LD 1340 • '•J C79 1892 S^^S^' CORNELL UNIVERSITY LIBRARY GIFT OF Robert Horn LD 1340.5^79 isgl"''''-'''"^^ •^"ifantl documents relating to Cornell U 3 1924 006 343 275 DATE DUE AJI4Ai*i - m ^Mi^ ? (uq; 2 ■uiJL^- ft) AH **l,*^#9*^ i» Ply" sj***"**^ MflY4. '"^""BP' msm JJ l&»4«#-« r 1 GAVLORO 1 PKINTCO IN U.S.A. Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924006343275 LAWS AND DeeUMENTS RELATING TO Cornell University iSOa-iSg^ A^ ''h: ITHACA, NEW YORK 1892 I ^~ >\ \3M;0 '#"«/ „t ■■ ^^^Vy the vote of a majority of such quorum, seven other trustees to act with them as the' board of trus- tees of said university; but at no time shall a majority of the board be of any one religious sect, or of no religious sect. "Whenever any one of the seven trustees so elected by the others shall become a trustee ex-officio, by being chosen as the president of the board of faculty of the university, his oflSce as an elected trustee shall become vacant, and shall not again be filled in any manner; and the number of trustees, other than those who are trustees ex-officio, including in the ex-officio trustees the said Ezra Cornell, shall not again exceed fifteen. The said fifteen trustees, who are not such ex-officio, shall at the first annual commencement of the said university, be divided into classes, by lot, or three in each class. The first lot shall be cast in such manner as shall be provided by the by-laws of the uni- versity, or by the resolution of the board of trustees. The term of ofiice of the first class of said elective trustees shall terminate at the end of five /ears from the said first annual commencement; the term of ofiice of the second class shall terminate at the end of six years from the said first annual commencement; the term of office of the third class shall terminate at the end of seven years from the said first annual commencement; the term of office of the fourth class shall terminate at the end of eight years from the said first annual commencement; the term of office of the fifth class shall terminate at the end of nine years from the said first annual commencement. On the expiration of the term of any such class, and at the then next annual commencement, three trustees shall be elected to fill the place of such class. All trustees elected after the first election, as herein provided, «hall hold office for five years from the annual commencement at which they are elected. The election thereof 46 Laws and Documents Relating to shall be by ballot, and thirteen of the ballots cast shall concur before any one is thereby elected trustee. The said trustees shall be elected by the votes of those of the board of trustees whose term does not expire until the alumni of the said university shall have reached one hundred. Who shall be deemed the alumni of the said university Shall be prescribed by the by-laws of the said university, and such prescription shall be made at or before the first annual commencement of the said university, and the same shall not be changed except by act of the legislature. When the number of the alumni shall have reached one hundred, and so long as such num- ber continues at one hundred or upwards, the trustees to be elected at the end of any year shall be elected as follows: The board of trustees shall, in the manner herein provided, elect two; the said alumni, if forty- five of them shall meet at the said university at the time above specified, shall, in. the manner above provided, elect one trustee; but not unless a majority of those present shall concur in the election. If forty-five of the alumni shall not so meet, or so meeting shall not so elect, or if at any time the number of the alumni shall not be one hundred, the board of trustees shall elect three trustees in the manner above provided." § 2. The seventh section of the said act is hereby amended so as to read as follows: "§7. The trustees of said university, if they shall become entitled to the benefits of this act, shall make provisions to the satisfaction of the regents, in respect to the buildings, fixtures and arrange- ments generally, on or before the first day of October, A. D., eighteen hundred and sixty-eight, to fulfill the provisions of the aforesaid act of Congress; they shall also make all reports and per- form such other acts as may be necessary to conform to the act of Congress aforesaid. The said university shall be subject to the visitation of the Regents of the State of New York." § 3. The trustees of the said university are hereby authorized to borrow, from time to time, for the erection and equipment of neces- sary university buildings, a sum not exceeding in all fifty thousand dollars, and secure the repayment of the same by note or bond, as shall be agreed upon. § 4. This act shall take effect immediately. The Cornell University. Al XIX. Report of the Commissioners of the I,and Office Concerning the University Land. — Convention of THE State of New York, 1867, Document No. 47. Comptroller's Office, Albany, July 22, i86y. To the President of the Convention: Sir — The Comptroller, in the absence of the Commissioners of the Land Office, and in response to a resolution of the Convention passed on the 17th inst., viz.: On motion of Mr. Curtis: Resolved, That the Commissioners of the Land Office be requested to communicate to this Convention their proceedings under chapter 481 of the Laws of i856, authorizing the sale of lands donated to' this State by the United States, Respectfully submits the following report. By the act of Congress, approved July 2, 1862, it was provided that there should be granted to the several States, for the purposes mentioned in the said act, public lands equal in quantity to thirty thousand acres for each senator and representative in Congress to Which the States respectively were entitled by the apportionment under the census of i860. The terms and conditions of the grant are set forth in the act. By the act, chapter twenty, laws of 1863, this State declared its acceptance of the grant in conformity with the seventh section of the act of Congress, and thus became entitled to and received from the United States, land scrip, consisting of 6,187 pieces of 160 acres each, representing in all 990,000 acres. The scrip was delivered to the Comptroller, who was authorized to receive it by the act, chap- ter 460, passed May 5, 1863, and with the approval and concurrence of other State officers, to dispose of the whole or any portion of it for cash or public stocks, yielding not less than five per centum. The intention of the Legislature in the passage of the act of May 5, 1863, appears to have been merely to provide for the sale of the scrip and the care and management of the proceeds, until some pro- vision should be made for their application to the object contem- plated in the act of Congress. This was done by the act, chapter 511, passed May 14, 1863, which appropriated the income and 48 Laws and Documents Relating to revenue to be derived from time to time froni the investment of the proceeds of the sale of the land scrip to the People's College, located at Havana, for the use of that institution, in the mode, and for the purposes defined in the act of Congress. There were conditions qualifying this grant, which are particularly set forth in the act of May 14, to which reference is made. One of these conditions was that whenever, in the opinion of the Regents of the University, the proceeds of the investment should exceed the needs of the institution, the excess should be withheld; and the fifth section contemplates a distribution of the excess to other colleges complying in their arrangements and instruction to the requisitions of the act of Congress. The conditions of the grant to the People's College under the act of May 14, not having been fully complied with by the trustees of that institution, the I,egisla- ture by the act, chapter 585, passed April 27, 1865, establishing the Cornell University, made a conditional transfer of "the income, revenue and avails to be received from the investment of the pro- ceeds of the sale of the lands, or of the scrip therefor, or of any part thereof, granted to this State by the act of Congress, approved July 2, 1862," to that institution. The conditions on which the grant depended were: ist. That Honorable Ezra Cornell should donate to the Univer- sity the sum of five hundred thousand dollars. 2d. That he should pay over to the Trustees of the Genesee Col- lege, located at I,ima, in this State, the sum of twenty-five thousand dollars. 3d. That the Trustees of the People's College should not within three months comply with the terms on which the benefits of the act of 1863, were to be continued to them. The compliance of Mr. Cornell with the first and second condi- tions, and the failure of the Trustees of the People's College to com- ply with the third, made the grant to the Cornell University abso- lute, subject to the provisions of the act of Congress. Under the act of May 5, 1863, the aggregate sales to November 24, 1865, were 176,000 acres, of which 8,000 acres were sold at 83 cents, 68,000 acres at 85 cents, and 100,000 acres at 50 cents, the average rate being 65 cents, nearly. These sales were all for cash except 100,000 acres, which were sold to Mr. Cornell, on a proposition made by him and accepted, by my The Cornell University. 49 predecessor, with the concurrence of the officers mentioned in the act of 1863, except the Chancellor of the University, who was absent, to purchase that quantity at 50 cents per acre; and in addi- tion to pay over all the profits on a sale of the lands to the Cornell University. On this transaction the personal bond of Mr. Cornell for $50,000 was accepted in lieu of the purchase money, secured by 1,000 shares of the stock of the Western Union Telegraph Com- pany, the earnings of the stock to be applied on the interest accru- ing on the bond. The foregoing brief references to the legislation of this State and the proceedings taken in accordance with it, brings the subject down' to the session of 1866, and more fully within the scope of the resolution of the Convention under consideration. The intention of the Legislature in the passage of the act of April 10, 1866, so far as it can be gathered from its provisions, was to secure, if practicable, a sale of that portion of the lands donated to this State, still undisposed of, on such terms as would bring into the State Treasury for the benefit of the institution to which the avails of the land had been previously granted by the act of 1865, a sum that should more nearly represent its actual value than the current rates at which the scrip was at that time selling. The act of Congress had placed those States in which there were ' no public lands open to entry, at a serious disadvantage, by the prohibition, perhaps unavoidable, that no State should acquire title to land not within its own territorial jurisdiction. It was notorious that several States thus situated had sold this scrip at prices varying from 60 to 80 cents per. acre, and the sales under the act of 1863 showed that unless some difierent plan was adopted, no more favorable result could be looked for here; to part with a property worth, if properly managed, several millions of dollars for a few hundred thousands, did not appear wise, if any way could be devised to obtain its value, and it was to avoid such a sacrifice, if possible, that the law of 1866 was enacted. The duty of carrying out the act under consideration devolved on the Commissioners of the Land Office, in consequence of the failure of the Trustees of the Cornell University to make application to the Comptroller for the purchase of the unsold scrip. The failure to agree, or rather the failure on the part of the trustees to make any application whatever in the premises, having been reported by the 50 Laws and Documents Relating to Comptroller on the 26th day of June, 1866, the Commissioners decided to receive applications from individuals, of which but one was presented, that from the Honorable Ezra Cornell, who pro- posed to become the purchaser at the price, and on the conditions indicated in the act, and on the 24th of July following, an arrange- ment was concluded with that gentleman, which formed the basis of an agreement subsequently issued by him and the Commission- ers of the Land Office, which is given at length in the following extracts from the pVoceedings of the Board, and to which reference, is made. It may be added in this connection, that no application from any other individual or individuals could have been antici- pated, inasmuch as there was no other person who would have agreed to such a disposition of the profits arising from the location of the scrip, as the act required. Extracts from the Proceedings of the Commissioners. At a meeting of the Commissioners of the Land Office, June 26, 1866: The Comptroller presented the following communication: By the act, chapter 481, laws of 1866, the Comptroller is author- ized to sell the lands donated to the State under the act of Congress, approved July 2, 1862, to the trustees of the Cornell University, at such price as he may fix, not less than 30 cents per acre, and fail- ing to make such disposal of them, the Commissioners of the Land Office are empowered to receive applications from any person or persons for the purchase of the whole or any portion of said lands at the price so fixed by the Comptroller, and sell the same under certain conditions mentioned in the act. No applications having been made by the trustees for the pur- chase of the scrip, and there being no evidence that they desire to enter into a negotiation with that object, any arrangement for its disposal to other parties will devolve" on the Commissioners of the Land Office. The Comptroller therefore respectfully refers the accompanying communication from the Honorable Ezra Cornell to the Commis- sioners for such action as they may deem proper. The Comp- troller adds, for the information of the Board, ,that in compliance with the conditions of the act, chapter 481, before referred to, he has fixed the price of the scrip at fifty cents per acre, which is some- The Cornell University. 51 what less than the present market price, for small parcels, but which, in consideration of the large quantity to be disposed of, and the fact that the prospective profits to be derived from the location and sale of the lands are to go into the State Treasury, he considers fair as well for the purchaser a^ the State. Respectfully yours, Thomas Hulhouse, Comptroller. I also submit a letter from Hon. Ezra Cornell, as President of the Board of Trustees of the Cornell University, stating that said Trus- tees do not desire to negotiate for the purchase of the land scrip held by the State. T. HiUHOUSE, Comptroller. The Lieutenant-Governor then read the following communication from Honorable Ezra Cornell, referred to in the above communica- tion from the Comptroller: Albany, June p, 1866. To Honorable Thomas Hillhouse, Comptroller: Dear Sir — In reply to your favor of May 25, 1866, expressing the conclusion you had come to after a careful consideration of the act, chapter 481, of the Laws of 1866, I most respectfully inform you that I differ with you in regard to the proper construction and intent of the law. Appreciating, however, as I do most fully, your motives for desiring to give the nttaiost possible security and permanency to the funds which are, in a great degree, to constitute the endowment of the Cornell University, I shall most cheerfully accept your views so far as to consent to place the entire profits to be derived from the sale of the lands to be located with the College land scrip in the treasury of the State if the State will receive the money as a separ- ate fund from that which may be derived from the sale of scrip and will keep it permanently invested, aiid appropriate the proceeds from the income thereof annually to the Cornell University, sub- ject to the direction of the trustees thereof, for the general purposes of said institution, and not to hold it subject to the restrictions which the act of Congress places upon the fund derivable front the sale of the College Land scrip, or as a donation from the Govern- ment of the United States, but as a donation from Ezra Cornell to the Cornell University. 