Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1846-03-19
TO THE TAN-PAYING COMMt'
NIFTY IN VERMONT
Nh .

A thorough system Of accounting
would probably have transmitted to us,
IN record, the loss or gain of the old
Vermont Stat Bank; as 1t is, the books
of that institution are thrown INTO n
corner OF n private garnet, buried IN
the dust and darkness of the past gen
Grafton: the ultimate loss to the State
can never he nsccrtnined. All the bran
chcS together were restricted TO n clrcu-
lation, al no one time exceeding 50,
60O,WW, here was ample space and
verge for banking on "A large scale, and
had the scheme succeeded no doubt 1t
would have been continued. Ii Is
known, that the State sustained n loss
of $50 900 at one branch, which sum
If left in the hands of the tax. paving
community, at the annual increase OF
6 per cent, would at this time have OK
ceeded $1000OO. But 1t is possible
that Ia, ID, or even u greater proper
ton, of the authorized or actual dcpos-
It's Of that bank was lost 10 the State
and III such case, the pecunlary con.
hl'l'lI' " iIf 'hN I''l IlIS community
would be lnJurlouSIy affected, III sum,
to be numbered by millions. Private
corporations have lost their whole cap
ita invested, and they arcqultc as hike
ly TO manage their interest with pru
dencc, rs the agents of the Government
In private corporation the loss or gan
/ will he known, in the case of STATE
! Bank, those who may have mlSmana
gcd It's concerns have an interest Il
conceal the result The same luxit,
of the law is observable in the case o
Statc's'Atlomcy Good bonds were re-
quircd, but the law secured no SUPER
vision, and hence II occurred that thoS
bonds swcrc seldom taken from tn
Clerks office, after their first dcpoSita
mong his files. The law became ii
fact n dead letter: dclinquencics wcr
frequent, but prosecutions rare, bccaus
the law had established no efficient su
pervlSlon. In lS13 the Auditor. II
pursuance Of a resolution of the Leg
lsloturc, looked up and put in tran
of collection more than S3OOOOln Stat
claims, large portion Of which, il wa
the dntyoi officers under bonds 10 hav
collected, and yet the investigation *
tended back TO only about five years. -
| The duty OF officers was clearly pom
ted ont by law, good bonds were "a
ken, and here the law was, virtually
left 10 execute itself The system r.
scmbled a well made cask, wanting on
va bottom II would hold nothing .-
The same objections could be made /
the bonds taken Of County Clerks, mi
ltHry Quarter masters, ScTgehnt-n
arms, &c, the bonds and suretics wcr
, unobJectlonablc, but there was no rd,
/ qnate power TO call those rcspccuv
officers to account, andthe funds Of IN
people might be Squhndered 10 an lndci
mite amount, and still those bonds 4
vall nothing. Indeed so reckless hal
become those, whose duty Il was 4
take bonds Of officers, intruslcd Will
the funds OF the Government that OF
an examination Of the Treasurcrs OF
, flee the legal depository Of those bonds
J IN 1872 not one ~ three, required b,
law to he deposited there, could b
found
Another serIOus mischief in the Law
was, that - conferred power on srvo
raj different and distinct boards, to al
low m thor discretion for many seryi
cos, for Whose compensation no spcci
nc provision wa, made m the fe.. blII
As A." matter OF necessity, this gave &C
casion 10 great inequality Of allowance
lDr the sam" KIND Of amount Of service
The act Of October 27th, l7gs. mite
prescribing the compensation Tor ever