The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-08-06
vERMoNT's ExTINGUIsHED DEBT.

The annual statement of the state treas
urer, published yesterday, is a most graf
flying exhibit of the state finances, and, as
the final result of ten years management
thereof, is more than creditable to the gen.
tlemen who have had charge of the state
treasury during that period. Vermonters
can point with pride to the result and ask
of her sister states to present a parallel
case-but they would wait in vain for an
answer. Ten years ago, we had funded
indebtedness of ole million, six hundred
and fifty thousand dollars, and, with taxes
generally lessening in amount each year,
although the treasurer reports funded
debt of three hundred thousand collars, we
are practically out of debt-the whole
amount of sixteen hundred and fifty thous-
and dollars having been substantially
"wiped out" The coupon bonds, out
standing, amount to one hundred and sixty
seven thousand five hundred dollars, but
these cannot be paid, without the consent
of the holders, until 1876 and 1873, but the
sinking fund will now pay these bonds in
full and have surplus left. The regis
thirty five thousand five hundred dollars,
which the state holds and owes to itself as
trustee of the agricultural college fund"
which simply amounts TO an annual
charge against the state OF eight thousand,
one hundred and thirty dollars. In the
same way the town of Rutland borrowed
of itself, as trustee, some twenty thousand
dollars on which we annually pay interest
to the schools without regarding the prin-
cipal hardly in the light of debt.
Details of figures are not always very
amusing reading, although they may be
both instructive and interesting. In the
hopes that they may prove 80 to states,
towns, cities and villages struggling with
debt, and as showing how the practice of a
rigid economy, without burthensome taxa
ton, will in time pay even the most oner-
Gus debt we propose to follow the pay
ment of this down from the period of its
highest amount to the day of its practical
cxtiDguishmcnt. 1t will be nothing but a
dry detail of dry figures, but they are
figures of which Vermonters may well be
proud. We reached the highest point of
taxation in 1864, having gone up to state
tax of one dollar and twenty-five cents on
the dollar of the grand list from one of
twenty cents in 1860, fifty in 1861, eighty
in 1862, and one dollar in 1868, but we did
not reach the maximum of our indebted.
ness until the following year, 1865, when il
stood at one million six hundred and fifty
thousand dollars, being something more
than two per cent of the appraised yalua
ton of all the real estate in the state, ovei
one hundred and sixty per cent of the
whole grand list-our basis for taxation
and, if divided per capita according 10
population, more than five.dollars for ever,
man, woman and child in the state.
Starting with this debt in 1865, Vermont
also, entered upon the policy of paying il
off as speedily as might be, not by increas
ed taxation, but by the practice of the
most rigid economy. A tax of sixty cents
on the dollar was voted-that of the previ
GUS year having been one dollar and TWEEN
ty-five cents--and 1866 found the debt re
duced by twenty-five thousand dollars. Tit
tax was again reduced five cents on thu
dollar and, in 1867, the funded debt wal
fourteen hundred and fifty-seven thousand
dollars. With tax of fifty cents, The
debt was further reduced by two hundred
and thirty thousand dollars, while tax OF
forty cents brought the debt to ten hundred
and seventy. five thousand dollars in 1860
In this and the following years-1SG0 and
1904 tax of fifty cents on the dollar wal
voted and the debt was reduced by seventy
three thousand five hundred dollars the
first year and brought down to five hun
bred and forty-se' en- thousand dollars in
1871. The tax then went down to forty
five cents, and further reduction of thir-
ty-two thousand dollars made in the debt.
In 1879 and 1873, with a tax of forty and
thirty-fve cents respectively, the debt