At first, Lewiston loaned the money to individuals in town at 6% interest.
Then on April 2, 1838, the town voted to distribute the money to residents
on a per capita basis. They stated that the money should not be used for
town expenses because its effect would be to divide the money among the
people in proportion to their property. However, money would not be
distributed to those who were supported by the town or to temporary
boarders or other temporary residents.
On November 30, 1840, the trustees of the funds made their final report as
follows:
The Committee appointed by the town of Lewiston at a legal
meeting held Apl. 2d 1838 to distribute the surplus revenue so
called, to all entitled by law to draw and, according to a vote
of the town passed on the said second day of Apl. 1838 have
attended to the duty assigned them and ask leave to report to the
town the following statement.
The amount rec,d. for the two first installments and loaned April
22d 1837 was $2341.50
The amnt. Recd. for the third installment and loaned July 8th1837 was $1134,50
The whole amount received was $3476.
Interest on $2341,50 to Apl. 2d 1838 11 m & 10 days is $132,68
Interest on $1134,50 to Apl. 2d 1838 8 m & 24 days $49 92 = $182,60
The amt. Of principal & interest to Apl. 2d 1838 time fixd for
distribution $3658.60
The committee under the votes of the town were unable to fix on
the precise sum they could divide They therefore concluded to
divide two dollars pr. Head the amount the town drew within a
trifling fraction the census of the town as returned by the
Selectmen was 1737 We have paid out to 1736 amounting at $2 pr.
Head $3472 which is less than the sum receiv,d viz. $3476 $4
To this sum add the ints. as above $182.60
The total amount in the hands of Committe Apl. 2d 1838 after
paying as above $186.60
The charges for loaning collecting & distributing amount in all
to $ 61,27
leaving after deducting all charges Apl. 2d 1838 and paying out
as above $125,33
Interest on that sum to Nov 2d 1840 2 years & 7 m. $20,42
Total amt. In hands of committee collected & uncollected $145,75
this sum may be subject to claims not setled of $20, as of Apl.
2d 1838 & interst from that date some of which may not be valid
$ 23,25
Leaving free from all liability subject to the disposition of the
town $122,50
Samuel Pickard
James Lowell Committee
Nathan Reynolds
A true record Attest E.P. Tobie Town Clerk
The town voted to divide the last amount among the school districts
according to the number of scholars.
Doug
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Douglas I. Hodgkin [email protected]
Bates College Department of Political Science
45 Campus Avenue Office: 207-786-6133
Lewiston, ME 04240-6022 Fax: 207-786-8333
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© 1997, 1998 David C. Young
Maine Author, David C. Young
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