Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1857-10-16

ted of all interest in them. In other
cases legal proceedings have been COM
menced to accomplish similar result
The legal interest and management of
most of our railroads will thus, in all
probability, soon be vested in trustees
under mortgages, while the equitable in
terest and real ownership viii be in the
bondholders. / think if desirable that
some general law be enacted, providing
with suitable restrictions, that in such
cases the bondholders may form them
selves into new corporations for the man
agement and operation oftheir respective
roads, and that they may enjoy all the
privileges and franchises of the old COM
panies. Such an enactment will obvi-i
ate the necessity of applications to the
Courts of Chancey on the part of the
bondholders to be put into the possession
and use of their respective roads, and
thus save expense and perhaps protrac-
ted litigation. A general law such as l
have suggested, would have the good
effect of placing the management of our
railroads il the hands of their real own
ers, which would undoubtedly result in
their more prudent and profitable opera
ton. Moreover, responsible party
would thus be brought within the reach
of the laws in cases of Encouragement.
1t might also be made to add to the taxa
bic property of the State, as the bulk of
the railroad interest, being now compos-
ed of Bonds, which are mostly owned by
non-residents, is exempt from taxation.
I commend to your vigilant examina-
ton not only the general laws of the
State in regard to Banks, but also the
present condition of each one of those
important institutions. The country is
at present bending under financial
storm unsurpassed for many years. Moth
ing can more certainly prevent this crisis
from becoming appalling, than a firm
conviction in the public mind that the
banking institutions, with which the
wealth and credit of tie community are
So intimately connected, are perfectly
sound and reliable. Every possible pre-
caution should be taken that the confid-
ence so long bestowed by the public up
on the Banks of Vermont, should, at this
trying period, be both deserved and sus-
tanned. No surer means can be adopted
to preserve this confidence, if it Is, as l
am convinced, we'll merited, than a more
than usual thoroughness in the examina-
ton and reports of their respective con-
ditions. If any imperfection exists in
the general laws regulating banking, or
in their enforcement and operation in
regard to particular Banks, the defect
!, ought to be promptly remedied, and wide
: spread disaster will be thus happily
avoided.
{ Whatever you can consistently do tc
: elevate the profession of Agriculture and
: promote that commanding interest of oul
: State, which is the source of human sub
5 sistence and therefore lies at the founda
r ton of all other branches of the public
economy, will, l trust, receive your cor
dial approval.
e The Report Of the Superintendent o
D the State Prison will be laid before you
e and will, I presume, receive the attention
n which the importance of that public in
e stitution to the well-being of the Stat
5 requires. The true aim Of prison disci
e pline is not, | conceive, merely to punisl
II the offender, or by Imprisonment to re
e strain him from the commission of crime
; but also by all consistent reformator
d means to prepare him for a Ie-entranc
It into society, l deem it worthy of en-
e quiry by the Legislature, whether
e greater amount of moral instruction, tina
h the prisoners receive under existing rec
/ ulations, would not tend to advance tn
e great ends of all human punishment, tn
g reformation of offenders and the prever
+ ton of crime. In this connection,
4, feel that | should be remiss in the PEI
: Torrance of my duty, did l not urge W
: on you the pressing necessity for som
$ separate and peculiar provision for tt
n punishment of Juvenile offenders. Il
/ situations for this purpose have been e.
IS tablished in many of the States of Il
d Union, and from my investigations al
J convinced they receive the cordial SUI
y port of the communities where their il
II fuence has been properly tested. l b
l. lieve the conviction has become gener
l. in Vermont also, that this subject d
II mands legislative action. Prosecutir
officers, judges and jurors, are frequen
l. ly heard to express their perplexity no
l. to deal with young offenders the la
"a directing them to one course. while the