The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1877-02-03
SCHOOL FUNDS.

AS was stated, yesterday, Arunah Hunt
ington, native of Vermont who died re-
Gently in the province of Quebec, has left,
by will. an estate of some two hundred
thousand dollars to be used as fund for
tho benefit of the common schools of this
state. We are, as yet, uniformed as to
the terms of the bequest, but trust that it
is so guarded that the common schools may
actually receive the benefit of it.
This will not be the first school fund in
the state, but, it must be confessed, that
the benefit which might have been expect
ed has not been derived from them. In
1925, the legislature passed an act creating
and establishing fund for the benefit of
common schools. The avals of the old
Vermont state bank, the amount received
from the six per cent tax on the net profits
of banks, the receipts from pedlars,
licenses, and such special appropriations
as the legislature might make, were set
apart as fund for the support of the com
mon schools of the state and was to be
kept, with its accumulations of interest,
until it should amount to sum whose an
nual interest would be adequate to support
q good common school in each district in
the state for a period of two months an
nually, from which time its income was to
be annually expended for that purpose.
In lS41, this fund amounted to something
over one hundred and sixty-four thousand
dollars and in 1916, to two hun
dred and thlrty-Ave thousand dollars.
The state, however, had from time
to time been in the habit of using the
money, and now owed it some two huud.
red and twenty-four thousand dollars and
so Peter was robbed to ply Paul, and the
fund was appropriated 10 pay the debt. IL
other words, the state borrowed the money
and then repudiated tho debt. 1t is esti-
mated that as early as 1890, the fund, with
its Accommodations, would have been eufil-
cient to have met with the requirements of
the act creating the fund-that is of sup
porting good common school in every dis
trict in the state for the period OF two
months annually--but instead of awaiting
this day, the state preferred to relieve
itself of temporary embarrassment by an
act of reputation.
The next attempt to establish a school
fund was in the disposition made of the
United States surplus revenue deposited
with the several states. On account of the
enormous sales of public lands, the United
States had accumulated large surplus rev.
enue, which, in 1887, was ordered to be de.
posted with the several states-subject to
call by the general government-in pro
portion to the number of senators and rep
resentatives. 1t was to be paid over il
four quarterly installments during the yea
1888; but only three installments wer'
paid, Vermont's proportion received beinl
1868, 086. 79,-the whole amount distrib
uted among the several states being $28,
l01,644. Vermont, by law, divided her
proportion among the several towns in tn
state according to population, and pro
vided that the principal shall be securely
invested, and the interest paid annually TO
the support of schools. After each new
census, the amount in this state, is reap
propriated to the several towns according
to population. Rutland has received q
various times some eighteen thousand, eigh
hundred dollars-but what has become O
itf The town has borrowed it from tim
to time; large proportion Of it was in
vested in building the old town hall o.
Washington street, and was burned with II
December 10, 1868; and the remainder ba
been sunk in various ways. Fortunatel
the town was, and is, unable to repuda
the debt, and so the schools obtain tb
benefit of it, but they obtain it, as they d
all their other school money, by direc
tax on the people.
BY donation of public lands to III
state for the benefit of an agricultural col
lege, and the sale of the lands, the state re
ceived some one hundred and thirty-fiv
thousand dollars, which the state, as nigh
have been expected, borrowed. This deb
cannot be repudlated, but the people mus
be forever annually taxed to. pay the in
terest thereon. 1t may be all very well, q
the time, to save taxes by borrowing trus
fund, but we doubt whether 1t pays in tn
long run. Whether this Huntington fun,
is so situated that ii can be used for build
ing new state house, stale prison or re
form school we cannot say; but we may a
rest assured that II 1t can be so borrowed
borrowed 1t will be, and the people take