Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1843-08-11
THE STATE SCHOOL FUND.

Few questions have 0gitated the people OF these
states, and divided the councils OF the nation,
more than the policy of banking and the disribu-
ton OF the proceeds of the sales OF the pubic
lands. In this latter tho money was collect
ed into the Treasury of the U. States, by the nat
ura operation of laws in force, since the first
sales of aud, belonging to the public domain
The money was not collected for the purpose of
distribution, but ii resulted from state OF things
not TO be avoided. The people were not taxed
100 cents that commissioner or o fund might
distribute 80 cents back to the same people, who
had paid the former sum on a tax bill, nor were
the people taxed al all, TO raise this money, but
this money poured into the Treasury Of the Uni
ted States as the result OF the superintendent pros
perity OF the country aud tho question which
agltaed the people the country and divided the
councils of the nation, was, shall the money thus
accumulated in the Treasury of the United States
he distributed to the people? The money be-
onged TO the people il was the price paid for the
lands belonging to the public domain, that nation
al inheritance, which was conquered by the JOINT
efforts, and energies, aud pryatlOEs, and sufferlngs
OF the fathers OF the revolution; it WINS theirs to
control and use. The money was not wanted for
the ordinary purposes OF the government, and II
retained in the Treasury and the duties on impor-
taliOns were TO be reduced, 50 as merely to meet
the wants OF an economical administration of the
government the effect would he to PROSTATE the
great agricultural, mechanical, commercial and
lllCreolS Oi llle country, anu
all these circumstances of the case, the question
was, what disposition shall be made of this sur.
plus? Better to sink the muuey in the ocean,
ihan reduce the tariff to such pOiul us to endun
ger the prosperity of the country. The money
moreover was wanted in the Ireasu les of the
several states many OF them were deeply in debt
others only lacked the means to commence aud
prosecute works Of internal Improvement, prom
sing in their results to yield to the public, liberal
remuneration for any reasonable outlay. These
win other considerations pleaded hard for dis
rlbuuon and yet 10 all these reasons for dstribu-
ton, others of an opposite character were urged
and the question OF The policy Of distributing the
proceeds Of the public lands remains u vexed
question TO this day.
1t is no part of our present purpose to excite
party feeling by aIludug to the views taken by
the two great political parties, on this subiect.-
IL is however much to he desired, that the arnu
mems, which have been avaiIing to prevent the
distribution Of the proceeds Of the land sales
should be applied to prevent the accumulation of
the state school fund, al such an enormous waste
and risk, as must attend The operation, and all for
the avowed purpose OF distribution, and with the
reasonable apprehension OF its final dissipation.
II, in the former case, when the money was lying
useless in The national treasury, and could not be
spilled to The support of the government without
reducing The tariff ruinous extent, the reasons
against distribution were lnsurmountable surely
no sound reason could be urged to raise svch
fund as we have contemplated, hy direct taxation,
for The only purpose OF again distributing it TO the
people. 1t seems not to have entered INTO the
contemplation of any, to fund the proceeds of the
sales OF The public lands, for the purpose of nccu
mutation. Such prof ect would have found few
advocates; but a stronger reason could be urged
in favor of funding the surplus revenue of the
United States TO be accumulated for the ultimate
purposes OF education III the different states, than
tor the process relied on 10 accumulate our school
fund. Such project, however, far as we
know, was never proposed, and il no other ohjec-
ton could be urged to such a national fund the
recent experience OF the United States in the los
ses sustained by delauIters, must convince any
one, that all funds thus collected would almost
necessarily and as matter OF course, 60 to gorge
the rapaclty Of public plunderers. The same
may be certainly expected to await our state
school fond, until its last dollar shall have been
sponged up, by public management, private
speculation.
In regard to banking, the public sentiment with.
in a few years past has undergone az essential
modification. Ii is, perhaps, not to he doubled
that vast majority Of business men, together
with the most enlightened iinunciers of the com
muny, are favorable to banks TO a reasonable
extern, where the stockholders are money ent- |
ers, and the credit of the Bank is sustained by the
precious metals. But borrowing for the sake of
lending, or banking, is but u lega'iLed mode of
gambling nothing can he made by one, wlichsis
not lost by another Aud yet this was the chief
corner stone of the old Vermont State Bank. The |
act, which gave life to that institution, authorized
The Treasurer to borrow $500 600 at six per cent
TO supply the capital of that bank. 1t failed us (
matter of course. Ii had in it, at lis birth, The
elements OF dissolution aud loss We have seen
that our school fund is the offspring of this nsli
tuiion, and none who examine The subject can
fail 10 see that the child has the constitutional in
hrmlIles OF the parent, besides inully pecuIiarly |
nG Iha 81
per cent OF those who seek such investment the
money to compose this fund is wremched from
the idX-paying community, with the forcing one
ration of the Treasurers warrant III least this is
so indirectly, aud at certain loss Of seven, and AT
probable loss of ten per cent, and without the |
possibility that loss, once sustained can ever be
repaired. large per cent OF the money thus
paid 10 swell this fund. is like wafer split upon
The ground which cannot be gathered up again.
The bank was commenced III the hope OF gain
the fund with the certain prospect of loss. The
bank held out the prospects OF aiding the enter
prses of the poor, by lending money borrowed
OF the rIc and at such an interest ms would save
them from the oppression of the usurcr. An It's
plans, purposes aud prospects became ubortlve
from elects produced ny causes coeval with the
bank The fund adopts the principle TO loan 10 !
the necessltous, and for the purposes OF ii per-
manent investment, thus subJectng them to the |
bondage of perpetual poverty, OF at least to the
necessity OF paying annual rent interest Tor The
support OF schools. In many particulars the bank |
has much to commend itself To our lavor in pIer- |
erence 10 the fund, and yet that institution in its
results was disastrous. Such, aud TO Il more fear.
tll extent mus; be the termination of the conlem.
plated school fund. AUDITOR |
NO. VI.
Should generation of men ever succeed TO the
possession OF funds, for the perpetual support OIL
all their civil, literary, moral and religious nst-
IONS, TO such an extent as 10 leave them, Tor these
purposes, nothing to be desired in very brief
PERIOD that generation would cease to be either
civilized, literary, moral OF religious These in
Slitutons are altogether inert and leess, excepl
as they are kept in being by mental energy Ii 10 |
this plehory of funded wealth he added iuness
OF bread, and It's concolnilant abundance OF idle
hess, there will have been accumulated all the
materials necessary for the utter extinction of
civilized society. Take away the dread OF want,