52 Laws and Documents Relating to Acting upon the above basis, I propose to purchase said Land Scrip, as fast as I can advantageously locate the same, paying therefor at the rate of thirty cents per acre in good seven per cent, bonds and securities, and obligating myself to pay the profits as specified in chapter 481, of the Laws of 1866, into the treasury of the State as follows: Thirty cents per acre of said profits to be added to the College Land Scrip Fund, and the balance of said profits to be placed in a separate fund, to be known as the Cornell University fund, and to be preserved and invested for the benefit of said insti- tution, and the income derived therefrom to be paid over annually to the trustees of said University for the general purposes of said institution. If the above proposition is accepted by the Comptroller, -and the amount of profits realized from the sale of the lands, which I believe can be, it will produce the following sums as the endowment prop- erty of said University: First — The amount in the treasury of the State realized from former sales is $ 114,000 The amount to be received from the sale of 800,000 acres of scrip, at 30 cents per acre 240,000 The amount of profits equal to 30 cents per acre on 800,000 acres, to bring the College Land Scrip Fund up to the market value of the scrip 240,000 Total amount of College Land Scrip Fund . . . | 594,000 Second — A fund to be realized from the balance of profits which are expected to arise from the sale of lands located with the 800^000 acres of scrip after pay- ing the above 30 cents per acre, estimated to be two dollars per acre J 1,600,000 Third — The fund donated by E. Cornell to meet the requirements of the act of the Legisla- ture, chapter" 585 o^the Laws of 1865 . . . $500,000 The amount of profits on 100,000 acres of land already entered ($2.50 per acre) 250,000 750,000 Total endowment $2,944,000 If my expectations are realized, the above will be the amount of cash funds invested in productive securities. In addition to the The Cornell University. 53 above, I have donated to the University a farm and building lots of the value of $50,000, upon which its buildings are being erected; also, $io,ooD in cash, to purchase the Jewett Cabinet of the Paleontology of New York. Yours respectfully, E. Cornell. The clerk then read the following communication from the Hon- orable Ezra Cornell, above referred to in the communication of the Comptroller: Albany, June p, 1866. To Honorable Thomas Hillhouse, Comptroller: Dear Sir — The Trustees of the Cornell University having no fund belonging to said institution which can be appropriated to the purchase and location of the College I^and Scrip, they will not be able to purchase the same. Yours respectfully, E. Cornell, President Trustees. The State Engineer and Surveyor offered the following resolution : Resolved, That the communication this day received from the Comptroller relating to the College Land Scrip belonging to the Cornell University fund, together with the letters of the Honorable Ezra Cornell, also submitted by the Comptroller, be entered in full upon the niiniites of this Board. On motion the resolution was adopted. The State Engineer and Surveyor offered the following resolution: Resolved, That in the opinion of this Board, the price afixed by the Comptroller to the College L,and Scrip belonging to the Cornell University is as low as he wauld be justified in placing them, as provided by act, chapter 481, I534 72 Balance in the Treasury on the 30th September, 1868 . $12,269 4° Cornell Endowment Fund. CAPITAL. This fund consists of the following item, viz. ; Money in the Treasury $97,200 00 Report of Ezra Cornell in Respect to College I^and Scrip. (Schedule xxvi.) To the Comptroller of the State of New York: In pursuance of the requirements of chapter 481, of the Laws of 1866, I, Ezra Cornell, do respectfully report: First, That I have not sold any land scrip received by me from Thomas Hillhouse, Comptroller of the State of New York, num- bered from 1,101 to 3,800, under a contract made with him in August, 1866, and in 1867, issued by the United States to the State of New York, under the act of Congress, chapter 132, approved July 2, 1862, but have located the same, with the exception of eight pieces, on pine timbered lands in the State of Wisconsin. Second, That I have sold of the lands located with scrip so as aforesaid received and transferred to me to the amount of eight hundred dollars, to A. E. Angell, due and payable on the first day of November, 1868, being the northeast quarter of section twenty- eight, in township thirty-two north of range six west, containing one hundred and sixty acres, at five dollars per acre, and that this is a full and true amount of all the lands so sold to the date hereof, and the location and description thereof, the person to whom sold, and the price agreed to be paid therefor. Third, That the expenses and outlay incurred in the location and selection of said lands amount to two hundred and one thousand six hundred and eight dollars and eighty-five cents, as shown in Schedules No. i and No. 2, hereto annexed, which contain a full and true statement of all such expenses heretofore incurred, with the amount and date of each item, and the purpose for which the 84 Laws and Documents Relating to \ same was incurred, and the amount actually paid, and the amount remaining unpaid of such expenses. Fourth, That the residue of the said scrip and lands included in the contract with the Commissioners of the I,and Office, dated August 4, 1866, and described in the preceding page, remains unsold. All which is respectfully submitted. Odoberi, 1868. State of New York, Tompkins County, Ezra Cornell, being duly sworn, says that he has read the fore- going report made and signed by him, and knows the contents thereof, and that the same is true in all respects. E. CORNELI,. Subscribed and sworn to before me this ] 12th day of December, 1868. j D. BOARDMAN, Justice of the Supreme Court. '■^' I ss Schedule No. i. Statement of expenses attending the selection and location of pine timbered lands located in the name of Ezra Cornell in the agri- cultural scrip, under contract made by him with Comptroller Hillhouse, in 1866 and 1867, by Wm. A. Woodward and others employed by him for the purpose. 1866. For location 1,230 ps., Nos. 1,101 to 2,350 $55,00000 Paid cash for lyand Office Fees, 1,049 PS 4.196 00 do for excess of land to U. S. I995 00 1867. May 12. Paid W. A. Woodward 5, 000 00 Feb. 27. do do 3,000 00 Mar II. do do W. U. bonds .... 10,000 00 do 21. do do cash 1,000 00 May 9. do do W. U. bonds .... 10,000 00 do 20. do do do do .... 25,100 00 do 20. do do due him as per schedule No. I ' 80,072 09 $201,608 85 Opinion of the Attorney- General in Respect to the Cor- nell Endowment Fund. {Schedule XXVII.) State of New York, \ Attorney-General's Office, [• Albany, August 28, 1868. ) Sir — A necessary absence from the city has prevented an earlier examination of the question propounded in relation to the proposed loan of a portion of the "Cornell Endowment Fund" upon the security of a mortgage upon "Cascadilla Place." The authority to loan this fund upon mortgages of real estate exists, if at all, under chapter 554 of the laws of 1868. This act became a law without the approval of the Governor, by reason of his omission to return it to the Legislature with his objections within the time prescribed by the Constitution — Article 9, § 2. I have examined the question with all the care its importance demands, and am of the opinion that the loan of any part of the moneys realized by the State from the sale of the scrip or lands donated by the United States, by act of Congress, approved July 2, 1862, upon any security other than stocks of the character men- tioned in the act of Congress, would be a breach of trust on the part of the State. The Cornell University. 87 The grant was accepted by the State upon the terms and subject to the conditions named in the act, and by it the moneys realized from the sale of the scrip or lands are directed to be invested in stocks of the United States or of the States, or some other safe stocks, yielding not less than five per centum per annum on their par value. By other sections of the law Congress requires the State to keep the fund unimpaired, and to make good all losses of the capital or income, so that the entire proceeds of the sale of the lands shall be applied, without diminution, to the purposes of the act, and there can be no doubt that Congress had the right to pro- vide safeguards and prescribe the investments which should be made of the fund, and the State accepting the grant, became a trus- tee charged with the duty of executing the trust in the manner pre- scribed by the law creating it, and subject to all the limitations and restrictions imposed by the act. Good faith demands a strict compliance with the act of Congress in all matters pertaining to the investment of the capital of the fund as well as the use and disposal of the revenue, even if a departure from the act should not invalidate the grant, and authorize the general government to reclaim the lands or their proceeds. It is conceded that a law authorizing the investment of all the moneys received by the State for the scrip or lands in bonds and mortgages would be in contravention of the law of Congress and void. It is, however, sought by the act of 1868, to distinguish between that portion of the proceeds of the sales which it assigned to the "College 'Land Scrip Fund" and that which is set apart to the "Cornell Endowment Fund." This distinction, if any exists, is based upon the agreement between the Commissioners of the Land Office and Mr. Cornell, of the 4th of August, 1866, which does, in terms, provide for these two funds. It is not important to enquire whether this agreement was, in all its parts, authorized by the act of Congress, or the laws of this State upon the subject, and I have not considered that question. It may never be of any prac- tical importance. The Commissioners of the Land Office were of the opinion that the restrictions of the law of Congress did not apply to the ultimate profits to be derived from the location and sale of the lands by the purchaser, but only to the purchase money received by the State. I am of the opinion that whatever the State receives under and in virtue of the contract of sale, is necessarily a 88 Laws and Documents Relating to part of the purchase money. It is a part of the consideration for the sale and transfer of the land, and whether received directly or indirectly, by one name or another, it is none the less "purchase money," the price of the lands secured by the State as a faithful trustee disposing of the lands so as to secure the largest amount for the purposes of the grant. The State could not have taken that portion of the moneys which now go to make the "Cornell Endow- ment Fund" for the General Fund of the State, or for any use foreign to the purposes of the act, without violating the trust, and if not it is because it is within the terms of the act of Congress, and if within the act so as to regulate its use, it is within the act direct- ing the niode of investment. I understand that all the moneys thus far received have been received upon a sale of the scrip, and that there has been no ' 'profit from the location and sale of the lands by the purchaser" so as to bring the fund within the reasons assigned by the Commissioners of the Land Office for constituting two funds. But, be this as it may, I would advise against loaning any part of the moneys received by the State for these lands upon any securities other than those prescribed by the act of Congress, even if there were less doubt than there is as to the validity of chapter 554 of the Laws of 1868. The interests of the State and of the institutions entitled to the revenues -from the fund ought not to be hazarded unnecessarily, and it cannot be denied that it may with much force be claimed that all the proceeds of these lands secured to the State constitute but one fund, and that subject to all the restrictions and conditions imposed by Congress. A sale of the lands for sixty cents, or any other sum, per acre, with an agreement on the part of the purchaser to donate to the State an additional sum for some purpose foreign to the intent of Congress, would be a sale for the aggregate of both sums, and the State would be held to an investment of the whole for the purposes of the act of Congress, and I can see nothing to distinguish such an arrangement from the one actually made. Respectfully yours, M. B. Chaplain, A ttorney- General. To Honorable Wm. F. Allen, Comptroller. The Cornell University. 89 XXV. Appropriation from the I,and Scrip Fund, 1869. — lyAws of New York, 1869, Chapter From the College Land Scrip Fund. For the Cornell University, pursuant to chapter five hundred and eighty-five, of the laws of eighteen hundred and sixty- five, twenty- five thousand dollars. From the Cornell Endowment Fund. For the Cornell University, pursuant to chapter five hundred and fifty-four of the laws of eighteen hundred and sixty-eight, six thousand dollars. XXVI. Resolution Granting Military Equipments to the University. — Laws of New York, 1869, Chapter Concurrent resolution relative to furnishing ordnance and ordnance stores, and camp and garrison equipage, to the Cornell University. Resolved, (If the Senate concur). That the Governor be and he is hereby authorized and requested, in his discretion, to issue from the State Arsenals to the Cornell University, upon the requisition of the Military Professor of that University, or of his military assistant, approved by the President thereof, ordnance and ordnance stores, and camp and garrison equipage, in amount and kind as may from time to time be necessary for the purpose of instruction in military tactics; and in case suitable arms and equipage are not in the State arsenals, the Governor is authorized and requested to procure the same by requisition on the United States; provided, however, that no public property be issued under the resolution unless security for the safe-keeping and return thereof be first given by said University; and, provided further, that in case of need by the State, at any time, of the property of the State so issued, the same may be demanded and received by the Governor; and, pro- vided further, that no requisition shall be complied with by the Governor unless in his opinion the State can safely do so. 90 Laws and Documents Relating to XXVII. Ezra Cornell and the University IvAnds. — Edi- torial Article from the Rochester "Daily Union AND Advertiser," of October 26, 1869. The Cornell University Land Job — The New Constitution and the Republican Candidate for Comptroller Instruments of the Schemers. Article IX of the Constitution of this State is composed of one section, and is as follows: The capital of the Common School Fund, the capital of the Litera- ture Fund, and the capital of the United States Deposit Fund shall be respectively preserved inviolate. The revenues of the said Common School Fund shall be applied to the support of common schools — the revenues of the said Literary Fund shall be applied to the support of academies, and the sum of twenty thousand dollars of the revenue of the United States Deposit Fund shall each year be appropriated to and made a part of the capital of the said Common School Fund. That Article has been materially altered in the new Constitution. To the funds above mentioned which are to be preserved inviolate are added ' 'The capital of the College Land Scrip Fund and the capital of the Cornell Endowment Fund." The following words are also added to the Article: "The revenues of the College Land Scrip Fund shall each year be appropriated and applied to the sup- port of the Cornell University;" and also the following words: "The revenues of the Cornell Endowment Fund shall each year be paid to the Trustees of the Cornell University for its use and benefit." These atnendments are intended to cover up and perpetuate by their incorporation into the organic law one of the most stupendous jobs ever "put up" against the rights of the agricultural and mechanical population of the State. The funds which are thus sought to be perpetuated to the Cornell University, belonging rightfully to those classes of the people, and have been wrested from them and put into the hands and management of Ezra Cornell, the founder of the Cornell University, by legislation as rotten as the worst that ever disgraced the State. The history of the transaction is briefly as follows: By an act of Congress passed in 1862, there was granted to the several States for the purpose, as expressed in said act, of promoting the liberal and practical education of the The Cornell University. 