The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-02-14
MORE LIGHT NEEDED

In explaining, or attempting to explain,
certain real or steming alterations in the
figures of the public debt statements, George
5. Boutwell,, senator from Massachusetts,.
who had been secretary of the treasury of
the United States, intimated that the tys-
TEN OF book keeping in use in the treasury
department was such, and designedly such.
that no person could understand it, with
out aid from the department itself, and
that 1.-THE statements as presented to con-
gress and to the country are different
statements, but they are statements pre-
pared for the very purpose of enabling
amy person who chooses to investigate
the affairs OF tho treasury department to
ascertain whether those statements con-
"cur when they are analysed and the ma
terial of which they are composed are
understood" 1t would seem from n
comparison of the letter of the state trea-
surer, published Saturday morning. with
his annual financial statement of August 1.
1873, that the same practice prevails in
Vermont, that similar statements are made.
and that the same system of analysis aud
understanding of "the material of which
they are composed are required IN order
that the people of Vermont may gain al
insight into their financial condition.
Since the first of August last, the people
of the state have been congratulating them.
selves on the presumed fact that Vermont
was practically free from debt. If any re.
lance could be placed on the treasurers
official statement, they had a right to SO
congratulate themselves. His report, dated
August /, 1875, showed, among the liabil-
ties of the state, "funded debt"--bonds of
1876, 100000; bonds of 1878, 500, 500 I;
amounting to S167, 500. In addition to this
was the agricultural college fund" of
S135, 1000, the principal OF which is not due
until 1890, and which, in fact, is never
payable-the state holding that amount in !
trust, the interest of which, and the inter-
est only, is payable annually. or oftener, TO
the University of Vermont and state agri- |
cultural college. We have now to do only |
with the one hundred and two thousand |
dollars Of "funded debt" due in 1876 this
year. The same report showed that there |
was then leash in treasury and on deposit |
1" in bank" $500, 1864 of which $167,- |
932.36 was in the "sinking fund'-the
" sinking fund" exceeding the funded
" debt, due this year, $65, 932.36. What,
pray tell us, is a "sinking fund" for, if it is
not for the payment of these liabilities ?
With an excess of over sixty-ive thousand
cellars over current liabilities and sink
ing furd larger than all of the unpaid fund |
ed debt, had the people not right to be-
lieve that Vermont was practically tree of
iebt
In his letter Of February 8, however, he
pricks the bubble of our confidence and |
conceit, by telling the people that out of
the taxes due Jnne /, 1876, must be "paid |
" bonds due this year, 100000" What
then has become of the "snking fund? 1t |
will be borne in mind that, August /, 1875,
the "cash in treasury and on deposit in
4" bank" including 'sinking fund" was
S320,37G 81, while, according to his letter,
this amount had dwindled down TO Janu-
AIRY 20, 1876, to S93,G4S.70. In other
words, he had expended, in less than six
months, the entire amount of the available
cash In the treasury and $74, 2S3. SO of the
sinking fund. If there really is ''sinking
" fund.- what right or power has the state
treasurer to use it, or any part thereof, for
any purpose, except the payment of the
bonded debt of the state !? If there is a
g sinking fund.-" we would commend to
the state treasurer the scathing comments
Of Governor Dix on the use of the money
of the sinking fund in New York for other
than its legitimate uses. II there is no
g sinking fund.- why report one every
year, and lead the people to believe that
there is fund solemnly set apart for the
payment Of the public debt ? If there is
no 'sinking fund.- Is it referred to, year
after year, for the sole purpose or confus-
ing the people and deceiving them as to
The actual financial condition of the state
A little more light is needed.