The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1886-10-29

uepOslCs are mourning more nor less thal
trust funds-is that safety should be thu
first and strongest consideration actual
Ing and governing Trustees" ''Savings
banks were instituted for the purpose
affording an absolutely safe place for thu
deposit Of the small earnings Of widows
minors, and others, who are not sufficient
ly versed In matters of finance to care fO
their own savings. And this purpose Il
wickedly perverted when Trustees be
come ambitious to build up great institu
tons by paying large dividends and
thereby attracting the capital of the
wealthy"
These plain and well pointed remarks
of the Inspector find application and
meaning in what Is reported by him as
to investment of these funds in ''west.
ern farm mortgages The Importance
of the subject, and the desire on my part
that the views and recommendations of
the Inspector be more widely dissemi-
mated lead me to quote further from his
report. He says: 'Strictly choice nu-
nicipal bonds, class of Investments up
on which our savings banks have hereto
fore largely relied, now rarely pay more
than four per cent. net, and many of our
savings bank managers have deemed it
wise to discard largely this class of secur-
tiles and to correspondingly increase their
investments In western farm mortgages.
which pay much larger rate of interest. .
call your attention to the recommen-
dation of the Inspector that the present
limit (5Ss per cent within which savings
deposits may be invested in western mort
cages. be reduced to 40 per cent. rec
ommend that the law limiting and re-
stricting the investment of deposits be
so amended as to meet the recommends
tons of the Inspector. Some of the pres
ent restrictions are seemingly unjust, or
at least unwise. The well-known finan-
cial ability and standing of the Inspector,
and his large experience. are, am sure.
quite sufficient to secure your earnest
attention to his report. His evident So
licitude. not to say anxiety, is fully ac-
counted for by a careful study of his re-
port.
In the report of the Treasurer you will
find an itemiZed statement of the several
trust funds in his hands for which the
State is accountable. and the official GER
tificates Of the Auditor of Accounts and
Inspector of Finance that they have ex-
amined these funds and found the same
correctly set forth in the said statement
of the Treasurer.
EDUCATION.
Few, II any, subjects are equal to this
in importance, and l am pleased to be
able to say that no subject has received
more thought and attention from the
General Assembly, and also from the
thoughtful people of the State. And L
venture to assert that it has been a long
time, if ever, since there was more
thought given to the subject than at the
present time, and it is probable there
has never been period when there was
more, If as much, anxiety and sOlicitude
concerning it as now. The Importance
attached to the subject is easy to under
stand, as Intelligence of the masses is alb
solutely essential to the prosperity and
existence of our form of government and
its free institutions. But why the pres
ent unusual interest, anxiety, and s0lic-
itude? The answer to this inquiry Is
found in an assertion or proposition not
pleasant to entertain or contemplate, yet
forced upon us by seemingly unques-
toned and unquestionable facts-an as
sertion promulgated by my predecessors.
and also by the constituted head of the
educational departments of the State,
both past and present, and corroborated
by the national census bureau. 1t is, that
the people of our commonwealth are in
creasing in illiteracy-that she is losing
rank with and falling behind her sister
States in that education and intelligence
that can come only from the common or
public schools. The proposition is as
as it is alarming, and |
would gladly refute it, could | see my
way clear to maintain my position.
Assuming that this is correct. l am led
to repeat the inquiry of my earnest and
predecessor, Ex-Governor
Pingree: wherefore are we being left |
behindr' This is certainly a most i'm |
portant inquiry, and address it to you
in all possible earnestness, trusting you
NAV be able not only to answer it, but
to find cure, and by early legislative |
action make vigorous application of it,
even though It should involve radical
changes in our educational system. Pur-
suing the subject, put the further in
curry: Has there been in the past or
Is there now, such want Of proper pc
cuniary support and encouragement by |
the State for the common schools, as to
account for the trouble? If so, and you |
should unlock the Treasury and provide |
the proper aid, it would have my approx
al; but understand the reverse to be
true. The trouble is evidently not here.
Looking further, let me ask you as to
the condition and efficiency of the col
leges, academies, normal schools, high |
and graded schools, and the larger and
more central of the district schools of |
the State. My observation and infor-
nation is that these as whole, compare |
favorably with like institutions of learn
ing elsewhere, and have a corps of in
teachers and managers as |
efficient aud well equipped
as any. This being so, we must look