Daily capital journal. (Salem, Oregon) 1903-1919, 1907-03-27
INTEREST
ION STATE
MONEY
New Law Compelling Banks
TO Pay 2 Per Cent on
Deposits

day In June OF each year, TO desig-
nate such banks and trust companies
within this state as he may, under
the provisions OF this act. deem ell
gibIe 20 be made state Repositories
for the purpose OF receiving on de
posIt funds OF this state, and paying
out the same on order or checks OF
the state treasurer
Section 2. All banks and trust
companies applying to be made state
depositorics under the provisions OF
this act, shall. on or before the first
Monday In June OF each year, file
their application in writing with the
state treasurer, said application TO
be accompanied with a sworn state
ment OF the financial condition OF
said bank or trust company at time
application Is made. The state treas
urer shall pass upon all applications
made ln compliance with this act,
and shall stamp upon the application
approved or rejected" and the
same shall be- duly signed by him.
Any and all applications stamped
''approved" and signed by the state
treasurer. as herein provided, shall
bo deemed eligible To be made state
repositories under the provisions OF
this act.
Section g. The state treasurer
shall deposit and at all times keep on
deposit In national banks doing busi-
ness IN tho state OF oregon or other
banks and trust companies doing
business within this state, aa shall
have been approved under the provi-
alons OF this act az herein provided,
the amount OF money In his hands
belonging TO the several funds I'm the
state treasury, aud any such bank
or trust company may ile with the
state treasurer its application for
the privilege OF keeping on deposit
such funds or some part thereof. All
such deposits shall be subject TO pay
ment when demanded by the state
treasurer on his check. and any
bank receiving and holding any such
deposit. as aforesaid shall be re-
auircd TO pay and shall pay To tho
state 10 rtho privilege OF holding
the same. interest az the rate pre-.
Hcrlbed by the state treasurer as
hereinafter provided. which rate of
interest shall not be less than per
cent per annum. and subject also TO
such regulations us are imposed by
law aud the rules adopted by the
state treasurer for receiving and
holding such deposits; provided, that
the state treasurer may retain ON
hand In the vault or Ia his control Ra
such treasurer "a sum not to exceed
100000 as reserve for the pur-
pose of paying thorotrom the curron,
obligations and appropriations of the
state. The state treasurer shall an
nuRlly on the last day OF June, or
when said day shall full on sunday.
then ON the next day proceeding, IA
the ratio of interest 60 bo paid ON
such deposits. which shall not ho
iess than the ratio hVroinhciore In
this act established. aud which ratio
when so established shall not b.
chapgcd for such porlod at one year
section 4. The amount TO ho paid
By any and All repositories under tho
provisions of this act. for the privl-
iogo of Keeping such public funds on
deposil. nhall ho computed ON the
aycrage daily balance of the public
moneys Kept on deposit Herewith.
aud shall he credited and paid 20 the
state quarterly On the nrst day of
January. April July, ana October OF
each year. and such depository shall,
quarterly, on tho days aforesaid,
render statement Ia duplicate to
the treasurer and secretary of state
showing the amounts credited
The treasurer shall require and it
h hereby made the duty of every
such depository 20 kegp accurate ac-
counts of an such monCys deposited
with A.. showing the amount deposit-
"a, aud when deposited, aud Ca ren-
der al the beginning oi each aud
every month. 90 che treasurer ana
secretary of state IA statement in
duplicate. Showing gho dally balance
of the state moneys held by lt during
the mongh ueXl proceeding, aud che
interost theron, and all sums paid 10
the stale lor the privilcge of keeping
said moneys ON deposit as aforesaid.
shall be credited by the treasurer 10
che general fund,
Section 8. For the security of
funds 80 deposited under the proyl-
siont ~ fhia act. the state treasurer
shall require an such repositories
10 deposlt securities of the klnd and