91 industrial classes in such branches of learning as are related to agri.- culture and the mechanic arts, an amount of public lands equal in quantity to thirty thousand acres for each Senator and Representa- tive in Congress. The amount which the State of New York took by this grant is nearly one million acres. The grant was accepted by the State, and scrip for the lands issued to the Comptroller. In 1865 Kzra Cornell, then a State Senator, conceived the idea of securing to himself the control of this immense grant. He projected the founding of a great University, which should rival the most famous Universities of Europe, to be located at a small village where he resides, called Ithaca, situated at or near the head of Cayuga Lake. He made this project the pretext for clutching these public lands and diverting them from the object for which Congress had given them to the State — namely, the establishment of schools of agricultural and mechanic arts for the benefit of the "industrial classes." To effect this design he caused a bill to be introduced into the Legislature that year. It met with strong opposition. The colleges of the State maintained that the fund was large enough to endow ten or more institutions with a fund amply sufficient to maintain departments of agriculture and mechanic arts in many sections of the State, and thus meet fully the intent of Congress. Genesee College made its opposition more formidable than any other. Mr. Cornell bought off the opposition of that college by paying it the sum of twenty-five thousand dollars. He tried to put it off with a promise, but the friends of that college would not take his promise, well knowing that such a promise, founded on such a consideration, had no validity in law. They required Mr. Cornell to incorporate into his bill a condition that he could take nothing under it until he had paid Genesee College $25,000 in cash. This was humiliating, but Cornell was forced to submit. The New York Central had its bill for an increase of way fares before the Legislature. Mr. Cornell, althoiigh representing a con- stituency nearly unanimously opposedtothat measure, joined hands with the railroad company, and by . supporting that bill, got the powerful aid of the railroad people for his. It would be a waste of time and space to go into all the arts and means used to get this bill through. It is sufiBcient to state that no appliance commonly used to push "jobs" through the Legislature was neglected. The bill passed and became a law. Some of its features are exceedingly 92 Laws and Documents Relating to odious. It contains a provision which makes the eldest male lineal descendant of Ezra Cornell a trustee of the University for all time. No matter what may be his moral character or the quality of his intellect, he is to be the custodian of all that the Cornell University will get of the magnificent donation of Congress. Ezra Cornell paid Genesee College the $25,000, and took posses- sion of the ^rant. The next winter, he being still a Senator, he got the $25,000 he paid to Genesee College back from the State by au appropriation for that purpose. Thus the people were forced to pay the money which had been used to silence opposition to the wresting of their million acres of land from them. But the idea of a great University, well enough and commendable in itself, was not the controlling idea in the mind of Mr. Cornell. He could see twenty-five or thirty millions of dollars in the future management of these lands. So he induced the I,and Commission- ers to sell him these lands for $240,000, it being thirty cents per acre for 800,000 acres. This sum he did not pay, but secured the State by what he terms "good seven per cent, bonds and securities." These are supposed to be composed of railroad and telegraph, and other stocks and bonds — an entirely different class of securities from that required by the act of Congress. This $240,000 is what is denominated in the new Constitution as the "College Land Scrip Fund." Mr. Cornell proposes to double the amount of this fund out of sales of the land when located. He has already a charge against the State for locating lands payable out of this fund of over $200,000, so that this fund cannot exceed $280,000. Mr. Cornell also proposes to create a fund called "the Cornell Endowment Fund," out of profits to be derived by him from sales of these lands over and above the $280,000, which will constitute "the College Land Scrip Fund," which fund shall be deemed a donation to the College by Ezra Cornell, and not by the State of New York. Of course it will, for Mr. Cornell having bought these lands at thirty- cents per acre, whatever he gives the University, by his method of reasoning, is a gratuity from him. This fund he estimates will amount to $1,600,000. But whether he does this or not depends on his own management. Now, it is of some importance just here to know what Mr. Cornell has done with this million acres of land. By a statement in a late number of thelthaca/uwrwa/, Mr. Cornell's organ, it appears that Mr. Cornell has located four hundred thousand The Cornell University. 93 acres upon the choicest pine lands belonging to the government. These 400,000 acres are estimated ,by Mr. Cornell's organ to be worth $60 per acre, or $24,000,000. One hundred are located as farming lands, valued by Mr. Cornell at $5 per acre, making $500,000. This accounts for only half the lands, and yet we find the value of this half to be $24,500,000! Three hundred thousand acres of the scrip was sold by Mr. Cornell for $1 per acre. One hundred thousand acres of scrip are in Mr. Cornell's hands to be located or sold, and ninety thousand are not accounted for. We may safely take Mr. Cornell's estimate and call this 100,000 acres worth five hundred thousand dollars. Thus 600,000 acres are accounted for at a valuation of $24,500,000. Who would not be willing to found a University under such circumstances? The same article from Mr. Cornell's organ, in alluding to the donation of $500,000 by Mr. Cornell himself to the University, states that the University is likely to get two millions of dollars out of these lands. This is enough, in all conscience, for any Univer-^ sity — more than it can advantageously use for a long period, if ever. But what becomes of the twenty-three millions and over of the balance to be realized out of these lands? The answer is plain. It belongs and will go to the Cornell family. Already Mr. Cornell has been to the Legislature to secure the passage of an act incor- porating a great land company of which he is chief. To this com- pany he will sell these lands, fixing his own price, and his company will make from twenty-five to thirty millions of dollars. It can be easily seen how a man with little or no money invested, with such an enormous land fund put into his hands to manage as he sees fit, can afibrd to divert public attention from his real object by turning it towards a great institution of learning which he is founding. Mr. Cornell's own munificent gift of half a million exists only on paper. It has not been paid, and is only secured to the State by a pledge of Western Union Telegraph stock. Having passed his bill and secured the fruits of the job, it required vigilant watching to keep the booty secure. Some future legislature might investigate this transaction. The people might find out how they had been plundered and attempt a recapture of some part of the stolen property. All this would be unpleasant to Mr. Cornell, so he hits on the idea of perpetuating the job by putting it in the new Consti- tution. He labored long and patiently for this. At length, by 94 Laws and Documents Relating to giving the chairman of the committee ' 'on education and funds re- lating thereto" in the Convention, Mr. George William Curtis, an ornamental professorship in his University, and Prof Theodore W. Dwight, also a member of the Convention, another ornamental pro- fessorship in his University, both of which are supposed to bear substantial salaries, with a trusteeship thrown to Horace Greeley, powerful advocates were secured, and the thing was put into the Constitution. If the Constitution shall be ratified by the people, they will relin- quish by such ratification their right to more than $25,000,000 in favor of Ezra Cornell. If they refuse to adopt the new Constitution, the Legislature may be honest enough to repeal this grant to Mr. Cornell in whole or in part, and restore to them what has been so unjustly taken away. If the people elect Horace Greeley to the Comptrollership they elevate to the office having most to do with the Cornell contract one of the parties in interest in the job — a , Trustee of the University — who will be manipulated by Ezra Cor- nell, as the child in such matters that he is. The Attorney- General of the State is of the opinion that the great bulk of the college lands may be legally reclaimed by legislative action, and this is morally certain to be done unless put out of the I,egislature by the adoption of the Constitution. XXVIII. Ezra Cornell and the University I^ands. — Reply OF Mr. Cornell to the above Article. To the Editor of the Daily Union and Advertiser, Rochester, New York: Dear Sir — Your issue of October 26, containing an article headed ' 'The Cornell University I,and Job — The New Constitution and the Republican Candidate for Comptroller Instruments of the Schemers," has just come to my notice, and it does such gross injustice to the honest portion of the readers of your journal that, it appears to me, it should be corrected, so that they may know what is the truth in relation to an institution of learning, and its resources, in which they have so deep an interest. With your permission, and for the object above expressed, I will as briefly as possible state the case in relation to the "Cornell Uni- versity I,ands:" The Cornell University. 95 Ey act of Congress, approved July 2, 1862, it was provided that there should be granted to the several States, for the purposes men- tioned in the act, public lands to the amount of 30,000 acres for each Senator and Representative in Congress, which made the amount for New York equal to 990,000 acres, represented by 6, 187 pieces of "College I^and Scrip" of 160 acres each. This "College Land Scrip" was delivered to the Comptroller of the State of New York, who was authorized to receive it by act, chapter 460 of the Laws of 1863, and with the approval and con- currence of other State officers, to dispose of the v/hole or any por- tion of it for cash or public stocks, yielding not less than five per cent. Under the authority thus conferred the Comptroller advertised the scrip for sale, and did sell 68,000 acres at eighty-five cents per acre, and 8,000 acres at eighty- three cents per acre, selling in small parcels as he could find customers. These sales produced $64,440, which was in the treasury of the State at the time of the passage of the act, chapter 585 of the Laws of 1865, chartering the Cornell University. JJuring the two years that the Comptroller and State officer were selling this 76,000 acres for $64,440 to whomsoever chose to buy it in parcels to suit, from a single scrip of 1 60 acres to as many as the purchaser desired, there was a controversy going on between the colleges of the State and their respective friends for the possession of the fund that was expected to accrue from the sale of this land scrip. This controversy seemed in the main to be between the friends of the People's College at Havana and the State Agricultural College at Ovid, each claiming the entire fund for their respective college, which would have amounted to $841,500 if the Comptroller could have sold the scrip at the price he asked for it. I was appealed to by the friends of the State Agricultural College to aid them in securing this fund for their college. I advised them to unite with the friends of the People's College, and make up a fund sufficient to purchase all the. scrip of the State and locate it for the benefit of both colleges, entering into an agreement for an equal division of the profits to /arise from the transaction between the two colleges at Havana and Ovid. I urged the same policy upon Hon. Charles Cook, who represented the People's College, offering to be one of ten gentlemen (if no more could be found to unite in the 96 Laws and Documents Relating to enterprise) to put up the funds to purchase the land scrip of the State. I found no one who was willing to entertain this project in behalf of either college, though the price of scrip in the market had fallen so as to range from 50 to 60 cents per acre, and the entire balance of 914,000 acres could have been purchased readily at the time for $500,000. This was the situation at the period when the act was passed incorporating the Cornell University in April, 1865, and my agency in the matter. When the act of 1865 became operative in behalf of the Cornell University, I (being unwilling to see the college land scrip sacri- ficed at 60 cents per acre, the utmost that it could be sold for), determined to purchase it, and do for the University, individually, what I had offered to unite with others in doing for the other col- leges. I therefore purchased of Comptroller Robinson, by the approval of the State officers, 100,000 of the college land scrip at 50 cents per acre, binding myself in the agreement to locate the lands, pay the taxes thereon, and sell the same, and when sold to pay over the profits arising from such sales, charging nothing for my own services, to the Trustees of Cornell University for the use of that institution. Thus was 176,000 acres of college land scrip disposed of prior to December, 1865, leaving in the possession of the Comptroller scrip for 814,000 acres to be disposed of under authoritj' of the act, chap- ter 481 of the Laws of 1866, whereby the Comptroller is authorized to fix the price of the college land scrip at not less than thirty cents per acre, and contract for the sale thereof and sell the same to the Trustees of the Cornell University. If the Trustees do not pur- chase the scrip, then the Commissioners of the Land Ofiice may sell the scrip to any person or persons who ' 'will make an agreement and give security for the performance thereof to the satisfaction of the Comptroller to the effect that the whole net avails and profits from the sale of scrip, or the, location or use by said person or per- sons of the land located under said scrip, shall from time to time, as such net avails or profits are received, be paid over and devoted to the purposes of such institution or institutions as have been or shall be created by the act, chapter 585 of the Laws of 1865 of the State of New York, in accordance with the provisions of the act of Congress heretofore mentioned. ' ' The Cornell University. Qlz By the authority of the act, chapter 481 of the Laws of 1866, the Commissioners of the Land Office contracted to sell to me the bal- ance of the college land scrip representing 814,000 acres of land on the basis of a proposition contained in a letter, of which the follow- ing is a copy: "Albany, /mw^ g, 1866. ' ' To Honorable Thomas Hillkouse, Comptroller: "Dear Sir — In reply to your favor of May 15, 1866, expressing the conclusion you had come to after a careful consideration of the act, chapter 481, of the Laws of 1866, I most respectfully inform you that I differ with you in regard to the proper construction and intent of the law. Appreciating, however, as I do most fully, your motives for desiring to give the utmost possible security and permanency to the funds which are, in a great degree, to constitute the endowment of Cornell University, I shall most cheerfully accept your views so far as to consent to place the entire profits to be derived from the sale of lands to be located with the college land scrip in the treasury of the State, if the State will receive the money as a separate fund from that which may be derived from the sale of the scrip, and will keep it permanently invested, and appropriate the proceeds from the income thereof annually to the Cornell Univer- sitj', subject to the direction of the trustees thereof for the general purposes of said institution, and not to hold it subject to the restric- tions which the act of Congress places upon the funds derived from the sale of the college land scrip, or as a donation from the Govern- ment of the United States, but as a donation from Ezra Cornell to the Cornell University. "Acting upon the above basis I propose to purchase said land scrip as fast as I can advantageously locate the same, paying there- for at the rate of thirty cents per acre in good seven per cent, bonds and securities, and obligate myself to pay the profits as specified in chapter 481 of the Laws of 1866, into the treasury of the State, as follows: ' 'Thirty cents per acre of said profits to be added to the college land scrip fund, and the balance of said profits to be placed in a separate fund, to be known as the Cornell Endowment Fund, and to be preserved and invested for the benefit of said institution, and the income derived therefrom to be paid over annually to the trus- tees of said University for the general purposes of said institution. 