With the above opinion I am unable to agree, and the reason for my dissent will be fully stated herein. The several State Treasurers, probably as a matter of convenience in bookkeeping, have adopted the plan of temporarily crediting all interest to an account called "interest on deposits of state funds," and have thereafter transferred the same to the general revenue fund or expended it in the payment of interest upon a part of the bonded indebtedness of this state. The biennial report of Treasurer Carlile shows receipts from interest on state funds amounting to $65,165.31 for the fiscal years 1891-1892. The same report shows that this entire sum was transferred to the general revenue fund of the fiscal years 1887, 1888, 1889, 1890, 1891 and 1892, as follows: Transferred to general revenue of 1887. . . . $ 250.82 Transferred to general revenue of 1888. Transferred to general revenue of 1889. Transferred to general revenue of 1890.. 140.68 11,659.14 5,649.42 26,064.46 Transferred to general revenue of 1891. Report of State Treasurer, 1891-1892, page 13. The said interest was earned during the years 1891 and 1892. It is apparent, therefore that the above opinion of the Attorney General was not followed to the extent of crediting the above sum of $65,165.31 to the general revenue fund for the respective fiscal years in which the interest was earned. It is probable that the above apportionment of interest among the several fiscal years was made upon the basis of the amount of interest received from the moneys deposited in the several banks by the State Treasurer, belonging to the revenues of the abovementioned fiscal years. The biennial report of Treasurer Nance shows receipts from interest on state funds amounting to $55,765.47 for the fiscal years 1893-1894, and this sum was apportioned and transferred to the general revenue fund of the fiscal years 1893-1894. Report of State Treasurer, 1893-1894, pages 24 and 25. The biennial report of Treasurer Mulnix shows receipts from interest on state funds amounting to $32,965.44 (including a balance of $448.89 received from the former State Treasurer) for the fiscal years 1895-1896, and the same was disbursed as follows: Interest paid on casual deficiency bonds...$ 3,000.00 Interest paid on insurrection bonds... 2,818.00 Transferred to general revenue of 1895. ... 12,385.72 Transferred to general revenue of 1896.... 13,761.72 Unexpended balance in treasury Dec. 1, 1896 1,000.00 Report of State Treasurer, 1895-1896, page 15. The biennial report of Treasurer Kephart shows receipts from interest from state funds amounting to $25,936.01 (including a balance of $1,000.00 received from the former State Treasurer), for the fiscal years 1897-1898, and this sum was disbursed as follows: Interest paid on insurrection bonds. . . . $7,640.00 5,994.00 2,000.00 9,294.01 1,008.00 Report of State Treasurer, 1897-1898, page 13. The State Treasurer was authorized and directed by statute to pay the first year's interest on the casual deficiency and Cripple Creek insurrection bonds out of the interest on deposits of state funds. Laws of 1895, page 181, Section 6. By a subsequent act the same officer was authorized and directed to pay the interest on said bonds for the years 1897 and 1898 out of the same fund. Laws of 1897, page 136. The several State Treasurers necessarily have in their hands and under their control, during their official terms of office, large amounts of the state funds, belonging to the general revenue funds of the several preceding years, or to special funds, such as the public school fund, the internal improvement fund, the university land fund or funds arising from the mill levies for state institutions. The moneys are deposited from time to time in the various banks of this state, and large sums are received as interest thereon from said banks. The Constitution of this state contains the following provision: "The treasurer shall keep a separate account of each fund in his hands; and shall, at the end of each quarter of the fiscal year, report to the governor in writing, under oath, the amount of all moneys in his hands to the credit of every such fund, and the place where the same are kept or deposited." Section 12, Article X. In my opinion it is the duty of the State Treasurer to open an interest account with each of the special funds in his hands and with the general revenue fund of each fiscal year, in order that the interest received from the deposits of each thereof may be readily ascertained. I am of the further opinion that in the absence of a valid law directing any other lawful disposition of the interest received from the deposits of state funds, it is his duty to credit the interest received from the deposits thereof to the respective special funds and the interest received from the deposits of the general revenue fund to the general revenue fund of the respective fiscal years, and not to the fiscal year in which the interest was earned. The accretions of these several funds certainly belong to and should be credited to the respective funds, and not to the general revenue fund of the particular year during which the interest was received or earned. One or two illustrations will serve to make this conclusion clear. Since the year 1890 there has been at all times in the hands of the several State Treasurers of this state, of the revenues of the year 1889, a sum ranging in amount from $160,000.00 to $89,000.00. The interest received on this sum has been from time to time credited to the account known as the "interest on deposits of state funds," and afterwards transferred to the general revenue fund of the fiscal year during which the interest was received or earned, or has been used for the payment of interest upon a part of the bonded indebtedness of the state. There are a large number of outstanding warrants of the year 1889 which have not been called and paid because of some question as to the validity of a part of said warrants. The validity of a part of the said warrants and the invalidity of others has already been determined by proceedings in court. These warrants are all drawing interest at the rate of six per cent. per annum, and it needs no argument to show that whatever sums may be received as interest upon the revenues of that year, should be credited to that year and should be available for the purpose of paying the principal and interest of the warrants of that year whose validity may hereafter be determined. Certainly there can be no justification for the present practice of holding the revenues of that particular year, and which are primarily available for the payment of the outstanding warrants for that year, loaning the same and using the interest for the purpose of paying the expenses of subsequent fiscal years. Under the several acts of congress and the Constitution of this state, the interest received from the public school fund must be expended in the support and maintenance of the common schools of this state, and no part of that fund, principal or interest, can be used or appropriated for any other purpose or transferred to any other fund. Section 7, Enabling Act; U. S. Stats. at U. S. Stats. at Large, 1883-1884, Chapter Sections 3, 5 and 10, Article IX, Constitu tion. The State Treasurers of this state have at different times had large amounts of the public school funds in their hands awaiting investment in the bonds or warrants of this state, in the manner provided by law, and have during the time said moneys were so held by them, deposited the same in the various banks of this state and credited the interest received thereon to the account called "interest on deposits of state funds," and the interest has thereafter been transferred or expended in the manner herein before set forth. In my opinion it is the imperative duty of the State Treasurers to credit all such interest moneys to the public school income fund, and to cease the practice of crediting the same to other funds or diverting the same to other purposes. What I have said by way of illustration in reference to the above-mentioned two funds is equally applicable to other funds. The interest received on deposits of moneys belonging to the general revenue fund for each particular fiscal year should be credited to or transferred to the general revenue fund of the particular year to which it belongs and of which it is an accretion. After the expenses of any particular fiscal year have been paid, the interest received from the deposits of the moneys belonging to the general revenue fund of that year may be lawfully appropriated or transferred by law in the same manner as any unexpended balance in the treasury belonging to that particular fiscal year, but in my judgment the |