State v. Marron

Citations

• 18 N.M. 426
• 137 P. 845

Syllabus

<p>SYLLABUS (BY THE COURT)</p> <p>1. The deposit of the Permanent School Fund of the State in interest-bearing deposits in banks, under the provisions of Joint Resolution No. 14, Laws of 1913, is an investment of the same.</p> <p>P. 437</p> <p>2. Whether the word “securities” as used in the enabling act and the' Constitution is not limited to public obligations for the payment of which the taxing power is available, is not decided because its decision is not necessary to a determination of this case, and is not discussed by counsel.</p> <p>P. 439</p> <p>3. Said Joint Resolution No. 14, insofar as it requires the deposit of these funds in banks, is beyond legislative power and void.</p> <p>P. 440</p> <p>4. The Governor, Secretary of State and Attorney General have power to eliminate by means of disapproval any given form or forms of investment, and thereby bring the State Treasurer to one single form of investment, and in such event, he is subject to mandamus to perform all acts necessary to accomplish the same. Whether he does not possess discretion, as to the safety of the investment, which he may exercise independent of control by mandamus, not decided, because not involved.</p> <p>P. 441</p> <p>5. The alternative writ of mandamus in this case examined, and found to be inadequate to justify the issuance of a peremptory writ.</p> <p>P. 443-</p>