98 Laws and Documents Relating to "If the above proposition is accepted by the Comptroller, and the amount of profits realized from the sale of the lands, which I believe can be, it will produce the following, sums as the endowment prop- erty of said University: * ' 'First — The amount in the treasury of the State received from sales is $114,000; the amount to be received from the sale of 800,000 acres of scrip at thirty cents per acre, $240,000; the amount of profits equal to thirty cents per acre on 800,000 acres to bring the college land scrip fund up to the market value of the scrip, $240,000; making the total amount of the College Land Scrip Fund, $594,000. "Second — A fund to be raised from the balance of profits which are expected to arise from the sale of lands located with the 800,000 acres of scrip (after paying the above thirty cents per acre), estimated ' to be two dollars per acre, $1,600,000. "Third — The fund donated by Ezra Cornell to meet the require- ments of the act of the Legislature, chapter 585 of the Laws of 1865, $500,000. The amount of. profit on 100,000 acres of land, already entered, ($2.50 per acre), $250,000, making the total endowment, $2,944,000. "If my expectations are realized, the above will be the amount of cash funds invested in productive securities. "In addition to the above I have donated to the University a farm and building lots to the value of $50,000,- upon which its buildings are being erected; also. $10,000 in cash to purchase the Jewett cabinet of Palaeontology, of New York,. "Yours respectfully, "Ezra Cornell." Acting on the above proposition, the Commissioners of the Land Ofiice contracted with me for the sale of the land scrip at thirty cents per acre, payable on the delivery of the scrip, and thirty cents per acre additional, payable from the proceeds of the sale of lands, I obligating myself to locate the lands and pay all expenses and taxes, and sell the lands and scrip, and pay over all the profits arising from the transaction, in any and every way, to the Comp- troller for the benefit of the Cornell University, giving the Comp- troller at the same time satisfactory security for the performance of my agreement. Under that agreement, and a like agreement made with Comp- troller Robinson, I have located something over half a million acres The Cornell University. 99 of the best lands I could find, subject to entry by the laws of Con- gress, of which about 400,000 are white pine timber lands in Wis- consin, of great value. I have also sold land scrip to represent about 280,000 acres at from ninety cents to one dollar per acre, the proceeds of which have been paid over to the Comptroller and invested for the respective funds to which it belongs, without even one cent being retained by myself or any other person for compensation, expenses or com- mission. There is still in the possession of the Comptroller, which has not been delivered to me, over 100,000 acres of scrip, which I shall be glad to sell at one dollar per acre. Thus all the college land scrip donated to New York State is accounted for, without leaving "one hundred thousand acres of scrip Still in the hands of Mr. Cornell, to be located or sold, and ninety thousand not accounted for, ' ' as charged by the Union. Nor has he ' 'already a charge against the State for locating the lands, payable out of this fund, of over $200,000, so that this fund c&n not exceed $280,000," as charged by the Union. I have made no charge against the State, and have no authority to make any charge against the State by either of my agreements with the State for locating the lands, or for any other expenses I iflay incur in transacting this business. I have, however, incurred and paid more than two hundred thousand dollars in hunting lands, land office fees for entering the lands, taxes, interest, and the various expenses that are involved iti such an undertaking, but the State is in no way responsible for ahything I have thus expended. I can only hope for its repay- ment to me from the sales of the land, as the agreement provides that these expenses shall be deducted from the sums received from the sales of land, in order to determine what amount of profit has Si-isen from the transaction. It is possible that I have made some of those expenses larger than Other persons would have made them. This may be true of the ex- Jjense of hunting the lands to locate. Knowing that the whole success of the undertaking depended on finding and locating the best lands in the possession of the government, subject to entry, I emplpyed the best help I could find to perform this part of the service, and paid Such price only as I was compelled to pay to secure agents in whom 100 Laws and Documents Relating to I had confidence. If by so doing I have secured the location of 400,000 acres of white pine timber land, which will average 8,ooq feet of lumber per acre, as I believe I have, I see no reason to com- plain of the price paid for hunting and locating it, which has not exceeded thirty cents per acre. Nor can I see why others should complain inasmuch as they incur no portion bf the expense or risk of the business, and may enjoy the benefits resulting from my labors and expenditures for generations to come. It may not be out of place here to notice that the Union says: ' 'Already Mr. Cornell has been to the Legislature to secure the pas- sage of an act incorporating a great land company, of which he is chief. To this company he will sell these lands, fixing his own price, and his company will make from twenty-five to thirty mil- lions of dollars." The truth of this story is as follows: I have pro- cured the passage of an act incorporating a land company, and have solicited subscription's to the capital stock thereof The proposition is to sell to said company one hundred thousand acres of those pine lands, of an average quality of the whole, at five dollars per acre, or $500,000 for the 100,000 acres of land. This land which I thus offer to the "great land company" for five dollars per acre is worth, I believe, many times that sum per acre, not, of course, in present market value, but in the money pro- duct of cutting and sending the timber to market at the present estimate of quantities and values. I also propose to take fifty thousand dollars of the capital stock of the company for myself, and have solicited subscriptions diligently for more than a year for the balance of the capital stock of this "great land company," and still there is more than $200,000 which have not been subscribed. I am desirous of getting this stock subscribed, and the sale of the 100,000 acres consummated, so that the net profits of the transaction, which will amount to nearly $400,000, may be paid in to the Comptroller and invested ($30,000 to the credit of the College Land Scrip Fund, and the balance to the credit of the Cornell Endowment Fund), for the benefit of the University, thus adding from twenty to twenty- five thousand dollars per annum to the resources of that institution. Will the friends iof the Union take some of this stock and thus secure a capital investment? They are cordially invited to join the company, and will be admitted on terms as favorable as the most favored. The Cornell University. 101 This whole transaction is so plain and simple in its nature that it surprises me to find it misunderstood by anybody. I will again state the case as briefly as possible: — Congress donates to the State of New York land scrip representing 990,000 acres of land, stipulating that the State shall not locate and acquire title to the lands, but may sell the scrip and assign it to other parties, who may locate and acquire title to the lands. The large amount of similar scrip put upon the market by Nev/ York and other States brings the price down to sixty cents per acre, (and more of the States sold their scrip below than above that price) , at whicji price the New York scrip would realize a fund of $594,000 as the utmost that the State ofiicers could make of it. Feeling a deep interest in the question of practical education in agriculture and the mechanic arts, for which this fund was donated by Congress, I vol- unteered to undertake to create a fund three or four times as large as that which the State could produce, for the same object that Congress intended, and at my own risk and expense, without charg- ing a single dime to anybody for my services. And this I under- took for the Cornell University only after the friends and founders of other colleges declined to join a united effort in which I proposed to be responsible for one-tenth of the risk and expense of creating this larger sum for the endowment of those colleges. This is all there is of it. This is the sum total of my offending. Now as to the result of this business finally I cannot say. But I have confidence that it will realize as much or more than I antici- pated, and whether it is three millions or thirty millions of dollars, it will all be paid over to the Comptroller of the State of New York, for the purposes specified in the agreement, and the State of New York will appropriate the proceeds of the fund as stipulated in the bond, whether the fund is protected by the organic law of the con- stitution or not As to the other charge of "swindling," "corruption," etc.,. etc., permit me to say that I have lived in this State from my birth — more than 60 years. I have had personal relations with great num- bers of my fellow citizens, and oflScial relations with all of them. To their judgment on you and me I leave your epithets of "swind- ler" and "corruptionist." Respectfully, Ezra Cornell. 102 Laws and Documents Relating to XXIX. College Land Scrip Fund and Cornell Endowment Fund. — Extract from the Comptroller's Report, 1870, Pages 40, gij 100 and 149. College Land Sc^ip Fund and Cornell Endowment Fund. These funds have a common origin, and the revenues arising from them are devoted to the same general purpose. Both funds may be regarded as an endowment of "Cornell University," and the only essential difference existing now, or that will exist, unless the University shall in some way forfeit the right to the revenues of the 'College Land Scrip Fund," is in the different objects in aid and advancement of the University to which the revenues of the two funds can be applied. No portion of the first named fund can be applied, directly or indirectly, to the purchase, erection, preser- vation, or repair of any building or buildings, while the income of the other can be applied to any and all purposes of the University in the discretion of the Trustees. As suggested in the last annual report of the Comptroller, to which the Legislature is respectfully referired, there is reason to doubt the validity of the transaction and arrangement by which two distinct trusts were' established of the funds realized from the sale of the agricultural college lands, or any departure from the rule prescribed by Congress for the appropriation and use of the income arising from an investment of the proceeds of such sale. The Attorney-General was of the opinion that all the moneys that should come into the treasury from the disposal of the scrip or lands bj' the State, should constitute the capital of a fund, the income of which could only be appropriated to the purposes prescribed by Congress. (See letter of Attorney-General, Schedule XXVII, annexed to the last annual report of the Comptroller. ) This is a question that should be speedily settled by competent authority, as it essentially concerns the interests of the University, and affects the duties and liabilities of the State. The administra- tive ofi&cers of the State cannot determine it. It is a question of immediate practical importance to the State, the University and Mr. Cornell, the founder of the University and purchaser of the scrip from the State. The capital of the College Land Scrip Fund is $404,695.87, about the same as last year. If a contract which has been made for the sale of 637 pieces of scrip is performed, the capi- The Cornell University. 103 tal of this fund will be somewhat increased during the current year. The Cornell Endowment Fund also remains about the same as last year (97,284.61). If the lands located with the scrip under the contract of Mr. Cor- nell with the Commissioners of the I^and OflSce shall produce any- thing like the sum at which they are appraised, or even one-half of the estimated value, the Cornell Endowment Fund will soon be much the largest, and may become the principal fund. The scrip remaining unsold has been, since the close of the fiscal year, contracted to be sold at the rate of eighty-five cents per acre, and will yield the sum of $87,651.20. There belongs to the same fund one hundred pieces of scrip issued to North Carolina, which has been sold for $12,000, and these two sums will be added to the capital of the College I^and Scrip Fund. The only other addition that can be made to that fund will be the thirty cents per acre upon the lands located by Mr. Cornell, with the scrip delivered to him, and for which location certificates have been issued and assigned to the State. The locations embrace over 400,000 acres, principally in Wisconsin and Minnesota (the greater part in Wisconsin). These locations are said to be mainly well timbered pine lands bordering on streams, furnishing facilities for floating the timber to market, and they are estimated to be worth much more than five dollars per acre in the aggregate; and the Commissioners of the Land Office are not asked to fix the minimum price at which they may be sold at less than that sum per acre. Should they be sold for no more than five dollars per acre, they would yield at least $2,000,000. Of this there would belong to the College Land Scrip Fund only $120,000, and the balance, $1,880,000, less the cost of locating and the taxes, .would go to the credit of the Cornell Endowment Fund. If it should come to pass that the University should deem it advantageous to surrender the benefits of the College Land Scrip Fund rather than comply with the requirements imposed by the act of Congress and the. laws of this State, as the conditions upon the performance of which depends the right to receive the revenue of the fund, it could, nevertheless, if the arrangement for constituting the two trusts is valid, retain the full benefit of the Cornell Endow- ment Fund, and thus secure and retain the substantial benefits of the Congressional gift without bestowing the benefits which the donation was intended to secure to the public. 