Omaha Daily Bee Newspaper, February 22, 1894, Page 5

THE OMAHA DAILY BEE: THURSDAY, FEBRUARY 22, 1894 ] \ r ' ) Ty | mal sehoot endowment, temporars untversity, that amounts of money in his | same ahall remain forever Inviolate and un- | existence which required the deposit of pub- | interest as entitios it to maintaln BR AUE The petition furthor charges th etate treasury” shall be doposited. | loaned except on Unitgd States or state se- | not only authorized to deposit them for safe | nor argued by cotnsel. As the state at lars A spondent r to deposit in relator language was without doubt intended | curities, or registered ‘cofifity bonds of thia | keeping, but he is expressly commanded to | Is directly Interested in the enforcomens | ny of the monoy ' to ¢ t bply to more than one fund, This Ie | 8tate; und such funds, with the interest and | 4o %0, We are unable to see the forco of the | of the depository law, the attorney general | Judge Norval Places an Authoritative In- | above enumerated fu nifest by the use of the plural of the word | Income thercof, are hewaby solemnly pledged ment o fact that the legislature has | could, and doubtless {t is his duty t i Threatening Things Abread at Th & 1 his posse X o 4 the employment of the adjective | for the purposes for which, they are granted | Onacted that the state moneys shall be de- | tute proceedings to compel the depositing of | Time of tie Yonr terpretation on the Statute. of sald fund veral.” It certainly could not have been | and set apart, and shdll Not be transtorred | Posited In banks does not make the placing | the funds in the benks. designated. ns de. posit by sall treasu! I\ itention of the law makers that the | to any other fund for ‘other uses. of the funds therein any less a loan, than | positories, and perhaps a bank which has | $aurpriatng how i ) site banks, exceeds in the aggregato t t cys belonging to one fund alone should The foregoing proviston prohibits the loan- | had they been deposited without sanction of | complied With the law mi » 50, at least | ferinz wday from so-ca ths, coidls and GOVERNOR CROUNSE ON THE DECISION | $150,000, ani that the wept O deposlt with smome designated | Ing or investing 9f. mny monoys be. | 1AW, On the contrary, it would seem ghat | In case the attorney general ahouid refuss | Infiuonsn the respond; for lis refusal ry. If they did, they were very un- | longing to any of the permanent | the two cases decided by our own court are | to appear and file the aplication. As it f The remark was made by o ver nong the bank of the relator any | fortunate in the use of langua Had it | educational funds of 'the state ex- | the more valuable as precedents for our now | Important to the public interests that tha [ professor cormveted with one of the fead ng In the above mentioned fund. been the intention of the legisl th cept on United Statés or state se- | holding that such a transaction amounts fn | real questic Involved In this controversy | Now York hospitals, Continuing, ho sald I EHRL: HOHE. OF - MIT - TRGNeYs & the act should apply to & aingle fund, it is | curities, or registered{oqunty bonds of this | 1aw to n loan, 8ince wo have n statite which | sMoUIG be detormined And wet at rest. o 1L 18 not those things that are troubling Care of Under the New Law Treasurer funds” within_the meaning ot the s fair to assume that language, which could | stat moneys {n these several funds horizes the deposit of public funds, and | have thought it necossary to pass wpon the | poople, but It is an advanced form of our old Biriiey Rutteiad - wich ihe DOSICETY A Diyos Misunderstood, would have been em- | the constitution has iypraxsed with a trust | in evory case of deposit, thls statite ehtors | merits of the case, without Roing nto the enemy, tho T Deapls Teol ot bl sovts Outoonie, INTENTION OF THE LEGISLATURE ployed to express such purpose character, and the lekisldture is powerloss | Into and forms a part of the contract | Question of who should have Instituted the | prgze, huyo piine In the mussios nnd Honoe. b ok 8 Sald that thie word “current” n | to authorize them to be devoted to any pur Connecticut has a statute which declares | Procecdings The caune ‘was submilted on & general de- | the connection In which It Is used with the | pose within the scope of the constitu. | that where the real ostate of & married It follows from the views A Prominent Frofseor Spoitks About the Tow tha Edneational Fands Will Bo Taken have 1o Appetite, oso all nterest i the workd s The cause was mubmiled on & fen the sonneion in el v Y and wonder what fs the niattor. It is tho grips wirre f e 0 0 nds ates that the moneys | tional vision quoted.. Does the statute | woman been sold and the procee above opinfon that th nothing els LINCOLN, 21.