The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-06-10
Sptrtt Of tie Age.
MONDAY, JUNE 6, 1912.
For Me Spirit cfthe Age.
Reform, No. 1O.-State Debt.

ed the statements of the Watchmaa in relation ia
The annual condition of The Treasury, not only ia
peJaiSe but wILFULLY FALSE. But wish far
'her to expose its deception in relation to the ac-
counts OF The last year. In the article before ulIu
died to, Gen. Walton says, exclusive 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 500, 267, 49," which de-
Quoted llOm SS3, so. the amount of the cypen.
di'ures leaves deficit Of $l4, 1884 Now mark
The decePon,-to make out the amount orrecepts
as above, Gen Walton includes So, 1877. Cs receiy .
ed tor the Safety fund, and S7,Ss6, Sc received for
School fund, in all + 1921, "a. which will reduce
the amount of receipts TO little over fifty nine
thousand dollars. Now why did the VaithmaD
include these sums among The receipts of the wear
which were applicable TO the expenditures Evi.
IDENTITY for no other purpose than to deceive his
readers But this is not the only deception He
states that the sum of $4,000, appropriated to the
Insane Hospital, is Of ga purely extraordinary
character. Now Gen. Walton knows this to be
la'se' Tor the Audi"r's reports show an appropria-
lion annually to that Institution ever since its COM
mcncement and the General knows that this So
OCO 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-
prmled TO the Insane Hospital $1,000, in 1888
$1,000, in 1880 $4,000, and in 1910 81, 600; vet
his Is an extraordinary expenditure for $780,
Shame on this pious General.
But again, in making up the expenditures of
1910, the General leaves out the amount maid for
interest on money borrowed as not an item of ex-
?ense. This interest, exclusive of that due on the
School and Safety funds, amounts to So, 3OS, ~;
this added 10 the $40, 1924, "a received in 1910 for
School and safety funds, amounts to Sl2. 1892, 0G !;
to which add the deficit as stated by Walton, Sl4,.
lag, and we have balance against the State
of more than $4,000, as stated before. Does
Gen. Walton suppose he can make his readers be-
lleve lhnt the interest we are annually having on
the State debt is no pant of our expenses If SO
the will probably find himself mistaken.
Gen. Walton is farther guilty of deception which
is nothing short Of alsehoud, when he saws "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 properly
of the State and belong to the Treasury, to be ap
Piled to the expenditures Of the State But let us
examine into this matter, and first find the origin
of the School fluid. By the law of 1925, cons,i.
'uling this fund.- it is disposed of in the following
nanner:
"SEc. 2. is hereby further enacted, That
the amount Of this State funds accrninu 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 10 this State, aud which has already accrued
and which hereafter shall accrre rom licences to
pcdies, he and the same is hereby se7uesterei and
granted 10 The @rer0i t0rRs in this State for the
hcneht OF common schools and TO no other use, to
be managed as school fund, ngreenbly To the pro-
visions IN this act hereinafter prescribed
Now whose fund is this, expressly granted to the
towns. Has the General so FAR abandoned his doc
'r'ne Of Pes'ei Rights to suppose that this fund
is the property of the Sia,e' Certainly nol,-but
it Is convenient so to treat it, for purposes of de-
ceplcn. This fund was cl.rls,enud at its birth the
"Poor nuns Cuad," and designed to be applied
Tor the benefit of the poor mans children in fur
nishing them the means of education. But Gen
Walton, who not year since was so full of SYM
palhy FOR The poor man that (as he would have US
hclicvc) 1t flowed in torrents from his eyes, now
proposes to rob the poor of this last hope, for
the purpose of liquihating the expenses Of federal
extravaganza and corruption.
By the lerms of the law above quoted, every
person will readily perceive that the funds raised
by the annual tax for the support Of piupers and
building bridges in the several towns, is just as
much The property Of the State as is the School
fund, and may with as much propriely be applied
to liquidate the State debt
BY the conditions of the law Of 1925, the inter-
est on the School fund il to be annually added 20,
and become part Of the principal; and Of this
fund the State borrowed in 1884, 9,l92, 3S, in
1885, 81 4,O25,7s, in 1886, 81 4,5l6,9l, in 1887,
Sl7 .O97, l6. in 1888, $9,l5s,i7, 10 1889. Sl2,-
493,3s, and in 1910, S7,ss6,s6. to which sums
add the interest as provided by law, and on the
30lh Sept, 1871, it will amount 10 $l07, ,23
with which Gen. Walton proposes to conceal the
corrup,ions Of the party which has borne rule for
the last Ten twelve years in this State. Bnt this
is not all. 1t appears from the AUDITORS reports,
that in 1899, the State was indebthd TO the Safety
fund Sl6,Oi3,3l, and that in 1910 it received
S2,l37 ,6s more of the same fund, 10 which add
the interest up to Sept, 3Oth, ls4 ,and the amount
is $40 ,25s,4s, it will be further found by the
report Of $780, that the amount Of interest paid to
individuals, towns and banks for money borrowed,
was 81, SOs, AZ, which shows an indebtedness Of
S3s ,473 SO; we find also by the same report that