104 Laws and Documents Relating to The fact that such a contingency is very unlikely, and so unlikely as to be deemed almost impossible, furnishes no reason for not guarding against it, and placing the fund in such position that by no possibility any part of the revenue can be diverted from the pur- pose to which it was consecrated by the donors. Under the contract by which the two funds were established, Mr. Cornell agreed to pay the State thirty cents per acre for the scrip on its transfer, and to pay into the treasury all the net profits aris- ing from all sales or leases of the lands, the net profits to be ascer- tained by deducting from the gross receipts on sales the thirty cents thus paid, together with "the costs and expenses attending the location, management and sale of said lands, the taxes assessed and paid on the same' ' by Mr. Cornell, with interest at the rate of seven per cent, per annum. From 'the net profits thus ascertained, an additional thirty cents per acre is to be added to the "College I,and Scrip Fund," and the balance constitutes the "Cornell Endowment Fund." The act of Congress requires ' 'all the expenses of management, superintendence and taxes from the date of selection to be paid by the State to which they may belong, out of the treasury of the State, ' ' so that the entire proceeds of the sale of said lands shall be applied, without any diminution whatever, to the purposes "to which they are devoted by the act." A serious question arises whether the creation of an agency for the sale of the lands for the benefit of the institution claiming the benefit of the grant will relieve the State from the burden of these payments, which it has assumed by accepting the donation on the terms proposed. The ' 'costs and expenses' ' attending the location of the lands up to October i, 1868, as reported by Mr. Cornell to the Comptroller, in December, 1868, were $201,608.85. The items will be found in Schedule XXVI, annexed to the last annual report of the Comp- troller. Of this amount $1 18,448 was for the services of an agent in selecting and locating the lands during the years 1866 and 1867. By the report made by Mr. Cornell of the sales of, and receipts and payments on account of the lands, during the fiscal year, which is annexed to the report as Schedule XXVI, it appears that the sales have been inconsiderable, and that only $250 have been received on such sales. That sum has not been paid into the treasury. The Cornell University. 105 The taxes upon a portion of the lands prior to 1869 are stated by Mr. Cornell (estimated in part) at . . . $60,583 91 Of these taxes there have been paid by Mr. Cornell, as appears by his report 43,i6g 82 Leaving due for taxes prior to 1869 $17,414 09 The taxes upon the lands in Stearns and Lincoln counties, Min- nesota, are not included. It is understood that most if not all of these lands have been sold for non-payment of taxes on one or more occasions, and that the payments made by Mr. Cornell have been either in the redemption or purchase of the certificates of sale. It is quite evident that in the proper management of this trust addi- tional legislation is necessary. If the lands could be sold at once for money, the administration of the fund would be simple and easy. It would only calj for an investment of the proceeds, and the annual collfection and appropriation of the revenue. But the case is far dif- ferent. The scrip, which was but the evidence of the right to locate and appropriate lands, and which was subject to no risk or expense, has been exchanged for certificates of location of specific tracts of lands in the name of Mr. Cornell, by which the property has become subject to taxation, and liable to be lost to the fund of the State upon a sale for the non-payment of taxes; and if lost, the State is bound to make the fund good from the treasury. The State should, therefore, by legislation, confer upon its finan- cial officer the power, and place at his disposal the means to protect it against such loss. Whether there are any other risks of loss by reason of the peculiar situation of the title, the Comptroller is not advised. The patent when issued will be in the name of Mr. Cor- nell, but the Comptroller is advised that it cannot by law and the usage of the government be delivered except upon the surrender of the certificates of location which have been assigned to the State, and are now held by the Comptroller in trust, so that it would seem there could be no serious risk of loss of title except for non-payment of taxes and assessments levied by State authority. It is not intended to intimate a doubt of the ability or readiness of Mr. Cor- nell to fully protect the property against the taxes, and the State against loss, and secure to the University that bears his name, and has been established by his bounty, the full benefit of this immense 106 Laws and Documents Relating to fund; but the State, whether acting as trustee, as in this case, or in the administration of its own property, should delegate the proper power to its own agents to guard its interests, and not rely upon individual action. Another subject connected with the administration of this trust requires legislative action. Neither the legislation or the contracts with Mr. Cornell provide for the circumstances now actually exist- ing. Both were, doubtless, appropriate and sufficient, as they probably looked to a speedy and absolute sale of the lands for money. That has not and probably will not be accomplished, but the lands will have to be sold as purchasers can be found, and mainly upon credit. Now, while the State is responsible to the federal government directly by the terms of the donation and its acceptance for the safe-keeping and investment of the entire pro- ceeds of the sales, and to the University as the beneficiary and cestui que trust for the faithful administration of the tru^t, there is no pro- vision made by which it can discharge its obligations. The Com- missioners of the Land Ofiice may fix the minimum price at which the lands shall be sold, and the Comptroller may require from Mr. Cornell annually, or oftener, reports, under oath, of his dealings with the lands in such fqrm as he may prescribe. The whole pro- ceeds may be received by Mr. Cornell or his successor in interest, and beyond the first thirty cents per acre he cannot be required to pay a dollar into the treasury except as net profits of the sales, and with no arbiter to adjust and determine the sums proper to be deducted from the gross sales as and for the costs and expenses to be allowed and charged against the proceeds, or to state an account of the net profits to be paid into the treasury. No power is con- ferred upon any ofiicer of the State to audit and allow the costs and expenses claimed, and adjust the accounts. The power is with Mr. Cornell, with whom the proceeds of the sale will be, to pay into the treasury such sums as he shall consider to be net profits, and under the present statutes and the existing contracts (if the latter are valid) it is doubtful if his judgment and action is subject to any control or review except by a resort to the courts to compel an accounting. This is not the way in which a trust fund under State adminis- tration should be left. The attention of the Legislature is respect- fully called to the subject. The Cornell University. 107 On account of the College Land Scrip Fund. CAPITAI,, VIZ.: Purchase of United States stock, 6's, redeemable after - July, 1872 ...••• $35,000 00 Purchase of State stock, $6,000, 5's of 1875, less dis- count 5,987 50 $46,987 50 REVENUE, VIZ.: To the Cornell University $18,000 00 Accrued interest on stocks purchased 978 64 Premium on stocks purchased 1,621 36 Commissions on stocks purchased 87 50 $20,687 50 On Account of the Cornell Endowment Fund. CAPITAL, VIZ.: Purchase of United States stocks, 6's, redeemable after July, 1872 $30,000 00 Purchase of State stocks, 6's of 1872 15,000 00 Purchase of State .stock, 6's of 1873 14,000 00 Purchase of State stock, 6's of 1878 13,000 00 Purchase. of State stock, $25,000, 5's of 1875, less dis- count 24,915 39 $96,915 39 REVENUE, VIZ.: Accrued interest on stocks purchased $1,069 7^ Premium on stocks purchased 2,391 i? Commission on stocks purchased 75 oo' $3,535 84 College Land Scrip Fund. CAPITAL. This fund consists of the following items, viz. : Seven per cent. State stock, issued in pursuance of chap- ter 325, Laws of 1865, and chapter 209, Laws of 1866, redeemable April 7, 1877 $ 64,000 00 108 Laws and Documents Relating to Amount forward $64,000 00 Five per cent. State stock, issued in pursuance of chap- ter 216, lyaws of 1848, redeemable July i, 1875 . . . 116,000 00 United States 6 per cent. 5-20, registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 45,000 00 Bond of Ezra Cornell, dated Nov. 24, 1865, 7 per cent., redeemable Nov. 24, 1875 50,000 00 Bond of Ezra Cornell, dated August 4, 1866, 7 percent., redeemable August 4, 1871 30,000 00 Bond of Ezra Cornell, dated Sept. 18, 1866, 7 percent., redeemable Sept. 18, 1871 30,000 00 Bond of Ezra Cornell, dated June 7, 1867, 7 per cent., redeemable June 7, 1872 30,000 00 Bond of Ezra Cornell, dated August i, 1867, 7 percent., redeemable August i, 1872 30,000 00 Bond of Ezra Cornell, dated October 12, 1867, 7 per cent., redeemable October 12, 1872 9,600 00 Money in the Treasury 95 87 $404,695 87 REVENUE, VIZ.: Balance in the treasury on the 30th of September, 1868 $12,269 40 Amount received into the treasury during the year end- ing 30th September, 1869 (see Schedule I) . . . . 23,551 50 $35,820 90 Amount paid from the treasury during the year ending 30th September, 1869, (see Schedule II, page 91) . . 20,687 5° Balance in the treasury on the 30th September, 1869 . $15,133 40 Cornell Endowment Fund. CAPITAL. This fund consists of the following items, viz. : United States 6 per cent. 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 $30,000 00 The Cornell University. 109 Amount forward $30,000 .00 Six per cent. State stock, issued in pursuance of chap- ter 271, Laws of 1859, redeemable July i, 1872 . . . Six per cent. State stock, issued in pursuance of chap- ter 23, Laws of 1855, redeemable January i, 1873 . . Six per cent. State stock, issued in pursuance of chap- ter 329, Laws of 1854, redeemable July i, 1873 . . . Six per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1878 . . Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875 . . . Money in the treasury $97,284 61 REVENUE, VIZ.: Amoun^ received into the Treasury during the year end- ing 30th September, 1869, (see Schedule I) . . . . $6,498 39 Amount paid from the Treasury during the year end- ing 30th September, 1869, (see Schedule II) . . . . 3,535 84 15,000 00 10,000 00 4,000 00 13,000 00 25,000 00 284 61 Balance in the Treasury on the 30th September, 1869 . $2,962 55 Report of Ezra Cornell in Relation to College Land Scrip. To the Comptroller of the State of New York: In pursuance of the requirement of chapter 481, of the Laws of 1866, I, Ezra Cornell, do respectfully report: That I have sold of the lands located with scrip under my con- tract with Thomas Hillhouse, ComptroUeroftheStateof New York, to the amount of $834, to Van Buren Barrow, due and payable on the first days of April and July, 1869, being No. 1,743, the frac- tional northeast quarter of section twenty-three, in township thirty- three north of range eight west, containing 139 acres, at six dollars per acre, and have given a contract to deed the same when fully paid for; that on the second day of July, 1869, said Barrow paid on account of said contract $250, which is all that has been paid there- on to this date. That contracts were made with parties which have not been ful- filled, as follows: "With S. D. Sprague, for southwest quarter of 110 Laws and Documents Relating to section twenty-four, in township thirty-six north of range seven west, containing i6o acres, at six dollars per acre, on the sixth day of November, 1868, No. 2,342; that shortly after said Sprague broke his leg and relinquished the contract. With Michael C. Har- ris and Robert Roberty for the west half of section seven (Nos. 2,454 and 2,456), in township thirty-seven north of range six west, con- taining 337 60-100 acres, at six dollars per acre, amounting to $2,025.60, on the seventh day of November, 1868, payable in July, 1869, and July, 1870, with three per cent, per annum interest; that up to the 30th of September, 1869, no payment had been made, but that a portion would probably be collected by or before the first day of January, 1870, the logs cut on said land being held as secu- rity for the payments. That this is a full and true account of all the lands so sold to the date hereof, and the location and description thereof, the persons to whom sold, and the price agreed to be paid therefor. As far as I have returns for taxes assessed and interest thereon in the several counties in Wisconsin, they are as follows: County. Year. Ta:>;. Interest. Total. Clarke . . . . 1866 . $ 165 16 $ 82 58 1867 . . 718 93 179 73 1868 . . . 1866 . $ 1,403 98 168 48 "$ 2,718 86 Eau Claire 586 13 $293 06 1867 . 607 19 121 44 1868 . . . 1866 . $ 586 24 70 35 2,264 41 Dunn . . . 139 52 $ 69 76 1867 . 380 08 95 02 1868 . 391 40 46 97 Dallas . . . . i865 . $ 198 08 $ 99 04 1,122 75 1867 . 849 63 212 41 1868 . 752 32 90 28 Chippewa . . . 1866 . . $ 2,512 53 (interest included) 1867 . 1 4.766 54 ( t ( ( 1868 . 24,874 22 ( ( t Carried forw ard . 42,153 29 S';d.d.6i OA The Cornell University. Ill County. Year. Tax. Interest. Total. Amount forward $50,461 04 Ashland .... 1867 . . % 1,170 59 1869 . . 4,590 00 — 5.760 59 Marathon . . . 1867 . . % 702 00 1868 . . 1,953 00 2,655 00 Minnesota. Pope ..... 1867 , . % 350 28 1868 . . 479 67 829 95 1866 \ Kandiyohi . . . 1867 [■ . $ 133 92 1868 3 133 92 Stearns, no statement. Lincoln, no statement. Kansa$. Chase 1867 . . $ 23 19 1868 . . 29 47 52 66 Dickinson . . ^868 | ' ^ ^^° ^^ • 690 75 $60,583 91 Some of the above are estimated. Of the above, payments have been made as follows: For Chippewa county $42,153 29 JFor Pope cpunty, Minn 829 95 For Kandiyohi county, Minn , i33 92 For Chase county, Kansas 52 66 $43,169 82 Leaving due for taxes prior to 1869 $17,414 09 Which I hope soon to settle upon satisfactory terms. Yours respectfully, Ithaca, September 30, i86g. Ezra Cornell. " Tompkins County, ss: Ezra Cornell, of Ithaca, being duly sworn, says that the fore- going and within report signed b}' him is in all respects true, and that the sums therein stated as having been expended and paid by 112 Laws and Documents Relating to this deponent have been paid and expended for the purposes therein stated, and that there are no other liens, charges or encumbrances on the lands referred to in said report, to the knowledge or belief of this deponent, other than for the taxes mentioned in said report as remaining unpaid thereon, and the balances due me for 'locating the lands, and further says not. Ezra Cornell. Subscribed and sworn to this 30th | day of November, 1869, before me, j Edward I. Moore, Notary Public. XXX. Appropriations from Land Scrip Fund and Endow- ment Fund, 1870. — Laws of New York, 1870, Chapter 281. From the College Land Scrip Fund. For the Cornell University, pursuant to chapter five hundred and eighty-five, of the laws of eighteen hundred and sixty-five, twenty- six thousand dollars. From the Cornell Endofvment Fund. For the Cornell University, pursuant to chapter five hundred and fifty-four of the laws of eighteen hundred and sixty-eight, six thousand dollars. XXXI. College Land Scrip Fund and Cornell Endowment Fund.