—(Bpetial to The Bee,) | |i% Case s ono of c oked folktly 'f'n""” Fafsch the law makers Intended aro those | attempt to authorize (hd loaning or Inyest. | thereof ‘“secured o Invested T nop | appiication should be ove L NSOl | | =A ropresentative of The Hee called upon | 17 the act above o y In banke. Wag 1t | Gered Uy taxation and which &re devoted to | Ing Of theas trust fullds¥ Counsel for re. | name or. N the name. of & st | eMDLOrY WHIt of mandamus ahowe || prompst trunsiont, Tha wetack must b Governor Crounse ths afternoon (o get from | (1o intonion o 1 Copior ke Was It | dafraying the current expensos of the state | Intor contond that it does not. opmrh (o Ft hor ‘boneNit tho same shall & - & not | i [ Bropupt srentment, Thaate ek st bo et him an expre of his opinfon as to the | all moneys coming into the state treasuty to | & nment by disbursemonts from what requires thelr deposit temporarily for safe liable to be taken on exccution for the | ANSWER OF MR. MEIKLEJOHN. | into thinie aoe ous. 1 Know of but oo " Y el ol T ey known ns the general fund, and in the same | keeping, pending need for use or opportunity | debts or Habilition of ter biaeron 07 Ahe | Wy Tocartatniy Kvnid those tranies She effc lecision of the supreme cour! o7 Cr Of only . certaln portion | connectlon reference Is made to the defini- | for permanent investment. . i construc. | Aupreme court of that state, In Jonnings vs | Descrlbos the Famams Wiseonsin Tnterste | BF0 NOW 86" G0 nid that ta e regarding interpretation of the state | thereot tion of the word “current he Century | tion would be sonabl , alintely e them by using Sections 1 and 2 of sald act, chapter L, laws | Dietionars. 1 rren Int ntur tion would be a reasonable and proper one | Davis, Conn., 134, held that where the Between De. Keennn and Himself iif 3 b Y NOLRNE “that T belleve mysclf that the moro act of | times koo i depostt for sefe Koping, o | g €Urrent month or year.” Other stand- | and tho same identical money Id o ro. | bank It fs invosted within the meaning of | Uonal case whereln Catherino M. Tu voreaun ed Dy Pre it Whiskeys ) y i thoimere e T N ‘Hotne oF them | aome Aelries slve the word .about the | turned. Bt this I8 not the kind of de. | the statate. ~Sanforl, J.. in Gelvoring the | and her brother, Dr. Keanan of Madi I8 acknow.ed o | Today by phys einng lio state o piarpasiting the odu | ooTne Busimors 1o e aaKs, or somo of them | samo dofinition, ~Assuming that the word the legislature meant. If it was, the | opinion observes: *“I{ fs not stated whether | Wis., are arrayed against Henry entitio p L0 b (e oy ued, o tonnl funds of the atate in banks subject | doltit businoss in the state, and e In the title of the | the money was doposited In the bank for | qurd and Willlam B, Healey of 1/ WORTE 01116 (POreARIFIFo L e wiidl Clio® ¥ Ll f 10 the sa keeping merely, or in th FROLEEIOE | R iR TR SRine GVes carey w w 1y B0 and in banks. | a loan to the bank for which a stipulated TR i o ounbseL mongyy ! : itest fon of the | rate of interes} was paid during its con- | the b e , etuntinge, Mate 1s continually | entire act, that a general deposit of the | tinuance there; nor fs it material to nquire, | afidavit of Congressman George 1. Melkl entoroad It the | Horeor: a1 Sud o achs: by e A oAzt | [enanBing or Mictuntlig, eaugdiEy ‘Cho paYs (- Furida was WHAChe framiots Intumedsoontte | Dine eorhe g c matesial Lo lnquire; | ddaviciol Conpressima il district e ; ould b enforced it the | thercof; all such deposits shall be subject (o | fng of the revenues Qarived. from corsn | the first scction declares that “the state | general as contradistingulshed from a special | this st pIRRIUF 1 SRRV SOl RN YOrLE U NS use of the fund would | Payment when demanded by tho stato treas- | into the treasury, and by their being dis. | treastror sioll deposit and at all times | one) creates a debt in favor of the depositor b eliot t ot which has proven (85e1f by youars g and Hoing oot opeaita onke, receiv- | bursed, 1t 1s likewlso trus that tho amounit | keop in deposit for Bafe Koeping: tr moy | oo «ooiion o debt In SRR T 0 e the bost and purest stinmiant in ing and holdis Ch Jdeposltn » aforesald, | In eachi of the other different funds in the | banks that shall be designaten s sopere | oo osainst ted® in that debt, and being | Put it has neyer beer AL th supreme court hus decided | ghail be requirey ¥, and shall pay to tho | tr | e required Ay, @ \ 1y iothe | treasury is constantly changing, as the | tories, the moneys in his hands belgnglpe i e e Rnme Btk 't though half a dozen othierwise. There Is only one thing t tato for the privileke of holding any such de- | records. kent by e 2en o it Tonging to [ thus invested In the name of Mrs. More h It and auditor, | the several current funds, subject to pay- | house was protected by {he statute againat | sulted from the charges A ’ PUT AT 1 " o Aoy el (BREMRACORIRVRRC IS | DOV, OGO MR LY e S imbe R (roepot Y81y i1t o154 5 AhEtor opilois || THGHE DK HB L Iramsteied Chbon Tt v Ls] || Louse ¥ Teteota L L e e el i ’ ! (N[ cducational funds in securities contemplated | U00n the amount so deposited, as herein- | pubiic r this court is bound to take | along in the same soction {1 can make no difference whether the T W : ki VIR LY VY |\ Ji\ L by the constitution and the statutes, This | berore Provided, and subject also to such | judicial noti ing and keeping such deposit itor took any written evidence of this | A8 the story goes Mrs. Tusler came i DERP oS0t I5nal NG ind! anea.| N::‘V]\-m:“.w]‘\nv;-’nlm\l‘n;; ‘IH\:» Iv“m :;u’ 'r!\’” CONCERNING COUNS CONTENTION. | t0 pay the state not less than 3 per cent | investment or did not. The to doos not sl U ORI UL ORI SAL L”.'t. I“SUHA‘“;E GJMOA“ will do as rapidly as possibl Thero' are | calving and. holding such: dopeelts, - We do not entertain a doubt as to the | PCT ANDUM upon the amounts so deposited; | require any particular species of evidenco n part of th ite. Thi t i I YA many dificulties fn the £t Section 2. The amount to be paid by any | *INKINg fund, relief fund, which fs also a | 4Nd the next section provides among other | thut the investment has been made: it only | possossion came about through the death g u ficulties in the way of the rapld 2 Tha g this | #inking fund, and the permanent educational | {AIN8% (0 substance, that the interest shall | requires that it shall be made in her name, | of ner husband. s \ich oecurred some year Post e mioneys i cach of which, counsel | 1 ¢ anputed on the average dafly balances | or in the name of a trustec for her benefit Hityors: Havo: bedh” iors. actve igana ! 