The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1907-04-04
q, S. DEPOSIT Money.

and Disposition 81 the Public Money
oi The United States which may be De,
posted with ihis State.
Sec. !. II is hereby enacted BY the
General Assembly Of The State cf Ner.
mont, That the Treasurer ot this State
be, and he Is hereby, authorized 10 ~.
ceise from The Secretary of the Treas.
ury Of the United States all the money
which is directed 10 be deposited with
VI. Slat. Of Vermont, by virtue Of The
provisions Of an act entitled "An act
to regulate The deposits Of the public
money, passed by the Congress Of the
United States at the session thereof
now last passed, and approved by the
President on the twenty.third day Of
June, Anno Domini, one thousand
eight hundred and thirty-slx, and the
said Treasurer Of this State is hereby
directed aud empowered 10 execute and
deliver 10 the said Secretary Of the
Treasury Of the United States certif.
Gates OF deposit for said money. plcdg.
ing the faith OF this State for the safe
keeping and repayment thereof. in
conformity with the provisions Of said
act.
Sec. 2. II is hereby further enacted,
That each Incorporated town in this
state may, on or before the first day Of
January next after the passage Of this
act, at town meeting duly warned
and holden for tina, purpose, and at
each and every March meeting after
the year one thousand eight hundred
and thirty.seven, elect by ballot three
trustees of such town. for the purpose
of receiving and managing such por-
tion of the public money as may be de. |
posted in such town agreeably 10 the
provisions OF this act, which trustees
shall execute their bond 10 the town,
with three or more sufficient snreties,
in such sum M the selectmen Of such |
town shall direct and accept, condition.
ed for the faithful performance Of their
duty in the loaning, managing and ac.
counting for such SIM or sums Of mon
ey as may be placed lin their charge,
agreeably TO the provisions of this act,
and each town that shall appoint such |
trustees, and receive by them such de.
post money, shall be accountable for
the return of said money, or any part |
thereof TO the State Treasury, when.
ever called for by the state Treasurer
upon the requisition of the United
States, or for the purposes Of new
in the same manner as
towns are now accountable, for the
State taxes.
See. 3. 1t is hereby further enacted,
That tho Treasurer of this state shall,
on receipt Of any portion Of such mon
ey, deliver to the trustees Of the re-
spectve towns such sum as such town
shall respectively be entitled to receive
on deposit agreeably TO the census
taken in the year one thousand eight
and thirty, and such trustees
shall respectively execute to the treas
urer OF the state certificates OF such
deposits, in such form as the said states
treasurer is required to execute 10 the
Secretary Of the Treasury of the United
States, agreeably to the provisions of
the act mentioned in the first section
Of this act.
Sec. 4. II is hereby further enacted,
That the Trustees Of the respective
towns shall loan out the money 80 de-
posted, 10 such persons and in such
sums as they shall judge expedient, for
a term not exceeding one year Mt one
Time, and on such security, either with
Dne or more sureties or on mortgage,
as they shall deem amply safe, at an
interest OF six per cent, payable an
nunlly, and make all securities taken
Tor the same payable TO the town loan
ng the money, and such money may,
ifter the expiration OF the time for
which it shall be loaned, be collected
Dy the trustees in such town, and re-
oaned, whenever they deem it expedi-
,nt.
Sec. \. II is hereby further enacted,
That the interest arising from the
money deposited In any towns shall
annually be appropriated by such town
10 the Use OF common schools in such
own, agrecably to the provisions Of
his act; and in the year eighteen hun
lred faty-one, and ms often thereafter
rs a census shall be taken by the an.
shorities Of the United States, or Of
his state, it shall be the duty Of the
Treasurer TO make new apportion-
ment Of the money so deposited as
aforesaid among the several organized