— Extract from the Comptroller's Report, 1871, Pages 46, 75, 83, 84, 128, 129 and 130. College Land Scrip Fund. CAPITAL. This fund consists of the following items, viz.: Seven per cent. State stock, issued in pursuance of chap- ter 325, Laws of 1865, and chapter 209, Laws of 1866, redeemable April 7, 1877 $ 64,000 00 Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875 . . 116,000 00 Carried forward $180, 000 00 TJie Cornell University. 113 Amount forward $i8o,ocxd oo United States 6 per cent., 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 45,000 00 Bond of Ezra Cornell, dated November 24, 1865, 7 per cent., redeemable November 24, 1875 50,000 00 Bond of Ezra Cornell, dated August 4, 1866, 7 per cent., redeemable August 4, 1871 30,000 00 Bond of Ezra Cornell, dated Sept. 18, 1866, 7 percent., redeemable Sept. 18, 187 1 30,000 00 Bond of Ezra Cornell, dated June 7, 1867, 7 per cent., redeemable June 7, 1872 30,000 00 Bond of Ezra Cornell, dated August i, 1867, 7 percent., redeemable August i, 1872 30,000 00 Bond of Ezra Cornell, dated October 12, 1867, 7 per cent., redeemable October 12, 1872 9,600 00 Proportion of bond and mortgage executed by Gleason F. I,ewis, 7 per cent., payable September 15, 1880 . 9,600 00 Money in the Treasury 40,415 87 $454,615 87 REVENUE, VIZ.: Balance in the treasury on the ist October, 1869 . . . $15,133 40 Amount received into the treasury during the year end- ing September 30, 1870 19,654 44 $34,787 84 Amount paid from the treasury during the year ending 30th September, 1870, 25,000 00 Balance in the treasury on the 30th September, 1870 . $9,787 84 Cash transactions during the year. Received on account of revenue, viz. : Interest on investments and deposits $19,654 44 Paid on account of revenue, viz.: To Cornell University $25,000 00 114 Laws and Documents Relating to Cornell Endowment Fund. CAPITAL. This fund consists of the following items, viz. : United States 6 per cent. 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 $30,000 00 Six per cent. State stock, issued in pursuance of chap- ter 271, Laws of 1859, redeemable July i, 1872 . . . 15,000 00 Six per cent. State stock, issued in pursuance of chap- ter 23, Laws of 1855, redeemable January i, 1873 . . 10,000 bo Six per cent. State stock, issued in pursuance of chap- ter 329, Laws of 1854, redeemable July i, 1873 . . . 4,000 00 Six per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable Jjily i, 1878 . . 13,000 00 Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875 . . . 25,000 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 per cent., payable Sept. 15, 1880 . . . 2,400 00 Money in the treasury 17.769 41 $117,169 41 REVENUE, VIZ.: Balance in the Treasury on the ist of October, 1869 . $2,962 55 Amount received into the Treasury during the year end- ing 30th September, 1870 5.979 03 $8,941 58 Amount paid from the Treasury during the year end- ing 30th September, 1870 , , 6,000 00 Balance in the Treasury on the 30th September, 1870 . $2,941 58 Cash transactions during the year. Received on account of capital, viz. : From sales of lands , $17,484 80 Received on account of revenue, viz. : Interest on investments and deposits $ 5,979 03 Paid on account of revenue, viz. : To Cornell University $ 6,000 00 The Cornell University. 115 XXXII. Report of Ezra Cornell in Relation to College Land Scrip. To the Comptroller of the State of New York: In pursuance of the requirement of chapter 48 1 , of the Laws of 1866, I, Ezra Cornell, do respectfully report: First — That on the sale of lands located by me for the Cornell University, under my contract with the Commissioners of the Land Office of No. 1,743, made to Van Buren Barren, on the 22d day of October, 1868, of the northeast quarter of section twenty- three, in township thirty-three north, of range eight west, reported by me to William F. Allen, Comptroller, on September 30, 1869, a further sura of two hundred and fifty-two dollars ($252), w^s collected on the ist day of November, 1869, Secojid — That on the sale of Nos. 2,454 and 2,456, made to Micha,el Harris and Robert Roherty, on the 7th of November, 1868, of the west half of section seven, in township thirty-seven north, of range six west, the sum of $638.22 was collected on the 15th of October, 1869; $524.86 on the 2oLh day of December, 1869, and $296.74 on the 4th of February, 1870. Third — That I have sold of the lands located under said contract, during the past year, as follows: To Peter Lago and Charles Louquier, No. 1,635, ^^^ southeast quarter of section nine, in town- ship thirty-three north, of range six west; 160 acres, for $1,000, on the ist day of October, 1869, and that $500 was paid thereon on the ist day of November, 1869. Fourth — To Louis Blair, for a portion of No. 2,763, consisting of the southeast quarter of the northwest quarter, and the west half of the northwest quarter of section eighteen, in township thirty-seven north, of range six west, 130 57-100 acres, for $1,000, on the ist day of October, 1869, and that $500 was paid thereon November i, 1869. Fifth — To Merwin Moses and Robert Roherty, No. 2,762, the southwest quarter of section eight, in township thirty -seven north, of range six west, 160 acres, for twelve hundred dollars, on the 5th of November, 1869, no portion of which has been paid. Sixth — To A. E. Angell, No. 3,522, the southeast quarter of sec- tion thirty-four, in township thirty -eight north, of range seven west, 160 acres, for $1,000, on the 20th August, 1870; that a deed for the $42,153 29 9.30I 56 2,435 82 1,446 II 1 62 52 71 12 48 38 40 02 116 Laws and Documents Relating to same was executed on the 2gth of August, 1870, and the full amount collected oh the 23d of September, 1870. Seventh — That I have canceled and obtained receipts of the county and town treasurers for taxes on the lands located by me for the use and benefit of the Cornell University, to the amount of $78,522.64, as follows, including all, or nearly all, the taxes assessed upon said lands prior to the year 1870, which are not due or payable: In the State of Wisconsin : Chippewa county, for 1866, '67 and '68, reported Sept. 30, 1869 Chippewa count}' tax of 1869 for town of Anson . . . Chippewa county tax of 1869 for town of Eagle Point . Chippewa coui|ty tax of 1869 for town of Bloomer . . Chippewa county tax of 1869 for town of Siegel . . . Chippewa county tax of 1869 for town of Wheaton . . Chippewa county tax of 1869 for town of Edson . . . Chippewa county tax of 1869 for town of Lafayette . Total for Chippewa county for 1866, '67 and '69 $55,658 82 Clark county for 1866, '67, '68 and '69 $ 6,350 98 Ashland county for 1867, '68 and '69 4,995 63 Eau Claire county for 1866, '67, '68 and '69 2,950 10 Dunn county for 1866, '67, '68 and '69 1,878 37 Burnett county for 1869 260 82 Barron county provided for 1,000 00 Marathon county 2,316 47 Total for the State of Wisconsin $75,411 19 In the State of Minnesota: Reported on September 30, 1869, $963.87, are included in the sums below by counties: Lincoln county for 1869 $ 36 89 Stearns and Todd counties for 1867, '68;and '69 47 45 Kandiyohi county for 1866, '67, '68 and '69 . 133 93 Pope county for 1867, '68 and '69 1,236 12 Total for the State of Minnesota . . . i,454 39 Carried forward $76,865 58 The Cornell University. 117 Amount forward $76,865 58 In the State of Kansas: Reported on 30th September, 1869, $52.66, and included in the sums below by counties: Chase county for 1867, '68 and '69 $ 118 72 Dickinson county for 1867, '68 and '69 . . . 1,538 34 Total for the State of Kansas .... 1.657 06 Total taxes liquidated $78,522 64 Eighth — The expenses incurred in the selection, location, man- agement and sale of the lands include also one hundred thousand acres of college land scrip purchased from Comptroller Robinson in. November, 1865, and located by me for the use and benefit of Cor- nell University. Ninth — A competent man has been for some time engaged in arranging the details of the land department, opening full sets of books, including records and descriptions of lands, contracts and deeds, as well as books of account, so that whenever an examina- tion is required by the Legislature, Comptroller or Commissioners of the Land Office, every transaction can be shown and fully explained. Among the books already prepared are: First — The Scrip Book, containing a full description and situa- tion of each quarter section, numerically arranged, showing the dis- position of each and every piece of scrip. Second — The Land Register, consisting of three large volumes, in numerical order, showing the detailed descriptions and subdivisions, the quality of the land, and whether valuable for farming or lum- bering purposes, and references to the memorandums, contracts or deed books for other facts relating to each number. Third — The Books of Maps, showing what land is located in each township, colored and numbered, and the distance from floating water and other localities. Fourth — The Tax Book, showing the land in each county where taxes are assessed and payable, with easy reference by townships and range, with columns for fifteen years where the amount paid on each lot is registered opposite to its number and description. Fifth — The Contract Book, in which is registered a copy of every 118 Laws and Documents Relating to contract for the sale or lease of land or timber, with the correspond- ing number and description. Sixth — The Deed Book, containing a copy of every deed issued for land, showing the number, description, consideration, name of grantee, acres sold, when patented and recorded, date of deed and acknowledgement, and amount of revenue stamp attached thereto. Seventh — Memorandum Book, to contain a record of facts deemed of importance to the University lands; a daily register, with reports from correspondents and explorers, offers to purchase, settlements in the vicinity and ownership by others, location of towns, villages, mills, churches, schools, stores and postofEces, quality of soil and timber, trespasses, etc., etc. Eighth — The synopsis, numerically arranged with description of each lot of land, situation, acres, name of purchasers, date of pur- chase, amount of sale, reference to Contract Book, volume and page, to whom and when deeded, and record in the Deed Book. This information is contained on a single line of two pages, and shows at a glance the condition of the ownership of each particular lot of land. When the deed ^ is given, it will then be marked off the Map Book, and no lot can be contracted or sold twice over without gross neglect. Ninth — The land journal and ledger will contain the accounts with, ist. The United States Government, showing the amount of the gift to the State of New York of the Agricultural College land scrip. 2d. With college land scrip, showing the cost thereof to the undersigned, and the disposition made of it. 3d. With University lands, Jirst series, showing cost and expenses, receipts and profits on lands located with the scrip purchased from Comptroller Robinson. 4th. With University lands, second series, showing cost and expenses, receipts and profits on lands located with the scrip pur- chased under contract with the Commissions of the Land OflBce. 5th. With excess for the surplus" lands purchased and paid for by me with cash, the profits on which I propose to give to the Cornell University. 6th. With individual purchasers of land, showing the amount of sale, and interest charged from time to time, and payments made The Cornell University. 119 with agents, showing each of their transactions, debit and credit with locations, land office fees, commissions, interest, taxes, sta- tionery, trespasses and attorneys' fees and expenses, and such other accounts as the nature of the business may require. Yours respectfully, Ithaca, December i6, 1870. Ezra Cornell. Tompkins County, ss: Ezra Cornell, of Ithaca, being duly sworn, says that the fore- going and within report signed bj' him is in all respects true, and that the sums therein stated as having been expended and paid by this deponent have been paid and expended for the purposes therein stated, and that there are no other liens or encumbrances on the lands referred to in said report other than for the taxes assessed for the year 1870, to the knowledge or belief of this deponent, except the balances due me on contracts with the Comptroller and the Commissioners of the Land Office for locating said lands, etc., and further this deponent saith not. Ezra Cornell. C. W. Qa.\, Notary Public. XXXIII. Appropriations from Land Scrip Fund and En- dowment Fund, iSji.^Laws of New York, 1871, Chap- ter 718. From the College Land Scrip Fund. For the Cornell University, pursuant to chapter five hundred and eighty -five, of the laws of eighteen hundred and sixty -five, thirty- five thousand dollars. From the Cornell Endowment Fund. For the Cornell University, pursuant to chapter five hundred and fifty-four of the laws of eighteen hundred and sixty-eight, ten thousand dollars. XXXIV. College Land Scrip Fund and Cornell Endow- ment Fund. — Extracts from the Comptroller's Report, 1872, Pages 42, 74, 82, 83, and 126. College Land Scrip Fund. capital. This fund consists of the following items, viz.: Seven per cent. State stock, issued in pursuance of chap- 120 Laws and Documents Relating to ter 325, I,aws of 1865, and chapter 209, I^aws of 1866, redeemable April 7, 1877 $64,000 00 Five percent. Slate stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875 . . 116,000 00 United States 6 per cent. 5-20, registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 45,000 00 Bond of Ezra Cornell, dated Nov. 24, 1865, 7 per cent., redeemable Nov. 24, 1875 50,000 00 Bond of Ezra Cornell, dated August 4, 1866, 7 percent., redeemable August 4, 187 1 30,000 00 Bond of Ezra Cornell, dated September 18, 1866, 7 per cent., redeemable September 18, 1S71 30,000 00 Bond of Ezra Cornell, dated June 7, 1867, 7 per cent., redeemable June 7, 1872 30,000 00 Bond of Ezra Cornell, dated August i , 1867, 7 per cent., redeemable August i, 1872 30,000 00 Bond of Ezra Cornell, dated October 12, 1867, 7 per cent., redeemable October 12, 1872 9,600 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 percent., payable September 15, 1880 . 7,200 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 13,000 00 Buffalo city bonds, 7 per cent., redeemable July i, 1917 15,000 00 Buffalo city bonds, 6 per cent., redeemable March 15, 1879 15,000 00 Money in the treasury 18,602 87 $473,402 87 REVENUE, VIZ.: Balance in the Treasury on the 1st October, 1870 . . $9,787 84 Amount received into the Treasury during the year end- ing September 30, 1871 21,997 7° . ^ $31,785 54 Amount paid from the Treasury during the year end- ing September 30, 1871 27,112 72 Balance in the Treasury on the 30th September, 1871 .. $4,672 82 Cash transactions during the year. Received on account of capital, viz. : From sales of lands $20,832 00 The Cornell University. 121 Paid on account of capital, viz. : Purchase of Buffalo city bonds $42,645 00 Received on account of revenue, viz. : Interest on investments and deposits $21,997 7° Paid on account of revenue, viz. : To the Cornell University $26,000 00 Accrued interest on bonds purchased . . . 1,089 9° Premium on bonds purchased 22 82 $27,112 72 Cornell Endowment Fund. CAPITAL. This fund consists of the following items, viz. : United States 6 per cent. 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July I, 1872 $30,00000 Six per cent. State stock, issued in pursuance of chap- ter 271, Laws of 1859, redeemable July i, 1872 . . . 15,000 00 Six per cent. State stock, issued in pursuance of chap- ter 23, Laws of 1855, redeemable January i, 1873 . . 10,000 00 Six per cent. State stock, issued in pursuance of chap- ter 329, Laws of 1854, redeemable July i, 1873 . . . 4,000 00 Six per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1878 . . 13,000 00 Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875 . . . 25,000 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 per cent., payable Sept. 15, 1880 . . . 