1K of the public moneys kept on deposit. While | Mc oaned is ‘invested’ in a debt against m deposit shall be computed on the avera current funds 0 it mol ¥ BT 14 Liatin thelr agents to all parts of the state and | Gl moineen ot the Public manoys Kept oy | Within the meaning of the law, The sinki the statute mentions “safe keeping” when | the borrower, If a promissors note s taken ; Al pad on bonds or buy them before they can | deposit therewith, and shall be paid and | A0 relief funds, now aggregatin el provisions are construcd togetl for it in the lender's name the e GG UL UL L L L be offered to the stute. Then, oo, the state | credited to the state quarterly or the 1at | $25.000, consist of mioneys d from s quite clea he transaction con- | the evidence of the investment ecures | Of the property ¢ ranch has rally desired a greater int R ) ATl Toly v Octaber of | tnxes fevied for the purposo of paying the | (cmplated does not amount to n special e | it to the tendere It me e taken thio | Went well, bt cventually ‘eomplaints than privata invostors havo oxacted. The | ench and every year, and the treasurer shall | Interest on outstanding bonds issued by the | POSIt. ~Who ever heard of that kind of a | money 8 nevortheless. “nvested ia (o AL e SRR board has now concluded to buy bonds at | require overy such depository to keep separ- | State, and for the purpose of paying the | YePOsit of money being paid out on checks DL OBKInEL ENGbOT oW S una i in = tie! | M PIOYRTLACEE (KO HENE) CIRERter ik a rate of intercst as 4': per cent o accounts of such several funds of the state | Principal of said bonds when they becomeo | oF “g a banking institution paying for the | lender's name."” il L i A LR e pobe (o bo abls o buy:aigroat many | wa=maylie deposited; showing the name of:| 20 o moness constituting thesa two | Privilese “of holding a special deposit of MANIFEST INTENT OF THE LAW. the next camo u fow months_ lnter oo Tigw basly ch fund to which the same belongs, and [ funds are collected and paid into the | ME% X The conclusion s irresistible that the A for the purpose of adjusting the matters | Why would it not be advisable for the : Ak - | treasury from time to time, precisely the : itical Moneys deposited are not | o : 4 | Doard o desikmate. s frene Gty ouhe | Hhe amounts and sums paid to the state for | tre the. taxes are collected and palq | Tedulred to bo returned, Obviously the bul | [rMers of tho law under review con- | of difference, AL that there was a | ISEURSEMEN TS, . d"bo present wiien_ largo blooks | L@ Privilege of keoping the same on deposit | $2me as tho taxes are collected and paid | fCHHICE to be . templated that the moneys deposited in pur- | pugilistic encounter and the two Nebraska #1,436,015,00 the staic and be present largo blocks Rl AN AT ot et R ds re- | Into the goneral fund. ~The interest on one | FeCelVing them had the right to use and | {emplated that the mon R LU AUCULEL L Y ! of bouds are offered for on a compotl- | 35 atoresald, and ench of o FMQ .finds Te- | sat of the bonds s puld by the stato treas. | CONtrol the money as its own, It coul | Suance of the provisions thereof shiould be | men came back. considerabla. the for tive busis? 4 urer annually, and the other semi-annuaily, | 1020 the funds for the purpose of earning retained by the bank receiving the same | wear. § account of the fund or funds so held on de- [ U] the money with which t v for an indefinite period of time, and be Yesterday the c t ould © sucl agent could o permanen school d permane oney wit C 0 i he stipulated o Lacles 1 pots . terest: dus the BALS: A Qeposit o + | used and ivaned by it as its own, the bank in the c office, and e e university, norm hool endowment and | AV Posit of state | 1w aer obl AN EOreDaAY L Yot v d ol could do the work when necessary But “}‘l“ (o each bank designated as icultural college endowment funds con- | funds under the provisions of the law | Pein% SoRits 1 o Yiia ’.,"J,:;‘»’,, or the e b s sush a plan would necessitato a congideraby v on 3, each bank designated as titute the permanent educational funds of | AMoUNts to. a loan or investment of the | %0 oSt Ol L pbrenan L RRUBHRING UHAMIC LI RARICALA {pense which the board 18 not authortzed to | SeRository unfier the aet e required to give | 0 "a10” Tiia pormanent. school fund fs | f4nds s doposited. As was sald by My | check of the stato treasurer. There s no rud b Gl b I IO Rt [E izl bein gona iueniizor (1 00NG Slorithie aatenKespinEbaml iy ment a | Justice Miller in his opinion in Marine Ba room for doubt: thatewhore money Madison and try to fix watt the leglslature to pl a small contingent | °f all deposits and the accretions thereof, con composed of the proceeds of the sale of lana o 3 5 B i | ¢ i S vs Fulton Bank, 2 Wall, 236, “All deposits | POsited under this act, the bank receiving | <o that they would be sulis fund at the sorvice of the board i order to | ditoned that it will render each month to | by the state and of the redemption of A LU cnable It to compete with its more active | tH State treasurer u statement, in duplicate % 4 same is not a bailee, which would be | pa concerne Vi Lay Unitani Rt