The river press. [volume] (Fort Benton, Mont.) 1880-current, 1906-12-19
MIR. GA.L.EN'S o

The biennial report Of Attorney
General Albert j. Galen to Governor
Toole contains much that is of interest
to the people of Montana. That part
of it which refers to the dcsirability
of Legislation relating to profits upon
public funds is to this effect:
| have at all times been of opinion
that interest on public funds should
bc credited to the fund to which the
money deposited belonged and &C
counted for the same as other moneys
paid over to the state treasurer. Pur.
suant to this belief, and of party plat
form direction, | prepared two sepa.
rate bills for the ninth legisl alive as
scmbly and did everything within my
power to bring about the passage of
one or the other of them. The first of
said bills provide that public funds
held by any state, county or city
treasurer should be deposited with
| various depositaries, to be selected
by the treasurer and provided that
such depositaries should pay over to
the treasurer, and the treasurer should
account for, two per cent. interest on
all daily balances on public funds on
deposit. The other above re.
fcrred to related particularly to the
state treasurer, and provided that the
state treasurer should designate as
state depositaries the bank or banks
Offering the best rate of interest for
deposits of public funds, and that the
interest paid and collected on such
funds should be accounted for by the
treasurer and credited to the partic.
ular fund to which the moneys de.
posted belonged. and further that all
such deposits should be amply Sc
cured to the state rs against any pos
sibility of loss. These bills having
failed to pass, | subsequently prepared
forms Of bonds as security for state
deposits SO that all moneys deposited
by the treasurer might be more secure
to the state than under the practice
heretofore existing, and through the
board of examiners the state treasurer
!, was directed to use only such form as
security for moneys deposited. Later
j, on the republican party in state con
, vention directed, and the democratic
: party in state convention commanded,
. that the attorney general institute
3 proceedings for the recovery Of In
terest collected by state treasurer
and not accounted for: accordingly,
have instituted civil actions agains
the present state treasurer, j. II. Rice
q and his boudsmen, and against for
mer state ~treasurers, \. H. Barrett an
Timothy +. Collins, and their bonds
men. These actions were commence
in the district court of the first judi
cial district, Lewis and Clark county
on October %, 1906, are now therei
F., pending and will be tried At tn
earliest practicable moment. The tina
result of these actions is dependen
upon the degree OF proof We are abl
to produce. | would recommend tha
p. a law be enacted providing that a.
E. treasurers, whether city, county Q
IS state, be required to designate depo.
l. itaries for public funds entrusted t
IS their care, and thai the bank or bank
st Offering the best rate Of interest an
Is approved security for such deposit.
Dr. be entitled to preference in maxim
ut such designation: and further tbs
such treasurers be required to accour
is for all interest paid and collected 0
ID such funds and to credit the same
Is the particular fund or funds to whic
i. the money belongs. In such luw