Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1843-07-28
From the Woodstock Mercury.
STATE SCHOOL EITND M

In previous number we have stated that The state
school fund owed its origin to the Old Vermont State
Bank and that the act of 1925, establishing that fund
was designed as shelter to protect the shattered
fragments of that institution.
1.-THE act constituting this fund provides, that IN
III the same shall amount to a sum- which shall Yield
nm annual interest or income, sufficient TO deiray me
current expenses Of keeping n good free common
school, IN each districts in the several towns, for
period of two months, it shall not be expended or
appropriated TO the use Of common schools. Admit.
ting the number OF towns in the State TO be 240, and
allowing II districts to each town. and $50 81 the
expenses of keeping good free common school for
two months in each year, and it would require cap
al of 81 200 600 Yielding an interest of six per cent
per annum making deductions for loss or expense
Of managing the fund before the people of this Slate
could expect to realize any Of the benefits, contem
plated in the establishment of this fund. The Audi.
tors report in the Treasury department, Nov. lSil
showed the fund, in round numbers to be 1854, O00-
II had then been accumulang sixteen years, and II
would require fifty-fve years more, before that sum
al compound interest, making no allowance for loss
or expense, would amount to 1900 600, or very
nearly. This sum would he required TO yield the ne
cesssiy amount Of annual interest. In this calcula
ton no allowance is made for increment of population
though at the rate OF increase, as exhibited by the
census for the las, twenry years, ii would have ac
cuninlated more than twenty per cent. This posi-
BILE increment of population and the indefinite sun
required to keep school two months IN the year
may possibly outrnn the yearly additions made t.
the fund.- and thus much further delay the PERIOD de
! In 1912 the nominal amount of the fund was slS4,
100, 79 and the debt due the fund from the State
lsl5i4l6 03 which deducted from the nominal u
mount will leave he sum of 1913 4s9 10 as The pres
ent actual avaiall lie amount of The fund. EshteeT
years have elapsed since the nucleus of this fund wa
established and here we have the actual result Of nc
cunula,ion. unless we add the sl5l47 OF being tn
: debt due that fund by the State But there ia NJ
more proprie,y in reconsiderng That debt as part o
the fund than of invcntorying mortgage of man
! arm, a part of the morigager's property. In bot
cases the money is used, expended, gone, and not
he recovered, but by the slow process nv whlc
the one was earned and the other accumulated, Blu
il is said the state the fund. Be il so, but let u
look at the subject will be found TO be in practice
The State debt has but in direct taxation
and the amount Of this debt If paid is to be rails
e ed de moro and thus leaving u.s. so far as the debt
concerned. precisely in the same place whence W
S started. If from the data assumed in The Auditor
Report Of 1912 il will require "a years for s64 900
compound interest TO amount TO sf000000 il will II
quire something than 260 years for the preser
available residue Of that fund to amount to that
may he nv any one, who will take the troub
i 10 make calculation. IL is assumed in this cacr
i laion, that subsequent LEGISLATURES shall extend I
= he fund Tho same patterned proifciion which It Ia
rrcaivfd Tor 'he lnst ci"h'een wears Shor'd b" oH
s'' -" "N"re q ''Hueac'iar N ~ cT f'i