e, SaniSsteutoueitiangamy (S DG DLoKers mavEbajlvldtalintojtwol S IS D ESH B an L Sl ROt LS purtien)s conearne s Qv D ve county bonds belonging to said fund, and of | ¢lasses, namely, those in whicl the bank [ the case if the ti ! b pacons compatitors, By so doing the State weuj | Showing the several daily balances, and the itypond il & of n & por contum | becomes bailee of the depositor, the il | in the state after the same was recoived by Was introduced to K Phe meeting undoubtedly save a great deal of intorest, | AMOUNL of state moness held by it during | © Bl by R COTIEromtoR | 1l Chal s s E st o | OB B I deboaItal Fa Al with the | the bank. Prior to the adoption of the 1s in o drug store, au s00n as M Rk L ow credited separatcly, and for the | (ol tional funds I composed of tho pro. | MONeY pecullar to banking businees, is | 10 12w authorizing or requiring the deposit | avers that Keonan went back end of s S R payment of the deposit and the accretions ABOL IRING THE MONEY 5 LlioEi0R.c Uboht (S EprtRs At ot eds of lands which have been set apart | Which the depositor, for his own. con. | O public funds in banks. It was, however, | the store, where he armed himself with ““You have noticed, governor, that the opin- | {ha eherk of the Siate {reasarer \ w50 | for the purpose and sold by the state, and venlence, parts with the title to his money, | Renerally understood that cach of the former | heavy cane. Refurning to the front of t0 1 Rgtnay L o ‘Tedemption of sseurlties helonging 19 | and loans 1t to the banker, and tne maris: | stato treasurers had loaned the state fun i, he waved s weapon in the uir and sn handed down by Chiet Justice Norval | tnat such depository will faithfully dischargs | rademption of securities belonging to | A1 lowns It to tho banker, ang (i JBLLer | (" various banking Institutions of the state aimed, “G—a d—n you, I'll kil you Thtlow that there Is nothing In the interpre- | 1o trust and comply with the provisions of | 53id funds respectively. = Fach o and the right to use it for his own prefy | for their own pecuniary benefit. The stato | Suiting the action o the words, he c adon of the law glven by the spureme | tyo get, The section further provides the FE e e D BRI e s e foe s Joprevent the leglslature from onact- | form of the bond, names the ofiicer, with or an; such use of its | menced to beat Healey over the hea moneys and it was to remedy (Lis that the | knocking him down, after which he turned ing a law authorizing the state treasure which the same shall be deposited, and for- deposit the moneys belonging to the ed BlOatEHaE(renkar are iy InETonaanosI SN any. was enacted, rather than to | his attention to the deponent, striking and 1 fund b i 1 1z of the moneys | beating him until outsiders interfored tional funds in a bauk or banks for i SREercee o ol A e tontedin oyt atalent AL L e that the leelslature can still pass another | M1 O S R s funds” In the sense in which that term is | debtor and creditor is thereby createa ana | and manifcst object of f O ot i S QAR AR, Re Thom Finfer low correcting the mistake evidently made | FORDIDDEN TO MAKE A PROFIT. | {M0de] 1% (0] tenip 1o WHEL el (60 & | the trancaction, although catied o epceie R R bR B RGE Gl e iR B SR in the origtnal law 2 i provides that “The making | the general fund fall within the definition, | I8 nevertheless, in substance and legal effect, fj”"" i by Ntho AiAtMLaTS st mnchiva | ath DAREIaRgtrom Y A0t Lok o o=t Tas (s “No. To me that part of the opinion lirectly or indirectly, by the state | and all concede that the law applies to the | & 1oan, and this though it is payable on de. | conter IR ERb e G e o ey Y aEpO K Cacl | COn NI m ALLAES SO AABATE wa i hTor ns simply that the legislaturce may, if it | treasurer, out of any money in the state | fund last named. In the language of counsel ;\;32(1 ‘(_m mv‘l"l" 1|”“lu;m;| of ~ Albany n; loanjoriin yostmen ooy g s fit, order the state tr to deposit | treasury belonging to the state, the custody | for relator: “For the purpose of the bus g] 7 d, ; Perley vs County o 1 Ao talob iTe lentoma ¢ i v 3 the seliool fund in some declguated bank, | of which tho state trensurer is éhargod With, | noss of a great state all ‘funds aro current | Muskefan, 82 Mich, '132; State v Exeous | its moneys on the note of ity customer; and Marrin LLAPLULNEG: but that he can not do so with the idea of | by loaning, depositing or otherwise using it, | funds so long as they remain on hand, or [ fors of Bultles, 30 §. 30d; Aetna National | if this R he Ok (g nermanant alita - ] RS collecting interest for the same for the use pgsiting the same in any manner, or the | not' invested.” Shall we by the use ot [ bank vs The Fourth National bank, 46 N. | {0 e I o Eron thar 1s nothiam | The following marriage licenses were fs- of the state. Or the legislature may pro- | removal by the state treasurer, or by his | jugglery of language cxtend the provisions Lowry vs Polk county, 51 Iowa, 50 | tonal funds in bunks, then there Is nUNE | yuq yesterday Vide additional safeguards for the funds by | consent, of such moneys, or a part thercof, | of this law to the pittance of the general | LONS vs Ensly, &7, 16, 11; in re Franklin | t0 BroyentftheileulslaitanirompenaaLl Name and Address. ordering the construction of perfectly secure | out of the vault of the treasurer’s depart fund,as we often find it, and deny them to the ank, 1. Inl;::», ch. 249, Wray vs Insurance | Jaw authoriz "Ln‘ :; :.'.’