Each township treasurer shall keep a suitable book to be provided at the expense of the township in which the township treasurer shall register serially all township warrants which are presented for payment and which cannot be paid for want of funds. When such warrants are presented to the township treasurer and cannot be paid for want of funds, the township treasurer shall endorse upon the back of each the words “not paid for want of funds”, giving the date of such endorsement, and shall sign that person‘s name to such endorsement as township treasurer. When so endorsed, each warrant must bear interest from that date until it has been called for payment. Such warrants must be paid in the order in which they are presented for payment and registered out of the first moneys that come into the treasurer’s hands for such purposes.