer, and the treasurer
shall, as when directed by said board,
deposit the moneys belonging TO the
state in such bank or banks, when
such bank or banks shall have
deposited with him bonds of the Uni
tana. including bonds issued by
authority of the state board of land
commissioners, or bonds of any coun.
ty, school district or municipality of
said state previously approved by said
state board of examiners, as security
for such deposits.
"The bonds SO deposited shall at all
times be at least equal 10 face value
to the amount of money deposited in
any such bank, and such deposits
shall be subject to withdrawal by said
oAs III SuCH IuuOuUU5 as
may be necessary from time to time to
pay and discharge legal obligations
OF the state. duly presented to him in
accord ance with law. No deposit of
state funds shall be made, or per-
mitted to remain, ia any bank unless
h board of examiners shall first have
certified to the treasurer the designa.
ton OF such bank as q depository, and
the nature and extent of the security,
nor until such security so approved
shall have been deposited with the
treasurer.
"In designating repositories for
state funds said board of examiners
shall, as ear as may be found prac.
tical, make such designations of de-
positories in the respective counties
of the state, and cause to be deposited
with them, public funds proportionate
to the amounts of public revenue re.
ceived from such counties by the state:
provided, that in directing such de-
pOsits to be made the state board of
examiners shall give preference to the
bank or banks Offering the best rate
of interest, together with approved Sc
curity as herein specified. Any such
interest paid shall be credited aud be.
long to the particular fund to which
belong the moneys on which interest
Is paid.
"The board of examiners shall have
the power to direct the withdrawal OF
all state moneys from any bank for
any reason. Nothing herein con.
tanned shall be construed as limiting
or impairing the right of the state
board of land commissioners to inves,
public funds in bonds or securities rs
otherwise provided by law
The bill ha. been amended by the
the senate by providing that the STATE
treasurer, and not the board of exam.
liners, shall designate the repositories
for public funds.