The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1888-10-10

OF MT, howard anu Mr.. BlllnPS, lne III
crease I'm the members of the faculty, the
doubling of the attendance of students
within n few years, the gradual advance
ment of the standard of scholarship, the en-
richment of the curriculum by the introduce
ton of scientific and elective courses the
manifestations of confidence and interest
through gifts and legaCies, the tlourishing
condition and high character Of the medical
department. and the universal impression
throughout the state and abroad that the
university is in prosperous and progressive
condition." and urge these circumstances
as an indication that the present is n favor
able time for a strenuous effort on the part
of all interested TO secure for the university
increased power and a broader field of use
fulness in the future. They call attention
to the fact that n grant of state aid was
i" contemplated in the original plan of the
university as conceived by the founders of
the state, and was carried forward in the
best way which the poverty of those early
times admitted, by the reservation of town
lots for the benefit of the university; also
that the state has recognized its interest in
and relation to the institution in making its
state officers er-oficio members of the cor
poration, in the reservation Of the right to
appoint one-half of its board of control, and
to exercise visitorial power over all its af-
fairs and proceedings" They also claim
that by the charter of 1865 the state assumed
new relations to the university and imposed
eft derived from the fund donated by the
general government, and that in entering
into the great and difficult work of adding
to the ancient curriculum " the large array
of new sciences, with their applications,
with which modern invention has enhanced
human knowledge" the university did it
with the certainly reasonable presumption
that the state would, in addition to the
wholly inadequate congressional aid, make
liberal grants from time to time in further
ance of the objects contemplated in the
charter" And the trustees, referring to
the relation borne by the state to the uni
versty, make use of the following language
I" She has not only duty to perform, such
a duty as rests on all enlightened states
toward the higher education,-she has a
virtual pledge to redeem toward the insti-
tuition with which she entered into partner
ship by the charter of 1865" | have thus
called special attention to the report of the
trustees because of the great importance of
its subjeCt-matter and because of the intel
ligence, learning and character of its au-
thors. | bespeak for this report the exam
ination and consideration it deserves, and
if its arguments commend themselves to
your Judgment as well founded, and its de-
mands seem to you Just and reasonable, it
is to be hoped that such action may be taken
as will place the university upon plane of
usefulness BETTING an institution Of its
character. Your attention is called to an
lish agricultural experiment stations in con-
necton with the colleges established in the
several states, under the provisions of an.
act approved July ., 1862, and of the acts
supplementary thereto" under which an
appropriation of fifteen thousand dollars
annually is made to each state for the pur-
pose of paying the expenses of conducting
such stations. Section nine of this act pro-
vides " that the grants of moneys author
lied by this act are made subject to the
legislative assent of the several states and
territories to the purposes of said grant"
This calls for action on your part. 1t will
also be incumbent on you to elect three
members of the board of trustees on the
part of the state, to serve six years, begin
ming November. 1889.
SAVINGS BANKS AND TRUST COMPANIES
The report of the inspector of finance is a
document so full of valuable information
in regard to the management and present
condition of the savings banks and trust
companies of the state, that | cannot con-
sent to mar its completeness, either in max
ing extracts or in attempting TO state its
substance. 1t should he carefully read by
every legislator and the recommendations
therein contained considered in connection
with the reasons upon which they are
founded. Most of these institutions are, in
most respects, models of financial manage
ment; but if disaster should befall any of
them by reason of too extensive invest
mentS in western mortgages, or because of
dividends to depOsitors larger than prudent
management would dictate, the inspector
would not be in fault. He has repeatedly
called attention to what he cOnceives to be
a danger, and has laid the responsibility for
action upon the general assembly. In view
Of the fact that these institutions now hold
upon deposit nearly seventeen millions of
dollars of the peoples money. no degree of
care in the enactment of laws regulating its
investment can be too great. In this con-
ncCtiOn permit me TO refer to the fact that
the aggregate amount of deposits. less than
fifteen hundred dollars each, held by the
savings banks and trust companies of this
state are taxed at the rate of siX-tenths of
one per cent per annum, which is about
one-half the average rate of taxation i'm
posed by law on those classes of property
embraced in the grand list 1t is probably
true that the grand list does not represent
all of the taxable property in the state, and
some of it may not be listed at its full value,
but whether on this account there should
be such wide difference in the rate of
taxation of the two classes of property, is a
question for you to determine
BOARD OF AGRICULTURE.
have not been able to examine the re-
port of the board of agriculture, nor have |
any information as to its contents or recon-
mendatiOns. | am, therefore, able only to
refer to the fact that ours is distnctively an
agricultural state, and that the general
course of legislation should be such as to
encourage the best possible work in develop
ing this industry In a general assembly
such large proportion Of which is made up
of farmers, no recommendations of mine
can be necessary to inspire legislation in
this direction Permit me to suggest, how
ever, that as large manufactures operate to
produce "a home market for farm products,
a policy should be adopted that will en-
courage their establishment. We have
great natural advantages which as yet are
undeveloped and in which the investments
of capital should be encouraged by all legiti-
mate means.
RAILROADS.
Since the close of the last session of the
legislature, the so-called interstate com
merce law of the United States has been
enacted and put in operation. The action
OF this law has attracted general attention
and excited great public interest, and it is
! thought by those most conversant with its
operation that its principles have found per-
manent lodgment in the legislation of the
general government. There is also wide
spread feeling in our state that the pro-
visions of the law concerning the duties
and obligations of common carriers in their
| relations to individuals and the public
| should be, so far as is practicable, incorpo-
rated into the statute-laws of the state with
! proper penalties fer the enforcement of the
! Il hat l