The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1908-10-19

bond that Mr.. Smith or Jones Would
pay his note at maturity and. failing
to do so, the company would | see no
! reason why any bank would not take
it as readily as an Endorsement. The
bank would know, first, that the surety
! company had investigated the finan-
| cial condition and the character of
the maker of the note. and was sat
isfied with both, or it would not guar
antee him; second, that the State had
| investigated the surety company and
found it in good financial condition.
or it would not do business in the
State; and lastly. the banker would
satisfy himself of the goodness and
promptness of the surety company
just as he would any other indorser,
and, if satisfied, there would be no
| reason why he would not make the
loan, and he would
STATE TREASURER'S DUTIES.
You say the people elected you
Treasurer because they had confidence
in you. I suppose, of course. they
thought you were honest. as I am sure
you are, but ninety out of one hundred
didn't know you at all Intimately: I
dare say, they didn't think you any
more honest than the worthy gentle.
man you defeated. I never heard
the integrity of either impeached.
They expected that either of you. if
elected, would give a bond in a good
surety company to account for mon
eys in your hands, just as the then law
required you to do and unless my
memory fails, you did apply for such
a bond and couldn't get it, not through
any fault of yours, but because of the
then law requiring the money to be
kept in the vault in the State House.
| note you also say you were elect
ed by the people because of the be-
lief on their part that I would see to
it that none Of the public money is
lost, either through stupidity or by
speculation"
Surely, my friend, you do not mean
to convey the idea that you are the
only man on the Depository Board
who is not either stupid or dishonest,
and yet your language would imply
that you felt yourself to be elect
ed to guard the treasure against their
or dishonesty. This can not
be. because this law was not enacted
when you were elected Treasurer. You
were elected Treasurer through the
kindness of friends and their influ- |
ence, but you have not yet been elect |
ed as custodian of all the wisdom and |
all the honesty in the State, and are |
not now the legal custodian of the |
money where repositories have been |
designated.
I think you do not realize that by |
the act of 1903 the duties of the State |
Treasurer are entirely changed, and |
that he is no longer the sole custo-
dian of the States money. the depos-
ton of which is put in the hands of
the Governor, Attorney General and
Treasurer as a Depository Board all
being equally responsible as members,
and who were selected because it was
that they were able faithful
and honest, to designate certain banks
as custodians of the States money,
he selection to be made in accordance
with the terms of the law.
In concluding your letter you say
positively you will not put any State
money in any bank giving surety bond,
1t may be a deposit
tory and duly commissioned. In this
refer you to section l of
he act of 1908, creating State depos-
tories. It reads:
1.-THE Treasurer shall deposit, and at
Ill times keep on deposit, in the State
,r national banks, or some of them
loing business in this State, the
AMOUNT of money in his hands belong
ng to the several current funds in
he State Treasury" This means the
ranks designated by the Depository
Board as State repositories.
Also section of that act, saying:
Money shall be drawn from the de-
,ositories so as to leave in each as
,aor nc nro otIa.hIa dee ao,,tkabIa ,,ro-