Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1915-03-25
rr235,OO0 SCHOOL
FL n D, TAKEN IN
1845, IS RESTORED

MONTPELIER. March 2i.-Tho recent cdu-
cational ferment in Vermont has resulted
in much delvng into State history
SQUARE deal for the common schoois IL
looked for as one Of the results OK TINS
unearthing of archives. 1t is shown that
the State reached into the treasury III
1915 and took the entire fund. about *2S''-
900 a joint resolution now become law re-
stores this to the school fund. The state
bonds itself for the amount, paying the
school fund $500 interest per year for
10 years, when the bonds mature.
The permanent school fund is bound
To become of increasing Importance as
part of the states educational policy
The righting of the old wrong and the
passage of H. 40 benefits the common
schools Of the State to the amount of
fifteen thousand dollars
The two Joint resolutions adopted re-
late to the Huntington fund and to the
act Of 1885, which sequestered the avails
accrued from the old Vermont state bank
as school fund. A law was also enacted
sequestering the fees accruing from IL
censes issued to peddlers, auctioneers
and crcuses These resolutions and the
bill to which reference has been made
were drawn by and introduced at the
suggestion of the auditor of accounts,
Horace +. Graham. The resolutions were
presented In the House by Mr.. Proctor
of Proctor.
In 1878 the General Assembly accepted
the bequest of Arunah huntington Of
Brantford, Ontario, of his estate Of more
than 100000 as a common school fund
for Vermont, and assumed the duties OF
the trust imposed.
In 1882 the validity of the bequest hav-
ing been judicially established the Cen
eral Assembly empowered the State
treasurer to receive on behalf of the State
the funds, securities ana property to
which the State was entitled and to give
n receipt for the same. In 1854 the act
was passed providing that the State
treasurer annually should apportion the
interest of this fund at SIX per cent.
to the several towns and unOrganized
cores of the State in proportion to the
number of inhabitants In each based
upon the returns of the last census. In
1906 the General Assembly provided for
n permanent school fund and included
therein the Huntington fund. The effoct
of the resolution adopted at the present
urer to issue to the trustees of the per-
manent school fund on July l. 1915. GER
tlfcates of the registered loan of this
State redeemable July |. 1925, bearing in =
terest at six per cent. annually which
interest is to be paid July 1st Of each
year to said trustees
The income of these certificates is to
be added annually to the income OF the
permanent Qchnl nd 10 ha
tributed among the various towns for
the purpose of equalzng education OPP
portunities and rates of expenditure in
the public educational system"
The second resolution refers to the fact
that in 1925 the Legislature provided that
the avails accrued to the State from the
old Vermont State bank which had gone
out of existence. should be seauest cred
and granted to the respective towns of
the State as a school fund to be used for
the benefit of the common schools and to
no other use; that the amount Of the
states funds accrl!ing from the . per
cent. on the net profits Of the respective
banks chartered by this State which had
accrued might therein accrue, and
funds received from licenses to peddlers
should be sequestered and granted to the
various towns of the State for the bene-
lit OF the common schools and to no other
use, that the accommodating school fund
Shall not be diminished or appropriated
for the use OF schools until the amount
of tn" principal Of said fund shall In
crease to sum sufficient to yield an an
nual profit and interest adequate to de-
fray the current expenses Of keeping a
good. free common school in each district
N the respective towns for the period OF
Two months in each and every year.
The resolution refers to the fact that
in 1888 the Legislature passed an act di.
recting the commissioner of this schoO
fund not to loan any moro money from
said fund but to deposit the same in the
treasury as received and the treasury was
10 charge the State with the interest on
all money so deposited which should be
considered as borrowed from said fund
In 1915 the Legislature abolished this
school fund, repealed the acts relating
to 1t and provided that after applying SO
much Of the fund as might be necessary
to cancel the Indebtedness Of the State
TO said fund, the balance should be put
into the treasury FOR the use and bene-
ut Of the State
Inc resolution Just adopted dealing
with this matter declares: THAT the
o'"te ousut III equity ana GOOD conscience
to return to the public schools the pr1n-
cipal sum at least Of this fund. which
in the year 1916 amounted to $234, 900. A. u
1T provides that the State treasurer 1.
authorized to Issue to the trustees Of the
permanent school fund of this State
certificates Of the registered loans of thi.
State redeemablc July !, 1925, with inter.
est at four per cent. annually which
interest shall be payable July list eaci
year to the trustees Of the permanent
school fund. This loan is to be in
scribed on the books OF the State treas
urcr and secretary Of state respectively
il the sum of 1924, 1900 a. and the certifi
Gates shall bear the seals of the two Off
Gals mentioned The interest Of thes,
certificates Is to be added to the incom,
of the permanent school fund and Is Il
he distributed in a manner similar I,
that provided for distribution Of the in
terest on the certificates respecting tn
Huntington fund.
The purpose of the adOption of thesa re