4,800 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 19,000 00 Money in the treasury 7,796 61 $128,596 61 REVENUE, VIZ.: Balance in the Treasury on the ist of October, 1870 . . $2,941 58 Amount received in the Treasury during the year end- ing 30th September, 1871 7,920 ,95 $10,862 53 122 Laws and Documents Relating to 1 Amount forward $10,862 53 Amount paid from the Treasury during the year end- ing 30th September, 1871 6,530 56 Balance in the Treasury on the 30th September, 1871 . $4. 33 1 97 Cash transactions during the year. Received on account of capital, viz. : Sale of land $ 9.027 20 Paid on account of capital, viz. : Purchase of Buffalo city bonds $19,000 oo Received on account of revenue, viz. : Interest on investments and deposits , . . $ 7,920 95 Paid on account of revenue, viz.: To the Cornell University $6,00000 Accrued interest and premium on bonds pur- chased 530 56 $6,530 56 XXXy; Report of Ezra Cornell in Relation to College I/AND Scrip. To the Comptroller of the State of New York: In pursuance of the requirements of chapter 481 of the Laws of 1866, I, Ezra Cornell, do respectfully report: First — That in October, 1870, I sold one quarter section of 157 55-100 acres at six dollars per acre. Twenty-five dollars was paid at the date of the sale, and the balance was made payable in ten years, with interest at seven per cent., payable semi-annually at the First National Bank, Ithaca. In December, 1870, I contracted with perfectly responsible parties for the sale of 150,000 acres of pine timber lands in the State of Wisconsin, at the price of four dollars per acre. The selections are to be so made as to take only a fair average quality of the lands entered by me for the Cornell University. Security is also provided against the removal of timber before the land is paid for. I received The Cornell University. 123 in payment at the time of making the sale, $10,000. The balance is made payable in ten years, with interest at six per cent. , payable semi-annually at Ithaca. The first payment of interest was paid to me when due. The above sale I was induced to make by the urgent written request of nearly all the trustees of the Cornell Uni- versity, and of the Governor and Comptroller of the State. In May, 1871, I sold in Kansas thirteen quarter sections, making 2,080 acres, at five dollars per acre cash, amounting to $10,400. In June, 1871, I contracted with like responsible parties for the sale of 100,000 acres of pine timber lands in Wisconsin, at five dol- lars per acre, payable in ten years from the date of the contract, with six per cent, interest, payable semi-annually. The lands to be so selected as to represent an average of the quality of the lands entered by me for the Cornell University, and security provided against the removal of timber before the land is paid for. There have been some other sales made by agents, of .which I have not yet received the account. A future report will be made of these sales. Second — I have paid on account of taxes on the University lands during the past year as follows: In the State of Wisconsin % 29,348 61 In the State of Minnesota 701 83 In the State of Kansas 295 65 State of New York, ) $30,346 09 City and County of Albany, j ' Ezra: Cornell, of Ithaca, being duly sworn, says that the fore- going report is true. Ezra Cornell. Subscribed and sworn to before me, ) this 29th day of November, 1871. J Henry Gallien, Notary Public, Albany, N. Y. XX^VI. Appropriations from Land Scrip Fund and Endow- ment Fund, 1872. — Laws of New York, 1872, Chapter 541- Payable from the Land Scrip Fund Revenue. For the Cornell University, pursuant to chapter five hundred and eighty-five, of the laws of eighteen hundred and sixty-five, thirty- five thousand dollars. 124 Laws and Documents Relating to Payable from the Cornell Endowment Fund Revenue. For the Cornell University, pursuant to chapter five hundred and fifty-four of the laws of eighteen hundred and sixty-eight, ten thousand dollars. XXXVII. Act Amending the Charter of Cornell Univer- sity.— I,aws OF New York, 1872, Chapter 654. AN ACT to amend chapter five hundred and eighty- five of the, Laws of eighteen hundred and sixty -five, entitled "An act to establish Cornell University, and to appropriate to it the income of the sale of public lands granted to this State by Congress, ou, the second day of July, eighteen hundred and sixty-two; also to restrict the operation of chapter five hundred and eleven of the Laws of eighteen hundred and sixty-three. ' ' Passed, May 13, 1872. The People of the State of New York, represented in Senate and Assembly, do enact as follows : Section i. Section nine of chapter five hundred and eighty -five of the Laws of eighteen hundred and sixty-five, is hereby amended so as to read as follows: § 9. The several departments of study in the said University shallr be open to applicants for admission thereto at the lowest rates of expense consistent with its welfare and efficiency, and without dis- tinction as to rank, class, previous occupation or locality. But, with a view to equalize its advantages to all parts of the State, the institution shall annually receive students, one from each Assembly district in the State, to be selected as hereinafter provided, and shall give them instruction in any or in all the prescribed branches of study in any department of said institution, free of any tuition fee, or of any incidental charges to be paid to said University, unless such incidental charges shall have been made to compensate for damages heedlessly or purposely done by the students to the property of said University. The said free instruction, shall, more- over, be accorded to said students in consideration of their superior ability, and as a reward for superior scholarship in the academies and public schools of this State. Said students shall be selected as the Legislature may from time to time direct, and until otherwise The Cornell University. 125 ordered, as follows: The school commissioner or commissioners of each county, and the board of education of each city, or those per- forming the duties of such a board, shall select, annually, the best scholar from each academy and each public school of their respec- tive counties or cities as candidates for the University scholarship. But in no case shall any person having already entered the said Uni- versity be admitted as one of such candidates. The candidates thus selected in each county or city shall meet at such place and time in the year as the school commissioner or commissioners of the county and the said boards of education of the cities, in those counties which con- tain cities, shall appoint; and the school commissioner or commission- ers and the said board of education, or such of them as shall attend and act, shall proceed to examine said candidates, and determine which of them are the best scholars; and they shall then select therefrom to the number of one for each Assembly district in said county or city, and furnish the candidates thus selected with a cer- tificate of such selection, which certificate shall entitle said student to admission to said University, subject to the examination and approvarof the faculty of said University. In making these selec- tions, preference shall be given (when other qualifications are equal) to the sons of those who have died in the military or naval service of the United States; consideration shall be had also to the physical ability of the candidate. Whenever any student, selected as above described, shall have been from any cause removed from the Uni- versity before the expiration of the term for which he was selected, then one of the competitors to his place in the University, from his district, may be elected to succeed him therein, as the school com- missioner or commissioners of the county of his residence, or the board of education of the city of his residence, may direct. XXXVIII. CotLBGE I,AND Scrip Fund and Cornei-i. Endow- ment Fund. — Extracts from the Comptroller's Report, 1873, Pages 58, 84, 93, 94, 134, 135. College Land Scrip Fund. CAPITAL. This fund consists of the following items, viz.: Seven per cent. State stock, issued in pursuance of chap- ter 325, Laws. of 1865, and chapter 209, Laws of 1866, 126 Laws and Documents Relating to redeemable April 7, 1877 $64,000 Oo' Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875 . . 116,000 00 United States 6 per cent. 5-20, registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 . . : . . 45,000 00 Bond of Ezra Cornell, dated Nov. 24, 1865, 7 per cent.; redeemable Nov. 24, 1875 50,000 00 Bond of Ezra Cornell, dated August 4, 1866, 7 percent., redeemable August 4, 1871 ' . ... 30,000 00 bond of Ezra Cornell, dated September 18, 1866, 7 per cent., redeemable September 18, 1871 30,000 00 Bond of Ezra Cornell, dated June 7, 1867, 7 per cent., redeemable June 7, 1872 30,000 00 Bond of Ezra Cornell, dated August i, 1867, 7 percent., redeemable August i, 1872 30,000 00 Bond of Ezra Cornell, dated October 12, 1867, 7 per cent., redeemable October 12, 1872 9,600 00 Proportion of bond and mortgage executed by Gleason ■ F. Lewis, 7 percent., payable September 15, 1880 . 7,200 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 13,000 00 Buffalo city bonds, 7 per cent., redeemable July i, 1917 15,000 00 Buffalo city bonds, 6 per cent., redeemable March 15, 1879 15,000 00 Money in the treasury 18,602 87 $473,402 87 REVENUE, VIZ.: Balance in the treasury on the ist October, 1871 ... $ 4,672 82 Amount received into the treasury during the year end- ing September 30, 1872 30,222 18 Transferred for interest on money in treasury .... 290 27 $35,185 27 Amount paid from the treasury during the year ending 30th September, 1872 34,000 oO Balance in the treasury on the 30th September, 1872 . $1,185 ^7 The Cornell University. Ill Cash transactions during the year. Received on account of revenue, viz. : Interest on State stocks $10,280 00 Interest on United States bonds 31O05 44 Interest on Buffalo city bonds 2,410 00 Interest on E. Cornell's bonds 13.990 00 Interest on G. F. Lewis' bond and mortgage loi 27 Interest on deposits 435 47 $30,222 18 Paid on account of revenue, viz. : To Cornell University $34,000 00 Cornell Endowment Fund. CAPITAL. This fund consists of the following items, viz. : United States 6 per cent., 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 $30,000 00 Six per cent. State stock, issued in pursuance of chap- ter 23, Laws of 1855, redeemable January i> 1873 . . 10,000 00 Six per cent. State stock, issued in pursuance of chap- ter 329, Laws of 1854, redeemable July i> "^873 . . . 4,000 00 Six per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1878 . . 13,000 00 Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875 . . . 25,000 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 per cent., payable September 15, 1880 . 4,800 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 19,000 00 Money in the Treasury 22,796 61 $128,596 61 REVENUE, VIZ.: Balance in the Treasury on the ist of October, 1871 . $ 4,331 97 Amount received into the Treasury during the year ending 30th September, 1872 10,472 03 Transferred for interest on money in the Treasury . . 349 03 I15.153 03 128 Laws and Documents Relating to Amount forward $i5ii53 03 Amount paid from the Treasury during the year end- ing 30th September, 1872 $ 10,000 00 Balance in the Treasury on the 30th September, 1872 . $ 5,153 03 Cash transactions during the year. Received on account of capital, viz. : State Stocks redeemed, sixes, July I, 1872 $ 15,00000 Received on account of revenue, viz. : Interest on State stocks $ 3,770 00 Interest on United States bonds 2,003 63 Interest on G. F. Lewis' bond and mortgage 738 73 Interest on Buffalo city bonds i,330 00 Interest on deposits 557 79 Premium on gold received for stock redeemed 2,071 88 $10,472 03 Paid on account of revenue, viz. : For Cornell University $10,000 00 XXXIX. Report of Ezra Cornell in Relation to College Land Scrip. To the Comptroller of the State of New York: In pursuance of the requirement of chapter 481 of the Laws of 1866, I, Ezra Cornell, do respectfully report: First — That of the lands located by me for the Cornell University, under my contract with the Commissioners of the Land Office, I have made contracts for the sale of 150,000 acres of white pine tim- ber lands at four dollars per acre, and 100,000 acres of white pine timber lands at five dollars per acre. I have received a payment of $10,000 on the above contracts, the balance payable in ten years from date, with interest at six per cent., payable semi-annually. I have received $65,078.80 on account of interest, and $10,000 on account of taxes on said contracts. The lands to be sold by said contracts are now being examined with reference to a selection, and the above sums for interest and taxes are subject to future adjustment until the lands are definitely selected. The Cornell University. 129 I have sold three quarter sections, Nos. 2,222, 2,223 ^^^ 2,224, of 160 acres each, amounting to 480 acres, at $10 per acre, for which I have received j54,8oo. I have also sold the west half of section eighteen, in township sixteen, range three east, Kansas, amounting to 280 acres, at ten dollars per acre, amounting to $2,800, of which sum $200 was paid at the date of the contract, and the balance is payable in install- ments of $300 per annum, with interest at ten per cent, per annum. I have received $927. 19 at the termination of a suit for trespass for cutting timber on S. W. % of N. W. %, section 4, township 26, range one west. Aggregate of amounts received and not before reported is 191,005.99. I have paid all taxes for 1871, as follows: Chippewa county, Wisconsin $14,711 31 Clark county, Wisconsin 2,793 72 Ashland county, Wisconsin 2,526 40 Barron county, Wisconsin 2,023 35 Marathon county, Wisconsin I1O79 01 Eau Claire county, Wisconsin 408 60 Dunn county, Wisconsin 406 22 $23,948 61 Pope county, Minnesota $ 719 45 Todd countjs Minnesota 76 70 Kandiyohi county, Minnesota 51 64 Meeker county, Minnesota 45 1 5 Revere county, Minnesota 42 89 935 83 Dickinson county, Kansas $ 121 55 Chase county, Kansas 69 72 191 27 $25,075 71 I have paid for the services of an agent in Wisconsin for one year ending August i, 1872, to pay taxes, look after and prevent unjust taxation, trespass, and attend generally to the interest of the Uni- versity in relation to the lands in that State, the sum of $1,500. Yours respectfully, Ithaca, November 29, 1872. Ezra Cornell. 130 Laws and Documents Relating to Tompkins County, ss: Ezra Cornell, of Ithaca, being duly sworn, says that the fore- going and within report signed by him is in all respects true, and the sums therein stated to have been expended and paid by this deponent have been paid and expended for the purpose therein stated, and that there are no other liens, charges or encumbrances on the lands referred to in said report, to the knowledge and belief of this deponent, other than for the taxes of 1872, and the balances due me for locating said lands and paying taxes and expenses thereon, as per my contracts with the Commissioners of the Land Office and further the deponent saith not. Ezra Cornell. Sworn to before me, this 29th ] day of November, 1872. j D. BOARDMAN, Justice of the Supreme Court. XIv. Appropriations from Land Scrip Fund and Endow- ment Fund, 1873. — Laws of New York, 1873, Chapter 643- Payable from the College Land Scrip Fund Revenue. For the Cornell University, thirty-five thousand dollars. Payable from the Endowm,ent Fund Revenue. For the Cornell University, ten thousand dollars. Laws of 1873, Chapter 760. From, the General Fund. For Cornell University, for premium on the interest of New York State stocks held by said institution, and for which the Comptroller paid currency instead of coin, as was paid to other holders of simi- lar stocks, from the time coin interest was first paid to January first, eighteen hundred seventy-three, the sum of three thousand four hundred and five dollars and thirty-one cents. The Cornell University. 