The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1908-01-03
THE U. S. DEPOSIT MONEY
Resolution Asking for Information
From Secretary of Treasury.

Friends of education in Vermont as
well as in other states are concerned
in the resolution introduced in the nat
ional house OF representatives last
week by Representative Victor Muir
dock of Kansas, calling on the secre-
tary of the treasury for information
concerning the item of $2S,000, 900 car
ried on the books of the national treas
ury as unavailable funds
Any explanation of this item will
serve to show that this country has
been burdened with bothersome sur
plus in the treasury at different times,
and incidentally develop the fact that
all sorts of methods of getting rid of
such surplus has been tried from actu-
ally 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 treasur-
ers of the different states under the
act of June %, 1886 this course having
been adopted to dispose of surplus
which had accumulated in the national
treasury. While this money was loan
ed the different commonwealth the
singular fact remains that these depos-
its were never disturbed by Uncle Sam
and under the circumstances the chan
ces are that the funds will become a
sort of perpetual loan, without de.
mand for interest.
This money was deposited with the
different state treasurers in proportion
to the number of electors of president
and vice president to which each state
was entitled. Vermont's share of the
money was 1868. 0S6.74, while New
York's deposit on September 30 1906.
amounted to the snug sum OF $4,O41,-
SPOIL. In New York the money was
apportioned among the different coun-
ties in the state according to popula-
ton. Commissioners were appointed
to look after the fund, and they were
authorized to loan il on mortgage on
improved real estate for terms not
longer than five years, the state re-
serving the privilege of calling for one
half of the loan in one year without no
tice, and the remainder on two years
notice. The income from the fund is
devoted to educational purposes
Vermonts share of the United States
deposit money has been loaned TO diff
ferent 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 IL to
the several towns in proportion to their
population according to the preceding
congressional census. The money is
received by each town through its
trustees of public money who act UNI
der bonds: and they give receipt to
the state treasurer, precisely as he
does for the entire fund TO the treas
urer of the United States. II any town
does not borrow its share OF the fund
the trustees may loan II at 6 per cent,
on mortgage for one year at time.
The state pays three per cent inter
est on any balance of the fund remain
ing 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 tie 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.
If Representative Murdoch receives
a report covering the subject of the
distribution and control Of this United
States deposit money, in the different
states, 1t is evident he will have read
ing matter to last him for some time