The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1843-07-11
From The Woodstock Mercury.
TIE STATE SCHOOL FIND,

TllESTATE SCHOOL FUND.
The subject of the State school fund, has within,
few years past attracted much of the public attention
Bills for its abolition have been grayeIy ccrsIo,,a
by the Legislature for several years the press
has entertained discussions on the policy or mpo'icv
of the measure, and attempts have been made to en-
list political p1rtcs the one side or the other 10
it was believed the measure would meet the app-ob,
ton or disaHprobation Of the people, The Subjects
without doubt one of grave import to the entire poD
u'aticn Of the Stale. 1t involves the consideration
and proper disposition of millions of the peoples
money, and the subject stoud be considered with no
reference TO any party now in being, or to come If
the State school fund.- as ameosurc Of state financial
policy is defensble and ought 10 he sustained, Mis so
independent of any party considerations: If be indie
rcnsible and ought to be abolished, no party cOnsde
ration should inierposc to prevent It's abolition No
temporary sectional or party motives should Influence
us in the decision of this question.
II is proposed to consider the subject OTbe sl@
fund in accordance with the preceding suggestions
in several brief weekly numbers, in sucha manner,
as it is hoped will secure for them the candid con.
sideraton Of the public, and an insertion into the co..
ums Of those papers, whose conductors wish Their
readers to become interested in the proper disposition
OF this fund.
STATE SCHOOL FUND.
No. l.
The school fund owes its origin to the old Vermont
State bank. In discharging the duties imposed BY
the resolutions Of Nov 1871, the school fund ayd'
rcc,ly in our way, and the inquiry was naturally ''s
gcsted, whence this anomalous appendage zine
State treasury? Inquiry conducted us back through
period of almost forty years to the establishments
the old Vermont State Bank in 1906. By heac'e'
tablishng that bank, the treasurer was arlhorReOO
borrow not exceeding 100000 at 6 per ce''' u,
the purpose Of banking. Here we find the source u
that stream which then diverged from the treasury
and which has since remained in false PV'"''"'
1t was project to borrow money to lend at'e' '"'
rate Of interest, in the vain hope to make "'O"'!
the mere art Of banking 1t was an aitemT ~,
the stream above the fountain, and one, VINO" "'
find few advocates at the present day. II III WV
early period any prognosticated disaster Us ,,,
quent to the measure, the verificaon oil SUI" -.
iment may now be read in the history Of That "' .J
ton. To meet'the liabilities Of that bank '"' ,h
tu,e at various times Appropriated large sO, h,vs
bu, for the establishment of that BANK "s
remained in possession of the tax nay''s
ty. ,,,pred to the
The fragments of that bank were sca''e''1 ,,esr
winds, and while the Legislature a"sn'i. .,, and
and collect them together, applications ".4 mill
pressing were made for the use of the money, 70.
the Legislature weared by constant '''l' .'.a This
solved in 1925 to establish the scNoo' .' sbel
measure was resorted to, las mere eNps.' from
ter and protect n fragment of the e'a'' always
the pitiess peltings of flock OF cO''Vs "hic funds,
upon the watch to enguph every GEM u r,ho upbic
not protected behind the bolts ard O''' ,bs sober
tro,snrv This measure never originated in Inc 1 b
wisdom Of the Legislature, and so mu'N ' it.
said in vndication of that body for me " nn,ref
self has no one feature that can coI''''"' .,;co IN
vor of discerning public. In no vi. ,,ser pts
which we can view it can it con'"'e"' .I;os nsp
favorable consideration of prudent .,,b persor
and of this we hope to convince every ' ,he ,pb.a
who will candidly and patiently CONSUL no riebt dF
az we hope to be able to present it, : Of stg
s;,ion 70 this fund involves the aern0'',Y ,,.psyg
or Ioosing several millions of dollars 10 '"'