The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1929-08-30

the very best that the State 0
Montana could provide.
Funds Can Not be Used for Spec
ulative Purposes
The constitution and the sta
tutes very explicitly limit the in
vestments of these various funds
to the same kind of investments
that may be made from the per
manent school fund and other
permanent funds of the state, that
is to public bonds, state warrants
and similar securities. 1t is the
purpose of these explicit provisions
to make it impossible so to con-
strue the act as to permit the use
of the funds for any speculative
business whatsoever. Their use is
strictly confined to safe loans and
bonds.
Simplicity of Administration
Eventually, numerous separate
funds will be administered by the
state under this plan. To invest
them separately would be burden
some and impracticable; it simply
wouldn't work; hence a different
plan is provided. Both the con-
stitution and the statutes provide
that all these funds shall be in
vested 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
amount of interest collected dur
ing the year on all of the funds
constituting the Montana Trust
and Legacy Fund, pay over to the
state one-twentieth of the interest
collected and credit each and
every fund with its share of the
balance ornetearnings. These net
earnings are to be paid over to
the benefciaries or added to the
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 at
tention, the same advantage Of
good investments and the same
rate of interest. The plan will
automatically insure every
fund against loss to the full ex-
tent of the aggregate amount of
all the funds. In case of loss, the
oss would automatically distribute
tself among all the funds. No
'und will be eXtinguished unless
Ill the funds are extinguished.
The Montana Trust and Legacy
Fund Now a Reality
The State Board of Land Com
missioners has already provided
or setting up the necessary &C
cunt for the Montana Trust and
Fund. Funds now in the
treasury to be administered
as parts of this fund exceed $780,
900. 90; this sum will form the
nucleus to which all contributions
made to the Montana Trust and
Fund will be added. At
he same time each individual
'und will maintain it's separate
existence in the same way that
ZACH deposit in a bank maintains
is separate existence although it
nay be invested together with
hundreds of other deposits.
The Givers Will be Remembered
1t is a very common thing that
people of means set aside a part
# their fortune for the building
If monuments or as an endowment
or some form of welfare work.
This aspiration for some part in
he work of the future and the
Iesire to be remembered by pos
Gritty are fundamental traits in
uman nature and have shown
themselves from the earliest times
nown to history.
The plan worked out by the
tate of Montana for the admins
ration of gifts for these various
nd numerous purposes should
ave a strong appeal to these
'aits in human nature. In a man
er, it extends the ambitions and
.ctivities of the givers into the
istant future, and it makes ample
royision for the remembrance of
heir names. The constitution it.
provides that the state treas
rer shall keep a permanent re-
ord of all such gifts, donations,
rants and legacies showing the
ames of the givers, the purpose
f the contribution and other es-
entail facts relating thereto. A
uplicate of this record shall be
ept by the secretary of state.
'hese records shall be preserved
erpetually as a lasting memorial
} the givers and their interest in
Further information
l. M. B%randjord, the secretary of
he State Board of Land Commits
toner's, will be very glad to fur
ish additional information in
egard to this new and interesting
ervice that the Treasure State is
repaired to render to its citizens.