Nothing in the act contained shall be held to prevent the State Treasurer from withdrawing any or all of said funds, so deposited, for the purpose of paying the appropriations and obligations of the Commonwealth; and nothing herein contained shall in any way affect the duty of the State Treasurer to keep a correct and accurate account of all moneys received for the use of the Commonwealth, and pay out the same only on authority of law; but the said State Treasurer shall be, as heretofore, personally responsible for a faithful performance of his duties under the law, and for a proper accounting of all moneys paid to him as State Treasurer; but he shall not be held personally liable for any moneys that may be lost by reason of the failure or insolvency of any bank, banking institution or trust company selected as aforesaid.