I should be faithless to m.y convictions of duty,
if I did not endorse and specially invite your at
tention to some cogent reasons which they also offer
for a partial change In tbe management of this
fund. While the people of the whole Htate are lia
ble for losses to the fund, it is only the people of
tbe county who designate and elect the officers
managing it in its counties. They suggest that
the counties, as principals, fchoukl be responsible
to the btate for the conduct of their own several
agents, that the responsibility of loss may rest up
on those only who control lU management. This
principle is one of universal application in law, is
juet, and is Well worthy of your consideration, as
likely to incroase the care and vigilance of the
people in protecting this important fund from loss.
This fund ia dedicated to the support of common
aehools. The efficiency of the aystem will depend
much upon the promptness with which ihe annual
interest upon the fund is paid. I learn that inter
est to the amount of $120,000 is now due, tbat
should have been paid a yesr ago or more. The
annual payment of interest due this month, it is
expected will greatly add to this sum. It is believ
ed that if the counties were made corporately re
sponsible, for the payment of the interest of their
defaulting citisens, tbe moral eSect would be to
stimulate the loaneos to pay more promptly their
interei-t, inasmuch as they would be less willing
tbat their own neighbors should pay for their laches
than the State at large.