“u\-"'..u/.m e 3 088, vaults and safes for the storage of the money Encred:trust funds:of the state? Theae:trust . 34 La., 58; Bank vs 42 Pa. st., | tional or trust funds s 2 2 N in the state house. I do not believe that | excopt for the payment of warrants ¥ | funds are current, in that they should have BERvingslInasian Mo, | WdidutisechrlHOn L O enRE man S thiorRory e A . 4 1,00 01 under this decision the legislature can pass | drawn or for the purpose of depositing the | and in that they demand constant attention > i 2 gy -:]‘ R T LT e B s e i e th Lo ®1,0 a law which will either divectly or indirectly | same in the banks selected as depositories | hourly, daily, all the time, looking to their LAW OF DEPOSITS. ORAGLeC ‘""“! Have cuoted M. B. Long, South Omaha........ has tndorsed (hereon e cash gur- permit the investment of the school funds | under the provisions of this shall be | profitable, manent investment. . These | In Foley vs Hill, 3 House of Lords caxe [ 19 constitution above quoted. =~ = A pAdenD . nsurAnee viies. (o by louning them to banks as contemplated | deemed commission of felony and on convie- | trust funds are current, moving and chang. | 28 Lord Chanceller Gottenham said, “Money, | ~ But it e aierEfen i tonr1EF iy anbaRAIl wluich the fnsured iy entitled by e Masstehuses in the original law." tion thereof shall be subjected to - punishment | ing funds, increasing and diminishing. when paid into a bank, s altogether | NOY bh !“‘“h\;‘“‘v sbaaitaatinaBa e ntlL LIFE RATE ENDOWAENT Pollalos are ave you heurd tat somo of the Omaha | in tho state peaitontiary for the term ofnot | ' respect o two' of the other funds of | (o be th money of the. prncipa, Tt 1t then | 1ot be temporarily doposited in bank wnti s a1 tho ol 1te” re promitin. ANKUAL banks had threatened to undertake to com- | more than two years, or a fine not exceed- [ the state treasury, the temporary school and | the money of the banlier, who Is bound to R e s G AR b AL Bollclars pel the state treasurer to keep the educa- | ing $5,000, and shall also be liable under and | temporary university, which aggregated at | roturn an equivalent by paying a simifar sumi|\ 1o presented. ot bolh et IbAkedor Biine appHontic 6 Db Dae Off A, tional funds in the state house? upon his offcial bonds for all profits reallzed | the close of the last’ year more than §360.- | o that doposited with him when he s asked | terms forblds thelr being “loaned or i g g BENJ. F. STEVEN-, Fresid eqave heard that such a plan had been | from such unlawful using of such funds. | 000, it may be observed that the first of | for it. The money pald into the bankers is | Yested” e e et eniolad toiAha it Lo s R talked of, but not from any auth qurce | And it is loreby mado the duty of the state | these Is derived from a tax levied and col- | money loaned by the principal to ho placed | 48 We have already attempted to show, the 3 AL M ONTH of Information. I do not beileve any of the | troasurer to use all reasonable and proper | lected at the same time as other state taxes | there for the purpose of being under the son. | 4eBOSiting of the T DT e L £ RULL, S : Omahu banks contemplate such a proceeding. | means to secure to the state the best terms | for the support of the common .whno‘h: of mlr- trol of the banker. It is then the banker's ‘l‘{‘: ‘““ "[""I':"I"U:"‘_“I“V"HI_ ‘;: “““‘”‘“; 0 1"|”,IT| aha > WAL B TURNE Asy’t Secretnry I do not believe it would be advisable under | for the depositing of the money belonging | state, together with the interest and rentals | money; he is known to deal with it as ni | posited te SO ad CHE ¢ 3 the circumstances. The law and the consti- | o the state. consistent with the safe Keep accriing from the sale and lease of school | own, he makes what profit of it e e investment of the money. [‘,l..'".,,\“'1:..::’6‘\:"‘: / W. J. FISCHER, General Agent, {jtlon reauire the state treasurer (o Keco | ing and proipt payment of the funds of the | lnds, and tho intorest recelved fram (ho | WHICh profic o retaina for himselt, paying | DeTson borrows money for an indofin K 5 328-329-330 Chamber of Commarce, Omaka, the funds, and it holds him alone responsi- | siaie when demanded.” investment made!for, tha beneflt of tho per: ||baok only the principal,inccording to'thecuss | RSFicd; payable on' demand ot the lender; 3 _— ble. Under provious decisions of tho supremne | ~The next section presoribs the penalty | manent school fund. The temporary univer- | tom of bankors In somoe. places. ot the poia | 10€8 not Ak {cho LTansantion any, e ase fourt, the State cannot, recover for money | for tio willful failure o refusal of tho state | sity fund fs supplicd from a tax Tovied for | cipal and a small rato of Intorést, actording | & 108n than It the menes had been taken lost by the act of the treasurer in deposit- | trosurer to comply with the provisions of | tho support of the state university, Which 1s | to the custom of bankers In other places | for @ fixed long LR R e b ing the same in a bank from the bank itself. | (1o aet, likewlse pafd at the same time other taxes | The money placed in the custody of a banier | & eauaily :lrml as regards the deposlting of It can only recover from (he treasuror of | Gounsel for tho relator inslsts that it is | aro collected, and by moneys recoived from | fs to all intents and purposes. the. monsy oy | MONEY e R his bondsmen, 1 believe the state treasurer | gho duty of the state treasurer to keep on | the interest and rentals of lands belonging | the banker, to do with It as ho pleases; b | Money is e . £a iy