The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1843-07-18
From the Mercury.
STATE SCHOOL FUND.
No. 2.

No 2.
In previous number we have stated that The State
school fund owed its origin to the Old Vermont State
Bank, and that the net of 1926, establishing that fund,
designed shelter to protect the scattered ffag
ments Of that institution.
''The act constituting this fund provides, that sum
til the shall amount TO a sum- which shall yield
annual interest income sufficient to defray the
current expenses ofkeeping good free common
school, in each district in the several towns, for
period Of two MONTHS it shall be expended ap
proprated to the Of common schools. Admitting
the number Of towns In The State to be 240 and al
lowing IL districts to each town, and $5S 80 the
expense of keeping good free common school for
months in each year, and it would require cap
al of 900 900 yielding interest of six per cent
per annum making deductions for loss expense
o. managing the fund, before the people of this State
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. ls4l,
showed the fund, in round numbers, to be 100000
1t had then been accommodating sixteen years, and il
would require fHy-fv years more, before that sum,
at compound interest," making allowance for loss
expense, woud amount to S4,00O,O00, or very
nearly. This would be required, 20 yield the
necessary amount Of annual interest In this calculation
no allowance is made for increment of population,
though Mt the rate Of increase as exhibited by the
census, for the last twenty years, it would have
cumua'ed more than twenty per cent. This posi-
BILE increment of population, and the indefinite sum
required to keep school two months in the year,
may possibly outrun the yearly additions made 10
the fund.- and thus much father delay the peron, de-
sgnated for the Distribution
In 1912 the nominal amount of the fund was
$is4,9O rs, and the deb, due the fund from the
State was $751;, AN Os which deducted from the
nominal amount will leave the sum of $s3, 4s9 70,
the present actual available amount Of the fund.-
Eighteen years have elapsed since the nucleus of this
fund established and here we have the actual re-
suit, of accumulation, unless add the $l5I ,4l7,-
0S being the debt due that fund by the State. But
there is no more propriety in considering that debt
"a part Of the fund, than of Inventorying mortgage
of mans farm, part of the mortgagors property.
in both cases the money is used, expended, gone,
and not to be recovered but by the same slow pro-
cess, 10y which the was earned and the other
accumulated But it is said the state owes the fund
BE it so, but let US look at the subject as it will be
found to be in practice The State debt has no re-
sources but in direct taxation and the amount of this
debt, ever paid to the fund is to be raised de noro
and thus leaving u.s. far the debt is concerned
precisely III the same place whence we started. IF
from the data assumed in the Auditors eport Of 1912
1t will require 81 years for $l64 ,0OO ut compound
interest to the amount to $4,000, 900 it will require
something more than 900 years for the present avail
able residue of that fund amount to that sum- as
may be seen by any one, who will take the trouble
to make the calculation. 1t is assumed in this cacu-
laton that subsequent legislatures shall extend TO the
fund the paternal protection which it has re-
ceived for the last eighteen years. Should the legs
lature adopt course Of transaction to pay off this
debt TO the fund, the expense of collecting
the tax at per cent would be $lO,599 "a This
sum would be sunk in abatements and IN collectors
fees and would never reach the fund. The tax pay-
ing community will therefore be called on TO advance
$l62 0l6 80, to renstate the school fund in the po-
sition. would have occupied but for the loans 10
the State, for building the State house and for expen.
ses other. than the ordinary expenses of government,
The facility of obtaining money is fruitful occasion
Of extravaganza in governments, well as in indi-
viduals. But for the aid OF the school fund.- the ex-
penses Of erecting the State House could not have
been met fund, accessible by the legislature will
be ready to encourage that body to make liberal
appropriations, for any object strongly commencing
itsefto their judgment or sympatbes When gov
eminent has no other to supply its pecu-
mary necessities, than direct taxation, no expense
ought to be increased by the Legislature which would
not justify direct tax upon the people
- AUDITOR.
*Wlthin the last years the legislature has mp
propriateh Tor bountes on crows SS4 1877 "A
" destruction OF Cocoons Al 90
Foxes 1850 rs
&c Wolves 800 90
&c "BearsSoubsl ,0O2 90
&c &c Extra Military expenses Is 40 4s
&C Deaf, Dumb and Blind and
Insane poor sl,297 95
" survey of rail road up Cont.
River 5000 90
Besides for building State House, which
cost the State exclusive Of $4,000
paid by the Village of Montpelier 117,I77 %
Making in the aggregate ls3, 1876 s5
The debt due the school fund, amount