Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-08-11
From the Vermont Mercury.
STATE SCHOOL FUN ID.
NO. g..

the nation, more than the policy of banking
and the distribution Of the proceeds oil The
public lands In this latter case the money
was collected into the Treasury Of the U
States, by the natural operation of laws in
force, since the first sales Of land, belonging
to the public domain. The money was moi
collected for the purpose Of distribution, but
it resulted from a state Of things not ia
be avoided. The people were not taxed
100 cts. that a commissioner or fund
might distribute 80 cts. back 10 the same
people. who had paid the former sum on 4
tax bill, nor were the people taxed at all, TO
raise this money, but this money poured in
10 the United States Treasury as the result
of the superintendent prosperity ofthe coun-
try, and the question, which agitated the
people of the country and divided the coun-
ellis of the nation, was, shall the money thus
accumulated in the Treasury ofthe U. States
be distributed to the people, The money
belonged to the people il was the price
paid for the lands, belonging to the public
domain, that national inheritance, which
was conquered by the joint efforts, and en-
ergies, and priyations, and suherings OF the
fathers Of the revolution il was theirs 10
control and use. The money was not want
ed, for the ordinary purposes of the govern
ment, and if retained in the treasury, and
the duties on importations were to be re-
duced, so as merely to meet The wants OF an
economical administration of the govern
ment, the effect would be to PROSTATE the
great agricultural, mechanical, commercial,
and manufacturing interests of the country,
and under all these circumstances ofthe case,
the question was what disposition shall be
made Of this surplus BETTER to sink the
money in the ocean, than reduce the Tariff
TO such point as to endanger the prosper
ity Of the country. The money moreover
was wanted in the treasures of the several
states many Of them were deeply in debt,
others only lacked the means to commence
and prosecute works Of internal improve
ment, promising in their results TO yield TO
the public, liberal remuneration for any rea-
sonabIe out lay. These with other consid-
erations pleaded hard for distribution, and
yet TO all these reasons for distribution, 9th
ers for an opposite character were urged.
and the question Of the policy of distribu-
ting the proceeds of the public lands re-
mains vexed question to this day.
1t is no part of our present purpose 10 ex-
cite party feelings by abiding TO the views,
taken by the two great political parties, on
this subject. 1t is however, much to be de-
sired, that the arguments, which have been
availing to prevent the distribution of the
proceeds of the land sales, should be APP
piled to prevent the accumulation of,he state
school fund, at such an enormous waste and
risk, as mnst attend the operation, and all
for the avowed purpose of distribution, and
with the reasonable apprehension of its final
dissipation. IL, in the former case, when
the money was lying useless in the national
treasury, and could not be applied TO the
support ofgovernment without reducing the
tariff TO a ruinous extent, the reason against
distribution were insnrmountable, surely
no sound reason could be urged to raise
such fund as we have contemplated, by d. !
rect taxation, for the only purpose of again
distributing il 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 accumula- /
ton. Such project would have found few
advocates; but a stronger reason could be
urged in favor of funding the surplus reve-
nue. of the United States to be accumulated
for the ultimate purposes of education in the
different states, than for the process relied
on 10 accumulate our school fund. Such a
project, however, so far as we know, was
never proposed, and if no other objection
could be urged TO such national fund the
recent experience of the United States in
the losses sustained by defaulters, must con-
vince any one, that all funds thus collected
would almost necessarily and as a matter of
course, go to gorge the rapacity of public
plunderers. The same may be certainly ex-
pected to await our state school fund, until
its last dollar shall have been sponged up,
by public management or private specula-
ton.
In regard to banking the public senti-
ment within few years past has undergone
an essential modification. 1t is, perhaps,
not TO be doubted, that vast majority of
business men, together with the most en-
lightened fnanciers, Of the community, are
favorable to banks to reasonable extent,
where the stockholders are money lenders,
aud the credit of the bank is sustained by
the precious metals. But borrowing for
the sake of lending, or banking, is but le-
& lized mode of gambling; nothing can be
IN ide by one, which is not lost by another.
And yet this was the chief corner stone by
the old Vermont State Bank The act,
which. gave life to that institution, author
lied the treasurer to borrow $500, 600 at 6
per cent, to supply the capital Of that bank.
II failed as a matter of course 1t had in
il, at its birth, the elements Of dissolution
and loss. We have seen that our school
find is the offspring of this institution, and
none who examine the subject can fail to
-.e that the child has the constitutional in
frinities of the parent, besides many, pecu-