Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1836-10-26
For the Telegraph.

For the Telegraph.
What shall Vermont do with her derosite
of one million Of do lars of the surplus
revenue:
In my last, Iquoted the act Of Con-
gress for the purpose Of showing that the
surpl us money was not g1ren to the States
that the general government or its
agents have, by lac, the control of, with
power to call for it, whenever they deem
proper by Legislative appropriations to
create deficiency IN the treasury. Be-
sides, it is notorious every where, that had
the bill passed the two houses of Con-
gross, making the transfer of the money
gift to the States, it would never have re-
ceived the sanction of the President.
We ask then, in view Of the above, is it
prudent TO apply the deposte ofthis State
to objects of internal improvement, or to
any other object whatever, that will swai-
low up the money principal and interest
fso, we have onl y TO say that the people
will be compelled, ifcalIed upon, 10 raise
the whole amount by an oppressive d.
rect tax on themselves and property--or
an enormous debt will be left for their
children in future generations TO cancel.
Much better would it have been for the
State in such case, that she had never re-
ceived her share ofthe surp lus. 1t would
prove curse instead Of blessing. But
we are told that the States will probably
never be called on TO repay the depostes
The answer to this is, we are legally
bound. The Secretary Of the Treasury,
when authorized, has right to demand
payment and when demanded we are
compelled to cancel the 6onA Every
principle of law or morals, if the State re-
CARDS common honesty, would place US
under the strongest obligation, in such
case, to repay this money.
Having said much more than we at
first esigned on this subject, We will close
by remarking, that sound policy would
seem to dictate that the surplus belonging
to this State, should al all events, he kept
in general fund ready at all times, on
the requisite notice, to meet any calls
from the United States Treasury. Our
own safety and 4 proper regard for the
future require this, and nothing short
would give reasonable satisfaction to the
people, Let this fund Be prudently man
aged and loaned by commissioners ap-
pointed for this purpose, residing in differ
EMS parts Of thu State, or ty the State
Treasurer, where the security is perfect
~ ample, at six per cent. interest. Should
the money be loaned in spec fled sums,
not to exceed a certain amount, it might
prove benefit to the business part of COM
munity in obtaining accommodations -
and if the security were real estate, e.
c!ud ng buildings, there would be no dan
ger Of .oaS tothe State. We have named
per cent. interest, not onl y, because the
use Of money in this region, as every one
knows, is really worth the above rate, and
the market value throughout the country
is usually much higher; but, because the
larger the fund created by this interest
the moe will it lessen the burthens and
taxes of the people in defraying the ex.
penscs OF government, or be applied to
some other equally worthy object. AS a
primary object the money should eloan.
ed for the benefit of the State, no, of thu
borrower.
The fund created by this interest might
as before remarked, be applied to the sup.
port of governments and this would be
an application ofwhich no one could lust,
Iy complain, as it would lessen the bur.
thens of the people in equal proportion
throughout the State. Or what would
amount to the same thing in diferen,
form, let the money be applied to the SUD-
port Of common schools throughout the
State, instead of the three per cent. school
fund now raised BY direct tax on the in.
Northumberland the balance, if any, ofthe
surplus fund after paying the per cent.
lax, be applied to meet the remaining ex.
penses OF government.
1t has been suggested that the interest
OF thus fund should be paid over to the sew.
eral towns in proportion to population,
carrying out the principle Of distribution
az near as may be in the act of Congress ;
or else be governed in the distribution by
the grand list Of the several towns. Some
have proposed making the towns the de-
positories Of the ,ohoLe surplus PRINCIPAL
and interest, on one of the above princi-
plies OF distribution. as the States now
are by the general government but there
are serious objections to either of the two