should be held responsible for state funds. | Goposit in the several banks designated as | to the university endowment fund, sold and | js guilty of no breach of trust in emplogin || Lhostransaction 18 atoar e ot 1t scems to me that it should make no dif- | gapositories all money received by him be- sed by the state, together with the inter- | jt; he i3 not answerable to the principal it he We are satis ledfbotiEcram renson fand ference to the banks or to any one else Now | jonging to the state, while the respondent | cst on securities belonging to said fund and | it it into jeopardy: if he engages fn g | UPOR L S (e LB Al e cares for the funds, providing tho state | cyfandy that the moneys belonging to what | tuition fecs. The moneys composing the | hazurdous. sposuintion” he 1o cosu68 i 8 | moneys bolon T R e i ndemnified against loss. Of course, [ 8y | i’ commonly known as the “gencral fund,” | temporary school and temporary university | keap it or doal with it as the propests ot g | tonal fund O s ihis In the ight of the doclsion of yostor: | 4’ fund created for the purpose of paying the | funds aro paid into the state treasury s | prifcipal, but he is, of conrse. amwepyy | Provisions of the dep ¢ of the funds so d A e day. T would have much proferred to gee the | gjarias of the state officers and defraying | often as the moneys constituting any other | for"the amount beeauss he nes omeeracl | a loan G LRI Brings comfort and improvement Anc funds deposited In such a way that the state | o general expenses of the state govern- | fund of the state are paid in, and more fre- | paving recoived that money to repay to the | Posited, and Weo do not_wish to bo under. | tends to personal enjoy ment when would recelve the benefit of the intorest. | ont; aro' tho only monevs to which the [ quently than the moneys belonging to the | piticih SNl Ikt Manex, to repay to the | congtitation. N least intimating that the | rightly used. The many, who live bet- The constitution certainly needs 0 be | jopogitory act applies. The principal con- [ gencral fund. The moneys composing the | PR E B MTAISE: @ s equivalent | gigod as intho tlogs (0 enact o Taw re. | ter than others and enjoy fife more, with amonded on this score. Tho fucilities for | trovaray In the caso is as to tho meaning | temporary "school fund are apportioned | ifio"subject of discussion. in vatlous. cascs Logleletisel o o varlome ol e e T [ expenditure, by moro promptly FEer e estm « dle funds be- _ Eatiisa R i s | among the counties every onths, Fr YA o therelas | 6, B0 » 5 5 { can seo o hope of further leglslative action | §0clLjong ‘of the courts of other states do | Ury drawn by the auditor. The moneys be- | {170 Situation of banker and customer. That | o' hanks tor safe keeping merely. Pernaps | - (abClg (8 SUGC G PURIR (8 " i S A et s the power, such is not the scop d A until the constitution is amended.” not_ ald us in our investisation. In fact | lonklug to the tomporary univorsity. fund | iloy orbankor and customor, tho banker.ja | 1 asthe power, but such is not the scopo | - (ic valio Yo health of the pure. liquid . UPHBLD MR: BARTLEY, ve liave toniunahlosto finaia iawiuson tho [R50 itk tad BRIILE SN e, oR Abes inot anlsent oraotaritilieflatatdantoryn |sant et sbitadlnwlioloro e, mlnte 1 acy tive principles embraced in the ] State Treasurer Bartley said to a Bee | lating to the 2 ke e ot . > | Fund commissioners deposited with the Col- oneys deposited are to-be returned. Its excellence is due to its presenting reprosentative. that the court slmply adoptod | in panks, preclsely like our own thensintare foonatantlyilncreasing Rand sdletts T s o R e 100 000 Koty | Iuoneyald pesteiaR e sl il ity plea tho view he had held from the very first. [ In most of the states having a depository | Minishing. e Sl money and funds of the state, belonging to HINT TO STATE OFFICERS. 1 st ”11‘:‘_ iand plone lo was naturally gratified that hia Intor- | law, the treasurer s elther required by ex: | SHOULD APPLY TO ALL STATE FUNDS. | tho canal fund, and In consideration of which | Tho amount of uninvested moneys be.| Nt tothe taste, the refreshiing and M y pretation of the law had been confirmed by | press enactmont to deposit all moncys that There fs no word or provision in the act | (he company gave a bond, signed by various longing to the several permanent educa. heneficinl propertics of a perfect lax- TO the supreme court, but added that had the | shall conie into his hands, or else tho statute | we are discussing which directly in terms, or | persons, to repay the same In (w0 years with tional funds of the state is large, and.op. ative; effectually ciennsing the system, decision been the other way ho would have | specifically enumerates what funds shall bo | by fair implication, limits the operation | 7 per cent interest thereon per annum, pay- | portunities for the permanent investment ot dispelling colds, headaches and fevers followed the law to the fetter, deposited”in_hanks. Of course, the phrase | thercof to tho monoys of the state belonging [ able annually, In an action by the state | Duoe moneys In the class of securities and | and permanently curing constipation, “Undor the Interpratation of the law glven | “current funds,” as emblovad In commer- | to one fund more than another. "On the con- | upon the bond, the court hold that the ads | bouts dessined In the mmstnoariuies aud 1t has given satisfaction to millions and by the supremo court,” suld Mr. Bartley, | clal transactions, has a fixed known