Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1845-10-23

ing good free common school, in each district in
the State, for the period Of two months
The State Treasurer was constituted commits
soner for the management Of the fund who there
upon proceeded to invest the same, by loans, for
the purpose contemplated in the act.
BY act passed in the year 1888, further loans
from the fund were prohibited, and the Treasurer
directed to deposit the same in the treasury as
it should be received aud to keep account there
Of and annually charge the State with the interest
on the money thus deposited-whch, it was de-
clared shall be considered as borrowed from the
fund" and the Treasurer authorized and
directed to pay out said money on any appropria-
tons authorized by law"
Under the operation Of this act, and principally
in connection with the expenditure Of SIl7 900 for
the erection of the State House, the State, from
time to time, has become indebted to this fund
until the Indebtedness now amounts, including the
Accommodations Of interest, to the sum Of 1924 ,3O9
so, while there is due to il from individuals, the
sum Of &c., 500 "a; making an aggregate Of 1894
900 a.
The expediency Of continuing this fund has long
been questioned Upon full consideration, deem
it my duty TO bring the subject to your notice, and
10 submit the question, whether any present or
prospective interest Of the people requires that II
be continued.
The first question to he considered is, when will
the fund become available for the Of schools;
that is. when will the annually accruing interest be
adequate to defray the expense 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 240 towns
in the Stae-iakng the returns Of las. year from
159 towns, which gave 1909 districts, as the basis
Of calculaOn-may be estimated at 2I30. Ii II
be assumed for the purpose OF the calculation, that
by the time the fund will become available, the
number of districts will have increased ten per cent.
H.. II. Id
not an improbable increase within thrty-three years
we shall have 5000 districts 10 be provided, from
the avails Of the fund.- with a good school, two
months in each year. Estimating the expense OF
keeping such school two months, in the then adj
vanced stage Of educational improvement. at $40,
there would be required the sum Of Sl20 900, as
the accruing interest Of the fund render il avail
able; which is the interest, al SIX per cent on 81,
900 600
The question now arises-within what time will
the fund probably accumulate to 81 000, 000l Its
present amount is 9lo4 Don dd--fha a.,..-i ;.--
est which, at six per cent, IS Sl4,U9l W. Inc
average annual income from the SIX per cent: OF
Bank profits, for the last six wears, has been 80
600 Sc and from pedIars licenses, 81 ,Ii6 81
amounting to s4,sl6 81; which may be assumed
as the annual addition to the fund hereafter, from
these sources. The avails Of the Vermont State
Bank have nearly ceased to add anything to the
fund, and should not be made the basis of any cal
culation for the future.
We have, then, the elements Of the calculation,
namely, the present amount Of the fund. the inter-
est thereon for one year, and the probable annual
income from the Bank tax and pedars' licenses.
The process of accumulation by annually CON-
pounding the interest," according TO the act consti-
tutng the fund. will produce - ,OOO,3s7 40 on the
first Of January, 1879 so that The children who
shall be in life in that year. will reap the first fruits
Of the fund, II it shall be SO long continued This
assumes however, the doubtful position that six
per cent interest may be realized throughout the
entire intervening period of Mirty-taoO years and
three months, and makes no allowance for losses,
and the expense of managing the fund
The great question is now presented-wha', in
reference to this fund, is duty TO the generation
of 1887 Admitting Of course, that II is our duty
labor for the benefit Of that generation, the ques
ton is-will that generation be really benefited by
a continuance Of the fund.- If we could send ii
forward TO them really invested in approved bank
stocks, or other productive securities" according
to the law of 1875, they might, perhaps, be bene-
fitted; though the expedency Of accommodating
school funds so large TO have the effect Of re-
taxing personal efforts, begins TO be questioned.
But so far as we send them a fund, consisting of
debt due from the State, we send them fund en-
tirely unproductiye-a fund which, when il reaches
them, will consist merely in their Indebtedness to
themselves IL we would make it otherwise, we
must tax the people of this generation to an amount
sufficient TO exnguish the Indebtedness Of the State
to the fund; aud having thus drawn the amount
from the pockets of the people, invest IT in pro
ductye securities" and in that condition, send it
forward to the generation Of 1873 But who is
prepared to do this Who will vote for such tax :
None il may be confidently affirmed Nor, it may
be affirmed with equal confidence, will our success
be willing TO do it, 6ye ten, twenty or thirty
| years hence, when the Indebtedness Of the State
shall, by the compromising of interest, shave be.
come greatly increased OF what benefit then,
will this fund be to them, unless II can, by some
fiscal magic be made Spontaneously TO yield the
interest," and pour il into the treasures of the towns
for the use of schools
| The whole operation, so far il purposes TO
! benefit the generation of 1873 is a deluson. 1t is
the people borrowing of themselves, and adding the
annual interest TO debt against themselves, and
sending this accumulated Indebtedness forward Ia
become the Indebtedness Of generation thirty.
three years hence, for the purpose Of benehting
that generation. The truth is that instead Of send
ing them benefit, we shall send them burden
which if they are WISE they WILL by aboshing the
fund.- shake off, namely, the burden, il they would
carry the act constituting the fund into efect-o
raising the interest it by direct taxation TO be
paid into the State treasury, minus the expense o.
collection, for the purpose Of being sent by the
commissioner Of the fund back to the people, to be
| expended for the use of schools Ii will not be
very unnatural for the taxpayers of that day to en-
quire, why they should support their schools BY
such complicated and expensive process, rather
than by the simple and cheaper one Of taxing them
selves for the purpose, in their respective towns oil
districts.
If future generations would not be benefited by
this fund, neither will the present. This is self