St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1915-03-31
SCHOOL FUND RESTORED
A Steal of 1926, 900 i'm 1S45 From
Vermont Public Schools Restored.

/ Vermont Public SCHOOLS RESTORED.
The recent educational ferment in
Vermont has resulted in much delving
into state history. A square deal for
the common schools is looked for as
one of the results of this unearthing
of archives. 1t is shown that the
state reached into the treasury in
1915 and took the entire fund, about
1895, 900. A joint resolution now
become law restores this to the school
fund The state bonds itself for the
amount, paying the school fund So
400 interest per year for 10 years,
when the bonds mature.
The permanent school fund is
bound to become of increasing impor-
lance as part of the states educa-
tional policy. The righting of the
lold wrong and the passage of H 4lO
benefits the common schools of the
state to the amount of 81 200.
Story of the Funds.
The two Joint resolutions adopted
relate to the Huntington fund and
to the act of 1925, which sequestered
the avails accrued from the old Yer
mont state bank as a school fund. A
law was also enacted sequestering
the fees accruing from licenses issued
to peddlers, auctioneers and circuses.
These resolutions and the bill to
which reference has been made were
drawn by and introduced at the sug-
gestion of the auditor of accounts.
Horace f. Graham. The resolutions
wee presented in the house by Mr..
Proctor Of Proctor.
In 1873 the general assembly &C
cepted the bequest of Arunah Hunt
ington 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
having been judicially established, the
general assembly empowered the state
treasurer to receive on behalf OF the
state the funds, securities and prop
erty to which the state was entitled
and to give a receipt for the same.
In 1884 the act was passed proVid-
ing that the state treasurer annually
should appoxtion the interest of this
fund at six per cent, to the several
towns and unorganized cores or 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 a.
permanent school fund and fnclud-
ed the Elm the Huntington fund. The,
effect of the resolution adopted at the
present session is to authorize the
state treasurer to issue to the trus-l
tees of the permanent school fund on
July 1, 1915, certificates OF the regis
tered loan of this state redeemable
July /, 1925, bearing inte- est 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 school fund and is
to be distributed among the various
towns for the purpose of equaEzing
education opportunities and rates of
expenditure in the public educational
system
The second resolution refers to the
fact that in 1926 the legislature pro-
vided that the avails accrued to the
state from the old Vermont state
bank which had gone out of existence
should be sequestered and granted to
the respective towns of the state as
a. school fund To be used Tor the