The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-09-01
roco-eoco EIurnbug Exposed.

H,OcO-f0cO EaTIEsaDuS E1ARsOse"'
-, r. ooers have affected be very
- ..;a.,d sbou, our State being in deb--pic'
,~oI;n ,ro,ving coors State debt of $I4O,ooo,
-.,,,o,;,g nj The ratc Of $25 900 & y yenr with
:o,os,--tolked about 'fndcral extravaganza, cor
.mnron and misrulc,' farmers morgagng Their
Grms TO ,ony s,sindiing sh0ps from yenr To year
and forth.
Now oII this appoars supremely redicn"us 10
n,on of common intelligence AND Mr. stephen
Rrowns letter on this subject, which has gone Tue
rounds looks small compared with facts Let 'he
re,der look at the following, from the ontPel'cr
Waterman, and ludg";
.tR roror,s of the treasury Of Oct.l83o it seems
tho whole amount OF inc 'nnco'eun'e' To- oSo %
Sept. 1880, was @i''o0' 90
Deduct taxes duo and unpaid on n, .h AZ
day, S99;oI' ~
Dednct balance Of cash in
the treasury, oi%"'' -
Leaving tho sum Of indebt' 400 Eo1 90
Granting this to be a state debt who is responcl'
HE 70, il? Look ut the paid ont for the state
House Gan expenditure of VIM. a. Palmer ad ADM
ie,ration, mind ye,)-it is $il7,O7? 20 or We;
54o IS more than this famous state debt. rms
'proves conclusively, them that the state finances
have heen so well managed rs not only to pny All
the ordinary expenses, but moro than $S2o,Ooo TO-
wards the new state house' But does vermont nc
,u,IIv owe this sum of $3S527 352 No! On ex-
aiming the eport we find that Of the total 1854.
OS3 80 S665i3 81 consists of the principal used
Of the srhooi fund.-ls that iten dcbH 1t IS NOT
and for the reason thai tbs state parted with
the ownership of that fund.- any further than as "
relates 10 the interest the principal by tue act
establishing The school fund, It Is not available ior
the purpose of education, until the interest alone
will sustain n school IN every district in the slate
for specified time. BY its very terms, nothing
but the interest is 10 go to the schools Where
then is the ownership of The pr,ncipaP Who, or
what has better light to it than the state, upon the
sole condition Of Keeping good the INTEREST," These
arc the facts: md therefore say that, as TO the
school fund the only real Indebtedness of the state
is for the interest. That all which is now, or
ever will DO bound to pay. On this ground, let us
show what the renI Indebtedness of the state was
on the 30th September last.
To the safety Fund, principal md
interest, $l6,oI3 81
Interest on chool Fund, 12,SUl 10
Towns which have received
their share of the surplus
nue. and on which tn = state pays
interest. 1888 "
banks of Burlington and Monpe-
Iior. and J. r Lapgdon, 15OhO 90
Total inaebtness, Sep On 1880, 81, $50 So
Deduct Resources, Sept 30, 1882 ......
viz:
Taxes due and in nrrcar, $39s17 70
Bal. in the treasury, 6,238 81 15,556 oi
Real Indebtedness Of the state be.
vond its resources $I2OI3 81
To this complexion does il come at last: $l2, Obj
81 is the debt which Stephen S. Brown has magni
which he knew perfectly we'll never will be want
ed, or even asked for! $12,013 57-ah! TINT is Pre-
cisely$ ,227 43 less than has been paid for look.
ing glasses, lights and lamps for the Presidents
house, since the refoimers came into power
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