POLICY
Theoretically, the treasurer is a repre-
sentative of the legislature. Realistically,
because his administrative duties are sel-
dom politically sensitive, he carries them
forward with little reference to the legis-
lature. In fact, his day-to-day relation-
ships are closer to the governor than to
the legislature. For this reason, the treas-
urer feels that his authority should derive
not only from the governor (by appoint-
ment), but as well from the legislature
(by confirmation) in order that he will
be free to express strongly independent
opinions, particularly in representing the
legislature on the Board of Public Works.
He believes that the treasurer's func-
tion on the Board ©f Public Works and
on the Board of the Retirement System
requires a person .with broad experience
in the money-stock market. If the position
of treasurer was to be a full-time job or
elective, the governor would have diffi-
culty in finding a highly qualified person
to fill the office. The treasurer feels that
a well-qualified banker would not be will-
ing to give up his position in the finance
world for a full-time state job.
He feels that traditionally the office
of treasurer has been included in the
Constitution because of the need to state
how and by whom money paid to the
State is to be received and paid out. In
his judgment, the office should be in-
cluded in the proposed constitution with
broad outlines of duties.
The following section from Article 95
of the annotated code of maryland
describes the office of the treasurer and
its duties :
"Section 1. oath.
The Treasurer, in addition to the
oath prescribed by the sixth section of
the first article of the Constitution,
shall take an oath faithfully, diligently
and honestly to discharge the duties of
his office.
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"Section 2. bond — required.
Before entering upon the discharge
of his duties, he shall give bond to
the State, with security or securities
approved by the Governor in the pen-
alty of two hundred thousand dollars
with condition that he will truly and
faithfully discharge, execute and per-
form all and singular the duties re-
quired and which may be required of
him by the Constitution and laws.
"Section 3. same — oath of
security.
Each security on the bond of the
Treasurer shall make oath that he is
bona fide worth, over and above his
debts, not less than some specified
sum, to be stated in said oath, which
oath shall be endorsed on said bond
and recorded therewith.
"Section 4. same — sum sworn to
must equal penalty.
The Governor shall not approve any
bond of the Treasurer unless the sums
so sworn to and endorsed on said bond
shall in the aggregate at least equal
the amount of the penalty thereof, and
he shall be satisfied of the availability
of each security.
"Section 5. same — recording.
The bond of the Treasurer, when
duly executed and approved, shall be
recorded in the office of the Clerk of
the Court of Appeals, and certified
copies under seal of said court may be
used in evidence in any court of law
or equity in this State.
"Section 6. same — renewal.
It shall be the duty of the Governor
at all times, when in his opinion the
security or securities of any Treasurer
have become or are likely to become
invalid or insufficient, to demand and
require such Treasurer forthwith to
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