The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1857-10-14

iue phym'nt ~ iutlr ponds bhVe boeU
foreclosod, and the original corporations
Invested Of their interest in them In
other cases legal proceedings havc been
commenced to accomplish similar res
ult The legal interest ard management;
of most Of our railroads will thus. in all
probability. socn he vested in trustees
under mortgage, whiln the equitable in
terest aud real ownership will bo 10, the
bondholdors' | think it desirable that
soma general law be enacted, proyid
ing with suitable restriction, that in
such cases the bonlholders may form
themselves into new corporations for the
management and operation of their res
pcctive roads, and that they may enjoy
all the privileges AMI franchises of the
old companies. Such an enactment will
obviato the necessity of applications to
the Courts Of Chancery on tho part of
the bondholders to be put into the pos
session and use of their respective roads
and thus save expensive and perhaps pro
tracted litigation. A general law, such
as l have suggested, would have the good
effect of placing the management of our
railroads in the hands of their real own.
crs, which would undoubtedly result in
their more prudent and profitable opera
ton Moreover, q responsible party
would thus be brought within tho reach
of the laws in cases Of Encouragement.
1t might also be made to add to the tax.
able property of the State, as the bulk of
the railroad interest being now composed
Of Bonds, which are mostly owned by
nonresideDts, is exempt from taxation
command to yonr vigilaut cxamina.
ton not only the general laws of the
State n regard TO Banks, but also the
present condition of each of those impor.
tant institutions The country is at pres.
ent bending under financial storm un.
surpassed for many years. Nothing can
more certainly prevent this crisis from
becoming appalling, than firm convc.
institutions, with which the wealth and
credit OF the community are so Intimate
ly connected, are perfectly sound and re.
liable. Every possible precaution should
be taken that the confidence so long be
slowed by the public upon the Banks of
Vermont, should at this trying period be
both deserved and sustained No surer
means can be adopted to preserve this
confidence, if it is, as | am convinced,
we'll nerited than more than usual
thoroughness in the examination and re.
ports of their respective conditions If
any imperfcctions exist in tho general
laws regulating banking. or in their en-
forcement and operation in regard to par
ticular Banks, the defect ough. to be
promptly remedied. and widespread dis
astcr will be thus hsppilylavoided.
Whatever you can consistently do to
elevate the profession of A Agriculture and
promote that commanding interest of our
State, which is the source of human sub
sistance and therefore lies at the found.
alton of all other bra inches of the public
economy, will, trust, receive your cor
dial approval.
The Report Of the Superintendent Of
of the State Prison will be laid before
you, and will l presume receive the at.
tentiou which the imr ortance Of that pub.
| lie institution TO the wcllbeing of the
State requires. The true aim of prison
discipline is not. | conceive merely to
punish the offender, or by Imprisonment
to restrain him from the commission of
crime, but also by oil consistent reform
atory means to prepare him for a re-en.
trance into society. l deem it worthy
of enquiry by the Legislature, whether a
greater amount of moral Instruction. than
the prisoners receive under existing rog
ulations, would not tend to advance the
great eLds of all human punishment, the
reformation Of offenders and the proven
tation of crime In this connection, I
feel that I should be remiss 10 the per
formance ofmy duty, did not urge upcn
you the pressing necessity for some sep
arate and peculiar provision for the pun.
ishmeut of juvenile CYLINDERS Institu-
tons for this purpose have been estab.
lished iu many Of the Stateo of the Urion
and from my investigations am conviu-
ced they receive the cordial support of
the communities where their influence
has been properly tested. believe the
conviction has become general in Yer.
mont also, that this subject demands leg,
islative action. Prosecuting officers
judges and jurors, are frequently heard
to express their porplexity how to deal
with young offenders the law directing
them to one course, while their sense of
right aud all the best feeling OF their ma.
lures prompt another. At present; a
child, when detected in crime, is either
discharged from motives of pity, by which
exemption rom punishment he may DO
encouraged to a continued course Of guilt
or be is incarcerated in the Jail or pene
tentiary, where the idlencss Of tho one
and the infamy and deprived associates
of both, rapidly ripen him into ths hard
ened and abaDd oned villain Surely,on
or more public institutions under the
supervision of the State, the future des
tiny of which, will iu some measure be
affected by the character of each one of
the rising gener alton, some wisely de
vised house Of combined correction
and instruction, adopted to lea him
back 10 the paths of virtue and usefulness
seems alike the dictate If wisdom and hu
mainly 1t is quite probable, that ow
Al. l. L.