The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-08-20
The State Debt.m"No. 2,

In my last number, think conclusvely show
ed the statements Of the Uaichman in relation to
the annual condition of the Treasury, not only to
be false but wILFULLY FALSE. But wish fur
ther to expose its deception in relation to the ac
GUMS " Inc last year. In the article before alIu
ded to-, Gen. Walton says, "eyclusive of money
borrowed and the balance in the Treasury at the
beginning, and the balance owing at the end of the
year, the receipts were 69,267, 49," which de-
Quoted from $S3 Ale, so, the amount of the expen-
ditures leaves a deficit of ga, l49,3i. Now mark
the deception, TO make out the amount of receipts
ed for the Safety fund, and S7,sS6,s6 received for
School fund, in al, $40 1924, 81, which will reduce
the amount Of receipts TO lutte over ffiy-nine
thousand dollars Now why did the Wotchman
include these sums among the receipts Of the year
which were applicable to the expenditures Evil
IDENTITY for no other purpose than to deceive his
readers. But this is not the only deception. He
states that the sum of Do 900, appropriated to the
Insane Hospital, is Of ga purely extraordinary
character" Now Gen. Walton knows this to be
false, for the Auditors reports show an appropra-
ton annually TO that Institution ever since its COM
mencement, and the General knows that this d.
900 is less than one half of some Of the annual an
preparations for the same object.
The Reports show that in 1887 there was appro-
prined to the Insane Hospital Di,OOo, in 1888
DIG 900, in 1889 DE-, 900, and in 1910 Do 900, yet
this is an extraordinary expenditure for lslO.-
Shame on this pions General!
But again, in making up the expenditures of
1910, the General leaves out the amount paid for
interest on money borrowed as not an item of cx-
pense This interest, exclusive of that due on the
School and Safety funds, amounts to DE- .30S, l2
this added TO the Die. 1924, "a received in 1910 for
School and Safety FUNDS, amounts TO DIP .332, SO;
to which add the deficit as stated by Walton, DID,
l49 "a, and we have balance against the State
of more than D26,OOO, as stated before. Does
Gen. Walton suppose he can make his readers be-
Iieve that the interest we are annually paying on
the State debt is no part of our expenses II SO
he will probably find himself mistaken.
Gen. Walton is further guilty ofdeception, which
is nothing short of ialsehood, when he says "the
debt itself is one which the right hand pocket of
Vermont owes to the left hand pocket" lie evil
IDENTITY intends by this to make the people believe
that the School and Safety funds are the property
of the State and belong to the Treasury, to be APP
piled to the expenditures of the State. But let US
examine into this NATTER and first find the origin Of
the School fund. BY the law Of 1925, constituting
this fund, it is disposed Of the in following manner
"SEc. 2. IL is hereby further enacted, That
the amount of this States funds accruing from the
six per cent. on the nett profits of the respective
banks chartered by this State, which are now, and
which hereafter may be in operation, already re-
ceived, and which hereafter shall accrue and grow
due to this State. and which has already accrued
and which hereafter shall accrue from licences to
peders. be and the same is hereby seguestered and
granted 10 the several touns in this State for the
benefit of common schools, and TO no other use TO
be managed as School fund, agreeaby 10 the
provisions in this act hereinafter prescribed"
Now whose fund is this, expressly granted to the
iopns. Has the General so far abandoned his doc
trine of Ves'eA Rights as to suppose that this fund
is the property Of the State J Certainly net.-but
it Is convenient so TO treat it, for purposes of de-
cepiion This fund was chrstened ut ITS birth the
/" Poor mans Fund.- and designed to be applied