Rensselaer Semi-Weekly Republican, Volume 40, Number 7, Rensselaer, Jasper County, 1 October 1907 — Depository Law. [ARTICLE]

Depository Law.

According to law, the new depository law does not become effective until Dec. 1. On that day the governor, auditor and treasurer of state will meet in the auditor’s office to organize the state board ot finance, which will have charge of finding depositories for the state’s money. The city, county and township boards of finance will be formed as the new system is to supplant the old one in every office. Governor Hanley will be chairman of the state board and Auditor Billheimer secretary. The opponents of the new law predicted during the recent session of the legislature that bankers would refuse to handle the public money, bnt the indications are that there will he strong competition for it. There is no means now of estimating how mnch revenue the various forms of government will reap, but on long time deposits 3 per cent interest will be received; on other deposits 2 per oent. The amount is sure to be sufficient so far as the state’s funds are concerned to pay the expenses of many departments.