signifl- | trary, tho subject matter of the act and tho | vancement of the money to tho insurance | horemins o feoyiney Copstitution are daily B o “from one-third to one-half of the mone; tion. Thus, these words as used in notes ' obvious scope and purpose of its provisions company was a loan, although the bond de- | in the treasury belonging to these trusts met, with the approval of the medics i the hands of the treasurer will be subject | or bank checks have been fraquently defined | conclusively show 1t was tho Intention of the | nominated the receipt of the monty as a du: | o e antly- increasing. That they should [ profession, because it acts on the Kid- to the operation of the state depository law. | by various courts as meaning current money, | logislaturo thut the statute should apply to | posit. be invested so that they will wield an income | neys, Liver and Bowels without weak The funds that may bo deposited under the [ lawful money, par funds, or money circula- | all funds of the state alike. An examination In State vs Keim, 8§ Neb., 63, this court | to the state mo onc will deny. But the | ening them and it is perfectly free from law as outlined by the court are the general, | ting without any discount. See Galena In- } of the provisions of the second and fourth | pald that a deposit of the state money by a | remedy in part, at least, must come through | every objcetionuble substance. sinking, Insane and rellet funds, the lattor | suranco company ve Kupfer, 28 Il 832; | sectlons of tho law strengthens this conclu- | uiate tronsurer in @ bank, was. a loan i 1ts | Lo easeiybart at least, must come miied |l SYETVIAR AT e e being practically a sinking fund, I shall | Wharton vs Morris, 1 U. 8. 125; Hulbert vs | sion. By the second section it is made the 1 effect. This case was cited with ap- | courts cannot, under the guise of interp BYrup.of X IgRAn10r: o MR ittt keep these funds on deposit in the banks | Carver, 40 Harb., 245; Phoe Insur duty of every bank designated as a deposi- al in First Natlonal bank vs Gandy, 11 | tation, extend the powers conferred by the sts in G0c and $1 bottles, but it is man- signated by the governor, secretary of [ company vs Allen, 11 Mich., / tory “to keep separate accounts of several Neb,, 431, constitution beyond the scope of its pro. ctured by the California Fig Syrup state and attorney general. 1 feel convinced | Emigrant company vs Clark, Towa, funds of the state as may be deposited, It is uged that the Nebraska cases cited do | visions. Co. only, whose name i.[.r“.lwlun evi that the Board of Educational Lands and DEFINIT CURRENT FUNDS :hu:‘\-mlflq‘h"-«"“"“‘] h'('flnf fund to which the | o apply to the questions here at issu We have not consider nor do we now packs ge, also the name, Syrup of I Hunas’ Wil invpst the ldl mensysjn itho:| VA1l will esvés, wo. think, that the nhrase| | SMS RElchER aud ithe amaunts AMhoouma | sinco at the time they arose no law was in ' determine, whother the refator has such an i being well informed, you will not SPEGI ALI S.l. scliool funds as rapldly as favorablo oppor- | ourrent tunds” wag not employed by the [ Bald to tho state for o SeivileRn.atikesiing S R R e 1 will frankly say,” replied the govern | s | was employed by the legislaturo in the se {8 not indicated i | indicated, yet the interpretation con since it makes no v m“‘.‘ ‘/’u'\‘:u)- y‘.u‘y‘ [ : ‘|“K al | tended for by respondent is not permissible, | keeping of the fund ited & | e ent funds in the state treasury, and any | While the amount of money belonging to | It is manifest from an exa tion With that opinion 1 guch bank may apply for the privilege of | the genor ¥ NETH sl Ll call any moment constituted a loan wonien who ire sl sty mps the courts of this county by the filing of toms of ool stavos of to ment within the meaning of me years ago tho s was incubat uflicient bond to indemnify i o, Boston, Mas and all banks under the provisions of t Offi nave, Boston, Mass. tuvestment of funds. One Is that private > 2 L BE act for the privilege of keeping public funds ago. After the Puslor Keenan was entrusted the affair 254.490.00 everal funds is continually angmented by moneys received from the sources indieated, B Lol a \d the moneys therein are diminished from | Part thereof on demand. he decisions are ALV time to time by the making of investments | Quite uniform to the effect that where money | depository law I for the benefit of said funds. Hence, the | UePosited in a bank is passed generally to | Provide for the safe keep under its provisions as where a bank loans | the case to be called for a final hearing. ) 823,201,160 tunity offe Tnde e new rule of the egislature g the statute el ! unity offer Under the new rule of the | jegislature in § (e statute Under | op%usia¥funds respectively shall bo. orediiod Prosident = — board §200,000 worth of Douglas county | consideration in same senso in which s ds 1 bk 2o it N U BT Donds have been purchased through a private | that term f8 used in. commercial dealings directly the account of the fund or funds - HEW ERA "toiyaw 'y within the past ten days. You have | mhe same “current funds,” like many other | 50 held ;rn deposit, in_proportion to the » [} AND iy noted the large purchaso of Lancas- | words in our language, Is suscoptible ‘of | &OUNt of such fund as held.” There Is no l]F Gl SUBGIOAL LISPENSARY tor county bonds made some weeks ngo."” woro than one meaning Where n word s | AMbIEUILY In this provision. Plainer Ian- X , 1 aSsuisution Prae, JUDGE NORVAL