Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1906-11-01

deposits and stock of various financial
institutions and is yearly divided among
the towns according to the number of
pupils not less than Ave years old The
equalization fund. $4,000, Is divided with
a view to stimulating disbursements for
more effective supervision, as per chapter
II, laws OF 1899, and the High School
Funds" 5000, divided for tuition on the
basis OF the tax raised by towns, the idea
being to help those most which most help
themselves.
The commissions report shows that the
United states deposit money. received by
Vermont In 1887, amounted 10 1868. os6 a.,
all OF which. with the exception of
s2,70l.S5. which was not taken by eight
towns and three cores, was distributed to
the towns for school purposes according
to population. The amount held by each
town varies from decade to decade as
their populations shift and calls ror an
apportionment through the office Of the
State treasurer every ten years It has
not been possible to ascertain the way in
which each town has taken care of its
lapportionment, nor the income for school
use annually derived therefrom, nor the
manner in which such income has been
applied. In most instances the amount of
the aprortionmcnt is small
The largest holdings in each county.
for example, are stated as follows:
Mddlebury, S5,e2s.77; Bennington, Sl5,
94oC7; st, Johnsbury, s13GiSSS: Burlington.
s36292.oi; Brighton. &,93SS?; s.. Mbrns
city. sl214166; Alburgh s2s6o9j: Norris
town, sj,029s3; Randolph, ss.tlj.6s: Derby.
$6,37iG5; Rutland city. s22,SeS15; Barre
city. sl6,4iS69: Brattleboro. $la.aaS q
Hartford, S7,4S1so. These fourteen cities
and towns hold St67, 1861 of the total
fund. or - per cent.
The law relating to this deposit money
now provides that the state treasurer
shall receive It ana apporton it TO the
several towns in the proportion OF
their inha bitants according to the last
congressional census. The money is re-
ccivcd by each town through It's trustees
Of public money. who act under bonds
money to the State treasurer. precisely
as he does for the entire fund 20 the
secretary of the treasury Of the United
States. The trustees Of public money are
authorized to loan the funds so received
by them to the town. If tho town author
ICES the sclcctmen 20 borrow il. II this
is not done, they may loan it at SIX per
cont. on mortgage for one year at Il
time. The State treasurer hold So much
Of the fund as any towns or cores do not
take, allows thlee per cent thereon and
annually divides It, previous to tho first
day of March. in the same manner a. the
money derived from the State school tax.
| The report goes on to state that under
act $50 OF 1854 the securities received
from the estate of Arunah Huntington
were sold for s2ll ,l3l &C. which money was
applied by the State to general purposes.
D.,
or s12,663>2, which. in turn is distributed
to the towns according TO the number OF
inha bitant3 as per last census of the
United States. This distribution gives
Addison county SCOTS, Bennington,
ssQo.14; Caledonia, ss9S.76 Chttcnden.
N,459o5; Essex, S2"s.g4 Franklin. N.1ls2i:
Grand Isle, SlGi.i9; Iamoille. s4j3. %
Orange. $1il9i; Orleans. ssl1.so; Rutland.
s1,62a1; Washington. ti,3i949; Windham,
Sgs2.77; Windsor, sl,1s7.93.
Mr.. Huntington recommended that the
State employ the capital realized from,
his bequcst in the creation of Vermont
District School Bank and that tn,
money be invested in mortgages on real
estate; all interest to be added to prln-
cipal until the fund was large enough to
admit OF en- n county in the State re-
ceiving $4,000. the income therea fter tc
be used for the benefit Of the common
or district schools. The whole affair was
TO be regulated under laws Of the Legis-
lature by their trustees. The actual law
of the State regarding this fund provides
that the State treasurer may convert its
securities into cash and that the proceeds
may be used for the general purposes OF
the State. The State treasurer mus.
annually apportlon SO interest on tho en-
tire fund to towns and unorganized towns
and cores in the same manner in which
the interest Of the United States dcposi;
money is divided TO towns which do no,
elect trustees of public money. The towns
in turn II containing more than one
school district, are instructed to divide
the money so received in the same man.
ner in which State school tax money is
) distributed.
1t appears, therefore that the Hunting
ton fund was borrowed by the State and
used and that the State is liable for the
same, subject to GO interest per annucn
and that the income, derived, Is being
passed over to the towns and by then,
used under such local supervision and
direction as each supplies. The payment
Of the full amount of school moneys tc
any school district is predicated upon iti
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