The Brattleboro reformer. (Brattleboro, Vt.) 1907-1912, 1907-12-27
THE U. s. DEPOSIT MONEY.
Resolution Asking for Information
About II from Secretary Of Treasury.

Friends of education in Vermont IA well
as in other states are concerned ~ ths
resolution introduced in the national house
of representatives last week by Reprcscnt-
atiye Victor Muriock OF Kansas, calling
ON the secretary OF the treasury Tor IN
formation concerning the item OF s2s,Voo,.
900 carried on the books OF the nationai
treasury as unavailable funds,
ANY explanation of this item VIII serve
10 show that this country has been bur
dened with a bothersome surplus IN the
treasury at different times, and incidental
ly develop the fact that all sorts OF meth
DDS of getting nd OF such surplus has
been tried from actually spending the
money to cutting down the supply OF reve-
nue. by smashing the tariff, to say nothing
OF lending
The unavailable money TO which Rep
resentative Murdock refers is that which
was deposited with the treasurers oi the
different states under the act OF june
q, 1896, this course having been adopted
TO dispose OF a surplus which had accumu-
lated in the national treasury. While tins
money was loaned the different common
weaths the singular fact remains that
these deposits were never disturbed Dy
Uncle sam and under the circumstances
the chances are that the funds viii be-
come sort OF perpetual loan, without
even "A demand LOT INTEREST -.
This money was deposited with the dii-
ferent state treasurers in proportion TO the
number OF electors of president and vice
president to which each state was entitled.
Nermonts 5 share OF the money was Sbby,-
Os6.7I while New lork's deposit on Sept.
80 1906. amounted to the snug sum OF
siOl452O.Il. In New York the money
was apportioned among the different coun-
ties in the state according to population.
commissioners were appointed TO look al
ter the fund, and they were authorized 10
loan il on mortgage on improved real es-
tate for terms not longer than five years,
the state reserving the privilege OF calling
for one-half of the loan in one year with
out notice, and the remainder on two
wears notice. The income from the fund
is devoted to educational purposes.
yermont's share of the United States
deposit money has been loaned to different
towns, the amount held by each town
VARYING from decade TO decade according
to changes in population: he present
law in relation to Nermonts United States
deposit money provides that the state
treasurer shall receive the fund and APP
portion it TO the several towns In proper
ton to their population according to the
preceding congressional census. Inc
money is received by each town through
its trustees of public money who act un-
der bonds; and they give receipt 10 the
state treasurer, precisely as he does ior
the entire fund to the treasurer of the
| United States. If any town does not bor-
row its share of the fund, the trustees
may loan it at 6 per cent. on mortgage Tor
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 manner
as the state school tax. If any town does
not lawfully manage and dispose OF its
share of the United States deposit fund
for the support of schools it is liable to
| forfeit a sum not more than double the
| interest on such moneys. 1t is the duty
of the grand jury to inquire as to how,
the towns have managed their shares OF
the United States deposit money.
Ii Representative Murdock receives a
report covering the subject of the dlstri-
button and control of this United States
deposit money, in the different states, 1t
| is evident he will have reading matter to
Ii last him some time.-Burlington Free
| Press.