CISION omployed In"a contract or statute which | S could not have been used. It show . mont N Tho gl text of iOhiet Justice Norval's, |-has difteront meanings, the ‘a0 o whloh | y,"4oFdencated, andiithe depoaitory ehomi Easily, Quickly, Permanently Restored. h Privato opinion, exclusive of the syllabus, which was | It Is used is gashared. from the eansiliyeo Ty saha ate hooount with aagh tund! Jacasa. Yx published yesterday, is as follows toxt It 18 an slomantary tula ot oanstenos |/ =y beo ot e b on e IOk o Iharel doted Wealkness, Nervousnees, | (i) NN T S o ¥ given, it possible, il d all the trai his s an application by the relator, the | tion that edect mu given, It possi above, makef R S MR 4y Ny Deslity, and u in 3 L - Firal At ke e Gratm Faiatard the |1 HIOR, S Sy or, ClRt iterico of a stat- | 4bove, makes it tho duty of the stato troas- af ovils Fom catly errors of sl af et o B | s T, S, Yo, Sl S |t S ntil Further Notice. L ent to depokit with fdlator a portion of tho | e varta harmonize with ench othor, andi| giaieh aug it is also made a telony for suoh opment and tone given to moyeys In the state treasury, according to | TR them consistent with its gonoral | St 00 1S S i 8 felony for such Loevery organ and portisn to Provide for the Depositing of State and Babeock, 21 1d., 699, If we apply the fore i ¥ Bab ! ! 4 posing of it;" and the removal of such mon ssiblo. 2000 references. Book, County Funds in Banks.'" going rule in the interprotation ot the law | o "o Tho "thorent "by the treasurs or with ofs muiled (sealed) froe, AL U N 1B MANEN | under consideration it s not a difcult d B his consent, out of the vaults of the treas. ? 0 tho 9th day of Janua gover- | task fo aacertain tho legislature's tntent. | yry “or any legal depository, except for iha : ERIE MEDICAL CO., Buffalo, N.Y, iavar dpar wiion 4020 by b 6onIpelast maa In’birsuance Gf. tho. provisions Of s acy, | yhich cometo" the state ‘treasiry from | KAYIIENL 0f Warrants or tor’ the Valsated. o e m G0 19 BB th W, DALRY, designated the First National bank of Crote tme. to ““I.“ e ther by constitutional depositories, 1s also declared a felony. 4 gruduat dentiet Dlace tate 8itc nd of ST ja | Provision or gislative enactments, appli Whether t this sectd & ¥ teeth In . y nuche as a state deposi and on sald duy said | GIRESO0 00 OIS e and are dleiy hether or not this section is legal and 4 ¥ ; a3 0 a bank executed and delivered a bond con valid as a criminal statute is not now in ditioned as required by sald law, which bond, | It0 several separate and distinet funds, ac- | y50q*ang will not be declded. 1t consin: it only three othor panks heve” comoers: | bo devoted. ‘We know at tho time this law | b8 and object of the legislature in enot- o accomodate our friends and customers that only three other banks have complied | oo FETRECH, )0 KRCI G0 RAG Line LIS 1AW | ing the law, and that the power .: deposit Iatur o v o il “hau o" Lo dopaa | 1k snch baving'n wal uniorsicod, and | & the moneys In tho state tressary or the | b o are not able to visit our store in the day of stato funds, and that the amount of the | ShhroPiate o |\-;uh\l1l|?hl”l:\ LReapraL fund. | ferred, and we think it has been, in piain | » . n 3 { n Wi I Y100 o g O sald othr uDks | oera”which ¢ i unnecestary o stop now | (£ o far s the logiswre possessed | time and attend this the erandest sale of Dry : JA “Curp theud Wolses & a hich the respondent 1s authorized | the words “several current funds” were em £ B 4 NST NAL? s . 3 S i g ot \ - S Chieago. at any Lo o have'on ebouit ‘I il of | Sy o (he eatetaes e sarined o | Thin e an o aumioNALt | Goods in America, we will be open evenings AR o : sald banks pursuant to sald act, is $150,000; | the various desighations or dlvistons of the | another question, and that is, whether the 1L . i o i {umespondent has votused o dopouit any | publlo moneys of the state. ‘Manifeatly, the | act which we have beon consiaweing s une | Until further notice, m Nutive To St of the moneys now in the state treasury | construction placed upon the provisions of | constitutional insofar as it requires the de X men,moeS M e e o With the relator, although requested o o | tho statute by respondent's counsel is en- | Posit in banks of the moneys i the tr asury | Wil be held at th | do; that respondent at the time of such de- | tirely too narrow and strained, and should | b longing to the several educational funds | not obtain. To adopt it would violate the | of the state. Seetion 9 of artlels vill. of | wamne KT NINRIWE My nam [t be heid a moueys Lelonging o the state which ho i | Tule above stated for the construction of stat- | the constitution of Nebraska reads us fol | YBEYD BYTMIEPYRT DI NPINI | i on Mondas empowered by sald act to deposit were al- | utes, which requires that some meaning, It | lows: “All funds belonging to. the stste B PR N¥H | Hircciors and Aoy, denosited In the sald several banks, | possible, must be given to every word In the'| for educational purposes, the interest sud ™ * | Al copt the 3y 2 WK BEEIYID BIRNEY’S Catarrh Powder mand and rofusal stated that all of the moneys belonging to followin act, sluce the construction insisted u, T o 3 8 act, siuce the constructio sted upon can- | income whereof only are to be used, shall | ey funds: Siuking, relief, perma school ot pre p > o 4 ¥ me P ind luking, rellef, permanent school, | not prevall unless we attach no meaniug to | be med tiust funds held by the state, | DUPYE N PBDINNYD KYT IS BN may in any manner accrue so that t GHORGE