The Carbon County news. [volume] (Red Lodge, Mont.) 1924-1931, 1929-09-05
STATE RENDERS NEW SERVICE
IN MISUNDERSTANDING TRUSTFUNDS

spirited officers of high intelligence,
honor and most adequate business ex-
perlence and capacity. In the very
nature of things this administration
will have perpetual succession as long
as the state itself
Speculation Barred
"The constitution and the statutes
explicitly init the investments of
these various funds to the kind of in
vestments that may be made from the
permanent school fund and other per-
manent funds of the state, that is,
to public bonds, state warrants and
similar securities. Explicit provisions
prohibit the use of the funds for any
speculative business whatsoever The
use of them is strictly confined to
safe loans and bonds.
Eventually, numerous separate
funds will be administered by the
state under the plan. To invest them
separately would be burdensome and
impractieable; hence a different plan
is provided. Both the constitution
and the statutes provide that all these
funds shall be invested as one common
fund to be known and designated as
the Montana Trust and Legacy fund.
At the end of each year the state
treasurer shall ascertain the amount
of interest collected dring the year
ON all of the funds constituting the
Montana Trust and Legacy fund, pay
ever to the state one-twentieth of the
interest collected and credit each fund
with its share in the balance or net
earnings. These net earnings are to
be paid over to the benificiaries or
added to the fund itself, in accordance
with the directions of the giver.
Under this joint Investment plan,
the funds may at all times be kept
closely invested; all funds large or
small will receive the same attention,
the same advantage of good invest
ments and the same rate of interest.
The plan will also automatically in
sure every fund against loss to the
full extent of the aggregate amount
of all the funds. In case of loss, the
loss would automatically distribute it
self among all the funds. No fund
will be extinguished unless all the
funds are extinquished
Now In Operation
The state board of land commits
sioners already have provided for set
ting up the necessary account for the
Montana Trust and Legacy und.
Funds now in the state treasury to
be administered as parts of this fund
exceed 100000. This sum will form
the nucleus to which all contributions
made to the Montana Trust & Legacy
fund will be added. At the same time
each Individual fund will maintain its
separate existence in the same way
that each deposit in a bank main
tains it's separate existence although
it may be invested together with hum
dreds of other deposits.
Givers Remembered
1t is very common thing for peo-
pie of means to set aside pat of
their fortune for the building of mon
uments or as an endowment for some
form of welfare work. This aspira-
ton for some part of the work of the
future and the desire to be remem-
bered by posterity are fundamental
traits in human nature.
The plan worked out by the state
for the administration of gifts pro-
vides that the state treasurer shall
keep permanent record of all such
gifts, donations, grants and legacies
showing the names of the givers, the
purpose of the contribution and other
essential facts relating thereto. A
duplicate of this record shall be kept
by the secretary of state. These
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