Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1845-10-23

The question now arises-within what
time will the fund probably accumulate to
80 ,O0O' Its present amount is
1924, 800 4l-ihe annual interest on
which, at six per cent, is $4,000 o.
The average annual income from the six
per cent of lhe hank profits, for the last
six years, has been 1900 Sc; and from
pedIar's licenses 81 ,2l6 So amounting TO
S4,Sl6 80; which may be assumed as the
annual addition to the fund, hereafter, from
these sources. The avais of the Vermont
State Bank have nearly ceased to add
anything TO 10 the fund, and should not be
made the basis of any calculation for the
future.
We have then, the elements of the cal
culatjon, namely, the present amount Of
the fund, the interest thereon for one year,
and the probable annual income from the
bank tax and pedlar's licenses. The pro-
cess Of accumulation by annually com.
pounding the interest, according to the
act constituting the fund, will produce
50 900, 1851 70 on the first of January,
1878; 50 that the children who shall be in
life in that year, will reap the first fruits
Of the fund, if it shall be so long contiu-
ucd. This assumes however, the doubtful
position, that six per cent interest may be
realized throughout the entire intervening
period Of thirty tCo gears and three months,
and makes no allowance for losses, ard
the expense Of managing the fund,
The great question is now presented
what, in reference to this fund, is our du-
ty to the generation of 1878? Admitting,
Of course, that it is our duty to labor for
the benefit Of that generation, the question
is-wil that generation be rearly benefited
by a continuance Of the fund! If we could
send it forward to them, really invested IN
"approyed bank stocks, or other product
ire securities" according to the law of
1926, they might, perhaps, be benefited;
though the cXpediency of accumuIating
school funds, so large, as to have the effect
of relaxing personal efforts, begins to be
questioned But so far as we send them
a fund entirely unproductIve, a fund which
when it reaches them, will consist merely
in their Indebtedness to themselves. If
we would make it otherwise, we must tax
the people of this generation to an amount
sufficient to extinguish the Indebtedness Of
of the State to the fund; and having thus
drawn the amount from the pockets Of the
peop invest it in reproductive securities, y
and, in that condition, send it forward to
the generation Of 1878. Bat who is pre-
pared to do this! Who will vote for such
i tax: None, it may be confidently ai-
frmed, Nor, it may be affirmed with e.
quail confidence, will our successor be
willing to do 1t, five, ten, twenty, or thir-
ty year hence, when the Indebtedness of
the State shall, by the compromising OF
interest, have become greatly increased.
Ofwhat benefit, then, will the fund be to
them, unless it can, by some fiscal magic,
be made spontaneously to yield the inter
est, and pour it into the treasures OF the
towns for the use of schools!
The whole operation, so far as it pro-
poses to benefit the generation Of 1878, is
deluslon, 1t is the people borrowing of
themselves, and adding the annual interest,
to the debt against themselves, and send
ing this accumulated indebtedness forward
to become the Indebtedness Of a generation
Thirty three years hence, for the purpose
Of benefting that generation, The truth
Is, that, instead Of sending them benefit
we shall send them Il burden, which, if
wise, they will, by aboiShing the fund,
shake otf-namely, the burden, if they
would carry the act, constituting the fund,
into e(Iect--of raising the interest on it BY
direct taxation, to be paid into the State
Treasury, minus the expense OF collection,
for the purpose Of being sent by the COM
missioner of the fund back to the people,
to be expended for the use Of schools. 1t
will not be very unnatural for the taX-pay
ers ofthat day to enquire, why they should
supper, their schools by such complicated
aud expensive process, rather than by the
simple and cheaper one Of taxing them
selves for the purpose, in their respective
towns or districts.
If future generations would not be ben
fitted by his fund, neither will the present
This is seIf-evident, Why, then, continue
I ii!
In these remarks am understood, o
course, to have spoken of that part OF the
fund which consists Of the Indebtedness o
the State, amounting at this time, to the