Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1843-07-20
From The Vermont Mercury
STATE SCHOOL FUND.
No 9

In a previous number we have said, thal@.
State school fund owed its origin 10 the Old Vel
mont State Bank, and that the act Of 1895, csa1
fishing that fund.- was designed as shelter to p1
tcct the scattered fragments Of that institution
"The act constituting this fund provides, that
until the same shall amount 10 sum, which sta1
yield an annual interest or income, sufficient tot4
fray the current expenses Of keeping a free gooi
common school, in each district in the sewers
towns, for period Of two months it sha Not Y
expended or appropriated to the use or comm
schools. Admitting the number Of towns in 4
State to be 24O, and allowing II districts 10 cad
town, and S58 81 as the expense Of keeping
good common free school for two months i
each year, and it would require a capital Of ~
100000 yleldg an interest of 6per ceut per al
num- making no deductions for loss or expenses
managing the fund, before the people of this SSf
could expect TO realize any Of the benefits, cN-
templated in the establishment of this fund tn
AUDITORS report in the Treasury department
Nov lS4l, showed the fund in round number
to be S,74,G0G. 1t had been accommodating sir'e
years and it would require fifty-fvc years more
fore that sum, at compound interest makngS
allowance for the loss or expenses, would amount
S4,OOO,OOO, or nearly This sum would be \
quired, TO yield the necessary amount OF anHa
interest. In this calculation no allowance ism
for increment of population, though at the rate I
increase, as exhibited by the census, for the =
20 years, it would have accumulated more VI
90 per cent This possible increment OF poPt
lation, and the indefinite sum required TO keep /
school two months in year, may possibly ri
run the yearly additions made to the fund y
thus much farther delay tho period, desgna1
for the distribution"
In 1912 the nominal amount Of the fund II
Sls4,966 7s, and the debt due the fund from 4
State was Sl5l,4l7 08 which deducted from j
nominal amount will leave the sum OF sS5l
20. as the present actual available amount
fund Eighteen years have elapsed since ih'I
cleus of this fund was established and here Y
have the actual result, Of accumulation, un'csT
add the sl5I,4l7 0s being the debt due that's
bv the State But there is no more propue
in considering that the debt as part OF the II
than OF inyentorying mortgage oil man Il
as part of the mortgagers property 10
cases the money is used, expended, gone an'
to be recovered, but by the same slow P''', .
which the one was earned, and the Other s91'' III
lated But ii is said the state owes the iaoa n
i, so, but let us look at the subjec, as hNI
found to be in practice. The State deb ham
sources but in direct taxation, and the amou
this deb, If ever paid to the fund is TO be az
moro, and thus leaving US, SO far ms the dt~
cerned, precisely in the same place "h'"
started. II from the data assumed ~ l''
tors Report Of ls43 ii will require 81 81
sl64 900, at compound interest 10 amour
100000 it will require something more ll'
years for the present available residue
fund to amour, TO that sum- as may o. ~
any one, who will take the trouble 10 ~
calculation. 1t IS assumed in tbs cacI.
tina, the subsequent legislatures shall eipg' 4
fund the same pafernat protection w Wac
received for the last eigteen years. sn0.-
legislature adopt a course Of taxation ",rNt
this debt To the fund, the mere expense ., IA u
ing the tax at per cent would be "a
This sum would be sunk in abai'mdN -
collectors fees and would never reach w = =
The tax-paying community will therefor
ed upon to advance sl62OlG 81, 10 reH'.
school fund in tina, position, it would nav, H..
but for the loans TO the State, for buDIs' ri
State house and for other expenses. thsn .i,f
nary expenses Of government Inc .,1e'
obtaining money is fruitful occasion o. ~
gance in governments as in indIvldia' 4 ~
the aid Of the school fund, the eIPen'"
IN the State House could not have e'en w."