The northern galaxy. [volume] (Middlebury, Vt.) 1844-1848, 1845-10-21

of the people requires that it be continued.
The first question TO be considered is
I when will the fund become available for the
use of schools; that is, when will the annu-
ally accrung interest be adequate TO defray
the expenses Of keeping good free common
school, in each district in the State, for the
period of two months
The number of school districts in the 24O
towns in the Siate-taking the returns Of lasi
year from I59 towns, which gave 1909 dis
Iricts, as the basis Of calculation-may be es-
timated at 273O. fit be assumed, for the
purpose of the calculation. that, by the time
the fund will become available, the number
of the districts will have increased ten per
cent. on the present number-which may be
regarded as not an improbable increase with
IN thrty-three years-we shall have 5000 dis
tricts TO be provided, from the avails of the
fund, with a good school, two months in
each year. Estimating The expense of keep
ing such school two months, in the then ad-
vanced Stage Of educational improvement, at
$40, there would be required the sum OF
$4,000 as the accruing interest ofthe fund,
to render il available; which is the interest,
at six per cent. on S2,00O,000.
The question now arises-within what
time will the fund probably accumulate TO
Sc, 000,000l Its present amount is 1921, 800
44-ibe annual interest on which, at six per-
cent, is SI4,094 OF. The average annual in
come from the six per cent. of bank profits,
for the last six years, has been S3,669 sc !;
and from pcdlar's licences 81, JAG 80; amount
ing to S4,Sl6 So; which may be assumed as
the annual addition to the fund, hereafter
from these sources. The avais of the Yer
mont State Bank have nearly ceased TO add
anything TO the fund, and should not be made
the basis of any calculation for the future.
We have, then, the elements of the calcu-
lation, 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 process Of
accumulation by annually compromising the
| interest, according 10 the act constituting the
| fund, will produce $4,000, 357 20 on the first
| January, 1873; SO that the children who
shall be in life in that year. will reap thee first
fruits Of the fund, if 1t shall be so long contin-
Ied. This assumes however, the doubtful
position, that SIX per cent. interest may be
realized throughout The entire intervening pc
Rod of hirty-t,co gears and three months, land
makes no allowance for losses, and the ex-
pense of mana sing the fund.
The great question is now presented
what, in reference TO this fund, is our duty TO
the generation Of 1878! Admitting, of course.
that it is our DUTY to labor for the benefit Of
| that generation, the question is-will that
generation be really benefited by conIn-
uance of the fund.- live could send it for
ward to them, really invested in approved
bank stocks, Of other productive securities
according to the law of 1926, they might, per-
haps, be benefited; though the expediency
| Of H..
have the effect of relaxing personal efforts,
| begins to be questioned. But so far as we
send them fund, consisting of debt due
from the State, we send them fund entirely
unproductive-a fund which, when il reaches
them, will consist merely in their indebted
ness to themselves. Ii we would make il
otherwise, we must tax The people of this
generation 10 an amount sufficient to extin-
guish the Indebtedness of the State TO the
fund; and having thus drawn the amount
from the pockets of the people, invest il in
productive securities and, in that condition.
send ii forward TO the generation of 1879.
But who is prepared to do this ! Who will
vote for such Il taxi None, it may be conf
IDENTIFY affirmed. Nor it may be affirmed with
equal confidence, will our successors be will
Ing TO do ii, five, ten, twenty. or thirty wears
hence, when the Indebtedness of the State
shall, by the cor pounding of interest, have
become greatly increased. OF what benefit,
then, will The fund be TO them, unless it can
by some fiscal magic, be made spontaneously
to yield the interest and pour it into the treas
uries Of the towns for the use of schools!
The whole operation, so far as il proposes
10 benefit the generation Of 1875 is delu-
sion. 1t is the people borrowing of them
selves, and adding The annual interest 10 the
debt against themselves, and sendingIhis ac-
cumulated Indebtedness forward TO become
the indebtness OF generation thirty-three
years hence, for the purpose Of beLefitting
| that generation. The truth is, that, instead
OF sending them benefit we shall send them
Il burden, which, if wise. they will, by abol-
shng the fund, shake otf-namely, the bur-
den, if they would carry the act constituting
the fund, into efiect-of raising the interest
| on il by direct taxation, 10 be paid into the
State treasury, minus the expense OF collec-
| ton, foi the purpose ofbeing sent by the COM
missioner of the fund back TO the people, TO
be expended for The use Of schools. Ii will
not he very unnatural for the taxpayers OF
that day 10 enquire, why they should support
heir schools by such a complicated and ex-
pensive process, rather than by the simple
and cheaper one of taxing themselves for the
purpose, in their respective towns or districts.
II future generations would not be benefit
ted by this fund, neither will the present
This is self-evident. Why, then, continue il?
In these remarks am understood ofcourse,
to have spoken ofthat part Of the fund which
consists OF the Indebtedness OF the State, a.
mounting at this time, TO the sum of 1924, 30G
50. An act TO annul this Indebtedness, would
leave 10 be disposed OF, the sum of Sl0,590 "a,
;p,rae.ad in ip1ividual cerurifips hear in