The Barre daily times. (Barre, Vt.) 1897-1959, 1915-03-24

| the bequest OF Arunah Huntington VI
J Brantford Ontario, of his estate OF more
than 100000 as common school iund
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 property
TO which the state was entitled and TO
give receipt for the same. In 1884 the
act was passed providing that the state
treasurer annually should apportlon the
interest OF this fund at Q per cent. to
the several towns and unorganized cores
of the state in proportion TO the number
Of inhabitants in each, based upon .Ie
returns of the last census. In 1906 the
general assembly provided for a perma-
nent school fund and included therein
the Huntington fund.
The effect OF the resolution adopted at
the present session is to authorize the
state treasurer to issue to the trustees
of the permanent school fund on July /,
1915. certificates of the registered loan
Of this state redeemable July i, 1925,
bearing interest at per cent annually,
which interest is TO be paid July | of
each year to said trustees. This loan is
To be inscribed on the books of the state
treasurer and the secretary OF state, re-
spectivelv, and certificates amounting to
S2ll ,l3l .4f are to bear the seals of these
two offices.
The interest Of these certificates is to
be added annually to the income OF the
permanent school fund and is to be dis
tributed among the various towns for
the purpose Of equalizing educational op-
portunities and rates of expenditure in
the public educational system"
The second resolution refers to the
fact that in 1926 the legislature provid-
cd that the avails accrued to the state
from the old Vermont state bank which
had gone out of existence, should I've Sc
questered and granted to the respective
towns of the state as a school fund TO be
used "for he benefit Of the common
schools and to no other use; that the
amount of the states funds accrulng
from the per cent. on the net profits
of the respective banks chartered by TINS
state which had accrued or might there
in accrue, and funds received from IL
censes to peddlers should be sequestered
and granted to the various towns OF the
state "for the benefit Of the common
schools and to no other use; that the
accommodating school fund shall not be
diminished or appropriated Tor the use
ofeschools until the amount OF the prln-
cipal of said fund shall increase to sum
sufficient to yield an annual profit and
interest adequate TO defray the current
expenses of keeping good, free common
school in each district in 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 d.
recting the commissioner OF this school
fund not to loan any more money from
said fund but TO deposit the same in the
treasury as received and the treasury
was 10 charge the state with the inter
est ON all money so deposited which
should be considered as borrowed from
said fund. In ls45 the legislature abol-
ished this school fund, repealed the acts
relating to II 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 benefit of the state"
The resolution just adopted dealing
with this matter declares THAT the
state ought in equity and good conscience
to return to the public schools the prin.
cipal sum al least OF this fund. which in
the year lS45 amounted to S234 ,9D0.44. y
II provides that the state treasurer is
authorized 70 issue 10 the trustees OF the
aF "a aen 70
tifcates of the registered loans of this
state redeemable July |, 1925. with in
terest at per cent. annually, which
interest shall be payable July ! each
wear 10 the trustees of the permanent
school fund This loan is to be inscribed
on the books of the state treasurer and
secretary OF state, respectively, in the
sum Of S234 g0044. and the certificate
shall bear the seals Of the two officials
The interest Of these certia-
Gates is 10 be added TO the income of
the permanent school fund and is 10 be
distributed in manner similar TO that
proyided for distribution of the inter
est on the certificates respecting the
fund.
The purpose Of the adoption OF these
resolutions is 10 remedy the wrong done
by the state in depriving the schools Of
Vermont Of the funds established IN
1925. and 10 place upon well estab- I
lished basis as registered loan OF the
state. these funds that were given speciti- 1
adv for the benefit Of the states edu |
rational system. The act 70 which refer |
anoe has been made, VI. 40. introduced
from the committee on education, pro 1
v.des that the amount of avails accru |
ing from the fees received for the IL 4
.eusina az peddlers and auctioneers. and 4
he fees received for the licensing Of cir I
ruses and menageries. shall BE- seques- Z
tered and granted 10 The trustees Of the I
ID rmanrnt school fund the fees 20 BE-
distributed annually as the income from I
zach fund j. distributed "for the pur
pose Of equalizing opportunities and I
-atcs q expenditure IN the public edu- 1
iationsl system"
u Is expected that approximately ~. I
boo viii b. received from these fees each I
wear The restored fund Of 1925 ~ 4 +
ber cent. viii give en- income of about I
ID 500. - that - already stated. i b
sHpected that the annual income of the 7
permanent school fund viii b. increased .
,rrruximately $4,000 ~ a result Of this
lew legislation.
Another Eaucational Bill
The House followed its action of the
morning au1 advanced a. o third rad
nr W 5fa cotanansDn BILL ~ H 2G2, the I
substitute edufatiDnai measures. sester