Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1907-12-26
PART or THE STATES EDUCATION
AL FUND.

PART or THE STATES EDUCATION
AL FUND.
Friends of education in Vermont rs
well rs in other States arc concerned
in the resolution introduced in the ma
tional House of Representatives last
week by Representative victor Muir
| dock ,hf Kansas, calling on the secre-
| tary hf the treasury for information
concerning the item of s2S.OoO,0OO car
ricd on tho books of the national treas
ury as "unavailablc funds"
Any explanation of this item will
serve to show that this country has
been burdencd with n bothcrsomc sur
and incidentally develop the fact that
all sorts Of methods Of getting rid Of
such surplus has been tried from ac-
tually spending the money to cutting
down the supply of revenue by smash
ing the tariff, to say nothing Of lend
ing
The unavailable" money to which
| Representative Murdoch refers is that
which was deposited with the trcasur-
ors of the different states under the
act of June %, 1886, this course having
been adopted to dispose of n surplus
which had accumulated in the national
treasury. While this money was loan
ed the different commemorative. the
singular fact remains that these de-
posts We're never disturbed by Uncle
Sam and under the circumstances the
chances are that the funds Will he
| come sort of perpetual loan, without
even a demand for interest
This money was deposited with the
different state treasurers in proper
tion to the number of electors of pres
id"nt and vice president to which each
state was entitled. Vermont's share
of the money was $3.50 OSG74 while
New Yorks deposit on September so.
1906. amounted to the snug sum Of So
o14,52o.71. In New York the money
was apportioned among the different
counties I'm the state according to pop-
ulatiOn. Commissioners were appoint-
ed to look after the fund. and they
were authorized to loan it on mort
gage on improved real estate for terms
not longer than five years, tho State
r"scrvinE the privilege Of calling for
on"-half of the loan IN one year with
~ IA.
years notice. The income from tho
fund is devoted to educational pur-
poses.
Vermonts share of the United States
deposit money has been loaned to diff
fer"nt towns, the amount held by each
town varying from decade to decade
according to changes in population.
The present law in relation to Yer
monts United States deposit money
provides that the state treasurer shall
receive the fund and apportion it 10
the several towns in proportion 70
their population according to the pre-
ceding congressional census. The
fNbllfN is received by eaCn town
through its trustees Of public money,
who act under bonds; and they give
a receipt to the state treasurer, pre-
c!soly as ne does for the entire fund
TO the treasurer of the United States.
If any town does not borrow its share
of the fund.- the trustees may loan it
ut per cent. on mortgage for one
year at time The state pays per
cent. interest on any balance Of the
fund remaining in the treasury and the
proceeds are divided in the same man
ner as the State school tax. If any
town does not lawfully manage and
dispose OF It's share OF the United
States deposit fund for the support
of schools it is liable to for
felt sum not more than
double the interest on such moneys
1t is the duty of the grand jury to in
quire as to how the towns have man
aged their shares of the United states
! deposit money.
IA report covering the subject OF the
distribution and control of this United
States, it is evident he will have read
ing matter to last hirl some time