“ Rep. 741, where it was said: 'In order to come within the provision of the Constitution of the United States which declares that no state shall pass any law impairing the obligation of contracts, not only must the obligation of a contract have been impaired, but it must have been impaired by a law of the state. ”

“ A public officer may not loan, with or without interest, any part of the public funds in his possession, without being guilty of a felony; but he is required to keep such funds safely, and for that purpose may deposit them in a bank, provided they are at all times subject to his order, and there is no fixed period during which he has no right to demand their return. ”

“ In June, 1907, the bank became an 'active depository' under a statute of the state presently to be mentioned, and thereupon an account was opened with the bank as such depository in the name of the state treasurer, with the added designation, 'educational.' The deposits going into the account consisted of checks and drafts belonging to the state's educational funds, and the money collected by the bank on these checks and drafts, less what was drawn out by the state, amounted on November 6, 1907, to $288,426.87. ”