Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1908-10-15
PERMANENT SCHOOL FUND,
Report Of Trustees Gives Total Priu-
cipaI As sI.120.2is.25--I,eturn Of
LuntingtOn Money Is IfrEcd.

The report Of the trustees OF the per-
manent school fund, Gov. Fletcher D..
Proctor of Proctor, Lieut.-Gov. George
II. prouty of Newport. state Treasurer
Edward II. Dcavitt of Montpelier, State
superintendent of Education Mason s.
Stone Of Montpelier, Il. NJ. Mansur OF
Newport, J. l.. %Southwick of burlington
ana Joseph A. Dc1|ocr of Montpelier,
says in substance:
THE trustees, after a careful con-
sidcration of the state act, section by sec
ton. under which they served. unani-
mously declared their belief IN its Wis
dom and instructed all officers to carry
Its provisions into immediate and proc-
teal effect. The finance committee was
advised TO submit to a subsequent meet
ing proper forms OF state and city or
town obligations to the public school
fund on account of either the Hunting
ton or the United States deposit fund.
At a meeting Of the trustees held August
20, 1851. in the executive chambers, all
nets and reports to said date were fully
Con,id, red and discussed, as represented
by tho statistical summaries hereinafter
presented In detail. The report of the
sec rotary was presented. as also the
report of the finance committee and
further resolutions looking toward the
development and Increase of the public
school fund were adopted. The trustees
acted upon the conviction that they had
no powcr In law to claim. nor had the
municipalities Of the state the authority
to execute, any evidences Of obligation
TO said fund. an opinion since confirm
ed hy the encouragement. Therefore,
up TO date of This report. we have pro-
cecGcd with tho cities and the towns
upon the theory Of a pure ~bookkecp-
ing account under authority of the net
Of 1906. but so Loyalty. SO earnestly, and
SO gladly have the cities and towns Of
the state responded to tho spirit Of the
act treating the public school fund that
it's increase and investment have exceed
cd all expectations, while the f~undamcn-
tai interest of the people In the merit
of the law has been abundontly proved.
acting under the principle that the
fund was to be n permanent and alb
solutc endowment of the public schools
in this state and under the limitations
imposed by law. the trustees under acts
of 1904 and 1905 have made the following
investments to date:
A detailed description of the various
investments which have been brought
for the permanent school fund is given.
THE entire Investment In registered
bonds made since January !, 1905. repre-
sorts Il par value of $4,000; price paid.
S4I5. $3.50; accrued interest, $~2,2iS.5i. The
principal OF the fund has been restored
through charging of from Income the
! premium item Of S., $3.50 in course of
handling the Investments,
ut has been thought prudential to
report the income and outcO on ac-
! count Of the permanent school fund
for the biennial period beginning June
50. 1906. and concluding June 30. 1905.
so as to make these statistics conform to
the reports of the state treasurer. who
In his office holds on deposit the invest
ments themselves and also collects and
disbu.ses the receipts thercfrom con-
formally to the act of 1906.
"Thc Vermont war claim fund of S2t,0O
has been permanently invested. while
the Arunah Huntington fund of s2ll l3l. 4G
confines to stand as per section of
the act of 1896. no part Of same having
been paid over by the state TO the trus-
tees of the permanent school fund. The
United States deposit money, which on
june 30, 1906, amounted tn $cG9, 0>G. 70, now
stands as Of June 80, 1875, at si23. 2lS. 80,
the sum OF S235. SIS A. having been paid
into the permanent school fund during
the lasc biennial period. or over 50 per
cent. of the entire amount originally due
from cities and towns. OF the amount so
paid into the permanent school funo,
$ll@ .333. 10 was received during the year
ending June %, 1907, and Sl93,5S4.GS during
the wear ending June 20, 1905. The report
of tho state treasurer for 1905 gives in
detail the amounts received on account
OF beth principal and interest from the
several wv and cities since June 80,
1906.
THE preceding compilation lemon
strotes a very universal adoption through
the state of the per,uaueut school fund