131 XLI. Concurrent Resolution fos the Appointment of a Commission to Inquire into the Condition of the College Land Grant. Resolved, (If the Assembly concur), That the Governor be requested, and he is hereby authorized, to appoint three citizens of this State as a commission to inquire into and ascertain the condi- tion of the college land grant, so called, and that they particularly inquire into and ascertain: First — Whether the act of Congress, chapter one hundred and thirty, laws of eighteen hundred and sixty-two, and the act of the Legislature of this State, chapter four* and sixty of the laws of eighteen hundred and sixty-three, have been complied with in the sale and disposition of college lands. Second — Also to inquire into and ascertain what security or securities the State is obligated to receive for the sale of said lands; also, whether the State has the securities required by the aforesaid enactments, and whether securities other than those therein men- tioned can be taken or received by the State. Third — That they inquire into and ascertain the quantity of land sold by Ezra Cornell under his contract with the State, of date August fourth, eighteen hundred and sixty-six, as well as a con- tract prior to that date, the prices for which he sold said lands, the amount received by him, the amount unpaid of the purchase money, and how the payments of the same is secured, and how much of the purchase money he has paid into the treasury of the State. Fourth — Also to inquire into the value of certain timbered lands located in the States of Wisconsin, Minnesota and Kansas, said to contain about four hundred thousand acres, and whether said Cor- nell has made any contracts with any person or persons for the sale of said last mentioned lands; if so, to whom, and the contract -prices, and how such contract prices compare with the real value of thfe lands. Fifth — That they also inquire into the amount of charges of ^ said Ezra Cornell upon, fhe sales of said lands, (that is, the whole quan- tity embraced in his contract with the State), for the costs and expenses attending the location, management and sale of said lands, and the taxes assessed and paid thereon. Also, whether such *So in original. 132 Laws and Documents Relating to charges can, under the aforesaid act of Congress, be lawfully deducted from the proceeds of the sales. Sixth — That they inquire into and ascertain whether agriculture and the mechanic arts are the leading studies taught at Cornell University, or whether the leading object of said University is to teach branches of learning as are related to agriculture and the mechanic arts, as required by the fourth section of chapter one hundred and thirty of the Laws of the Congress of the United States, passed in 1862, and approved July 2, 1862. Also, to inquire into and report upon the present condition of said University in all its departments. And, lastly, to inquire into all matters and things connected with said lands, the management and disposition thereof, their present situation and value, and report to the Governor for transmission to the next legislature, with a recommendation what legislation is necessary to properly secure said funds in compliance with the act of Congress, with power to send for persons and papers.* State of New York, \ In Senate, May 16, 1873. J The foregoing resolutions were duly passed. By order, Chaf.. R. DaVton, Clerk. State of New York, \ In Assembly, May 20, 1873. J The foregoing resolutions were duly passed. By order, John O'Donnell, Clerk. XLII. Cohege Land Scrip Fund and Cornell Endow- ment Fund. — Extracts from the Comptroller's Report, 1874, Pages 63, 84, 92, 93, and 130 to 137 inclu^ SIVE. College Land Scrip Fund. capital. This fund consists of the following items, viz. : Seven per cent. State stock, issued in pursuance of chap- ter 325, Laws of 1865, and chapter 209, Laws of 1866, redeemable April 7, 1877 $ 64,000 00 *Por evidence, see Senate Docfftfleirt'!, 1874, Vol. 6, No. 103, and Report of Commission, Vol. 4, Nos. 92 and 93. The Cornell University. 133 Amount forward $64,000 00 Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875. . 116,00000 United States 6 per cent. 5-20, registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 45,000 00 Bond of Ezra Cornell, dated Nov. 24, 1865, 7 per cent., . redeemable Nov. 24, 1875 50,000 00 Bond of Ezra Cornell, dated August 4, 1866, 7 percent., redeemable August 4, 1871 30,000 00 Bond of Ezra Cornell, dated September 18, 1866, 7 per cent., redeemable September 18,1871 30,000 00 Bond of Ezra Cornell, dated June 7, 1867, 7 per cent., redeemable June 7, 1872 30,000 00 Bond of Ezra Cornell, dated August i , 1867, 7 per cent., redeemable August i, 1872 30,000 00 Bond of Ezra Cornell, dated October 12, 1867, 7 per cent., redeemable October 12, .1872 9,600 .00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 per cent., payable September 15, 1880 . 7,200 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 13,000 00 Buffalo city bonds, 7 per cent., redeemable July i, 1917 15,000 00 Buffalo city bonds, 6 per cent., redeemable March 15, 1879 . 15,000 00 Money in the treasury 18,602 87 $473,402 87 REVENUE, VIZ.: Balance in the treasury on the ist October, 1872 ... $ 1,185 27 Amount received into the treasury during the year end- ing September 30, 1873 22,052 04 Transferred for interest on money in the treasury . . 350 22 $23,587 53 Amount paid from the treasury during the year ending September 30, 1873 25,000 00 Deficiency of revenue, September 30, 1873 $ 1,412 47 134 Laws and Documents Relating to Cash transactions during the year. Received on account of revenue, viz. : Interest on State stocks $10,497 5° Interest on United States bonds 3,062 81 Interest on Buffalo city bonds 3,310 00 Interest on E. Cornell's bonds 3i990 00 Interest on G. F. Lewis' bond and mortgage 504 00 Interest on deposits 687 73 $22,052 04 Paid on account of revenue, viz. : For Cornell University $25,000 06 Cornell Endowment Fund. CAPITAL. This fund consists of the following items, viz. : United States 6 per cent. 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 $30,000 00 Six per cent. State stock, Canal Deficiency Loari, redeemable January i, 1883 10,000 00 Six per cent. State stock, issued in pursuance of chap- ter 329, Laws of 1854, redeemable July i, 1873 . . . 4,000 00 Six per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1878 . . 13,000 00 Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875 . . . 25,000 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 per cent., payable September 15, 1880 . 4,800 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 19,000 00 Money in the Treasury 22,796 61 $128,596 61 REVENUE, VIZ.: Balance in the Treasury on the ist of October, 1872 . $ 5,153 03 Amouut received in the Treasury during the year ending 30th September, 1873 7,825 17 Transferred for interest on money in the Treasury . . 571 96 $13,550 16 The Cornell University. 135 Amount forward $i3>55o i6 Amount paid from the Treasury during the year end- ing 30th September, 1873 10,000 00 Balance in the Treasury on the 30th September, 1873 . $3,550 16 Cash transactions during the year. Received on account of revenue, viz.: Interest on State stocks $3iOOi 02 Interest on United States bonds 2,041 87 Interest on Buffalo city bonds 1,33000 Interest on G. F. Lewis' bond and mortgage 336 00 Interest on deposits 1,116 28 $7,825 17 Paid on account of revenue, viz.: For Cornell University $ 10,000 00 XI,III. Report of Ezra Cornell in Relation to College Land Scrip. To the Comptroller 0/ the State of New York: In pursuance of the requirements of chapter 481 of the Laws of 1866, I, Ezra Cornell, do respectfully report: That since my last report I have made an agreement with Henry W. Sage and John McGraw, on the 23d December, 1872, by which they surrendered the contract, dated December 14, 1870, for 100,000 acres of pine lands at $4 per acre; also the contract, dated June 23, 1871, for 100,000 acres of pine lands at $5 per acre, on con- dition of my refunding to them the amounts they had paid on said contracts and interest thereon, and giving them a new contract for 50,000 acres of pine lands, in same locality at $4 per acre. In pursuance of this agreement I refunded to Messrs. Sage and McGraw $91,084.92 on the 23d December, 1872, and made a new contract with them for the sale of 50,000 acres of pine lands, at $4 per acre, and had the two above recited contracts canceled. During the past two years I have had a thorough survey made of 400,000 acres of those pine lands, subdivided in lots of forty acres, and an accurate description made of each forty acres, as to qualfiy 136 Laws and Documents Relating to of soil and quantity and quality of timber of the various kinds, at a cost of about f 24,000. This examination places us in possession of such knowledge as will enable us to fix proper prices to the lands, and treat with cus- tomers promptly when they desire to purchase. This we have not been able to do heretofore for the want of this knowledge. Thus prepared, I expect to be able to sell the lands more rapidly, and to a much better advantage. I have sold during the year 680 acres, (of which three-fourths is reported to be windfall), at $10 per acre, to D. Ames, taking a mortgage on a farm in Tioga county, N. Y., for $7,000, in pay- ment, with a mortgage on the lands sold as collateral to the pay- ment of the Tioga mortgage. I have sold to HoUon Richardson 160 acres for $1,111.27, cash. I have sold to Carl Schroeder 160 acres for $9,000,* of which $300 was paid to my agent, and the balance made payable in installments during the next five years, with ten per cent, interest. The above two parcels were resales of forfeited contracts. I have received from a Mr. Ross $927.19 for trespass, and from a Mr. French $921.25 for trespass, and from a Mr. Barnaby $694 for a sale of windfall timber. I have received from Messrs. McGraw and Dwight, on account of interest and taxes on the contract dated December 14, 1870, for the sale of 50,000 acres of pine lands, at $4 per acre, the aggregate sum of $35,064.75, all of which I have passed to the credit of the account for disbursements in locating lands, and paying expenses and taxes thereon, as per agreement in my contract with the State of New York, dated November 24, 1865, and August 4, 1866, as will be more fully shown in detail by my account herewith submitted and made up to the 30th of September, 1873, containing only such sums as I have actually paid and received, and interest thereon computed as provided for in the agreement of August 4, 1866. Contracts, mortgages, or other securities received for lands sold, I hold for the benefit of the funds, but, have not credited them in the account. Taxes have been assessed and paid on the lands as follows for the year 1872: >' *Should be J900. The Cornell University. 137 Dickinson county, Kansas $ 205 77 Chase " " 77 90 Pope " Minnesota 750 00 Kandiyohi " " 51 04 Todd " " 45 60 Renville " " 58 00 Meeker " " 12 00 Chippewa " Wisconsin 17,224 42 Eau Claire " " 353 21 Marathon " " 909 55 Dunn " " 283 90 Clark " " 2,398 61 Barron " " 3,360 24 Ashland " " 2,493 87 % 28,224 II In the payment of the above sums a saving has been made by the discount of county orders to the amount of 859 41 $27,364 70 There is a suit still pending with Wm. A. Woodward, the former agent for locating these lands, in which a large claim is made for services, etc., which I am defending for the interest of the fund, the result of which must ultimately be met by the fund, and will appear in the future accounts. ■Yours respectfully, Ezra Cornell. Tompkins County, ss: Ezra Cornell, of Ithaca, being duly sworn, says that the fore- going report, signed b}"^ him, is true, and that the sums therein stated to have been paid by this deponent are correctly reported and have been paid, and that the accompanying statement of account of the "College Land Scrip in account with Ezra Cornell" is a correct and true statement of said account, and that the balance therein stated is still due and owing to the said Cornell from said college lands, and further this deponent saith not. Ezra Cornell. Sworn to before me, this 27th | day of December, 1873. J M. V. DoLAN, Commissioner of Deeds. 138 Laws and Documents Relating to College Land Scrip in Accoufit with Ezra Cornell, as per Contracts with the Comptroller of the State of New York. Time, Interest zv,w/,/t/ 1865. Days, at 7 per cent. ^^"'^P'^'-' Nov. 24, To purchase of scrip repre- senting 100,000 acres of land . . 365 $ 3,500 00 $ 50,000 00 Nov. 24, To E. Cornell's expenses to Albany and postage 365 3 61 51 60 1866. June 19, To E. Cornell's expenses to Albany 158 48 15 75 June 27, To E. Cornell's expenses to Albany 150 66 23 40 July 18, To E. Cornell's expenses to Albany 129 36 14 89 July 28, To E. Cornell's expenses to Albany 119 46 20 25 Aug. 4, Topurchaseof 100,000 acres 112 644 38 30,000 00 Aug. 6, To E. Cornell's expenses to Albany, and stamps no 78 37 37 Aug. 9, To paid J. E. Bell, locating 19 pieces 107 3 90 190 00 Aug. 9, to paid E. Chase, locating 25 pieces 107 5 29 258 00 Sept. 6, To E. Cornell's expenses to Eau Claire 79 i 97 129 95 Sept. 18, Topurchaseof 100, 000 acres 67 385 48 30,00000 Sept. 19, To E. Cornell's expenses to Albany 66 34 26 70 Nov. 12, To E. Cornell's expenses to Albany, and stamps 12 04 17 50 Nov. 20, To paid J. E. Bell, locating 31 pieces 4 24 310 00 Balance, interest 4.547 99 $115,643 40 Nov. 24, By balance, principal . . $111,095 4^ interest . . . 4,547 99 — $115,643 40 The Cornell University. 1B9 Nov. 24, To balance 365 $ 8,095 04 $115,643 40 1867. Feb. 27, To paid W. A. Woodward, account, locating land ... . 270 March 11, To paid W. A. Woodward, account, locating land 258 March 21, To paid W. A. Woodward, account, locating land 248 April 5, To paid for maps of Wiscon- sin, Minnesota and Kansas . . . 233 May 12, To paid to W. A. Woodward, account, ' locating land 196 June 6, To revenue stamps, $45 00 '\ June 6, To E. Cornell, ex- \ 171 penses to Albany ... 18 30J June 7, To purchase of 100,000 acres 170 Aug. I, To purchase of 100,000 acres 115 Oct. 12, To purchase of 32,000 acres 43 Balance, interest 155 34 3,000 00 494 79 10,000 00 47 56 1,000 00 35 8 00 187 94 5,000 00 2 06 63 30 978 08 30,000 00 661 64 30,000 00 79 16 9,600 00 10,701 96 $215,016 66 Nov. 24, By balance, principal . . $204,314 70 interest . . . 10,701 96 $215,016 66 Nov. 24, To balance 366 15,092 40 $215,016 66 Dec. 16, To E. Cornell's expenses to Albany 344 3 3° 5° 00 1868. Jan. 15, To paid Andrus, McChain & ,,Co., books for land accounts . . 314 4 62 76 90 Feb. 2, To paid C. VanBenthuysen for printing for land accounts . . 296 Feb. 8,To paid taxes, Pope Co., Minn. 290 May I, To paid W. A. Woodward, account, locating land 207 Carried forward . . . . $15,518 33 $225,521 59 I 57 27 75 19 46 350 28 396 '98 10,000 00 140 Laws and Documents Relating to Time, Interest Principal Days, at J per cent. ''^«"/'«'- Amount forward . . . $i5.5i8 33 $225,521 59 May 20, To paid W. A. Woodward, account, locating land 188 183 88 5, 100 00 May 29, To paid W. A. Woodward, account, locating land 179 686 58 20,000 00 Balance, interest 16,388 79 $267,010 38 Nov. 24, By balance, principal . . $250,621 59 interest . . . 16,388 79 $267,010 38 Nov. 24, To balance 365 $ 18,690 72 $267,010 38 Dec. 3, To paid W. A. Woodward, account, locating land 356 204 82 3,000 00 1869. April 8, To paid W. A. Woodward, account, locating lands 230 31 03 703 50 May 23, To paid Chase Co., Kansas, tax 185 I 67 47 00 June 10, To paid tax, Chippewa Co., Wis 167 480 41 15,000 00 Sept. 28, To paid tax, Chippewa Co., Wis 57 54 66 5,000 00 Oct. 21, To paid tax, Chippewa Co., Wis 34 32 60 5,000 00 Oct. 21, To paid tax. Pope Co., Minn 34 3 13 479 67 Oct. 21, To paid for stamp for deed 34 01 2 00 Nov. 12, To paid tax, Kandiyohi Co., Minn 12 31 133 93 Balance, interest i9>499 36 $315,875 84 Nov. 24, By balance, principal . . $296,376 48 interest . . . 19.499 3^ $315,875 84 The Cornell University. 141 Time, Interest r,. ■ -j. i Days, at 7 per cent. P^'^'^P'^l- Nov. 24, To balance 365 $ 22,111 31 $315,875 84 Dec. 7, To paid tax, Stearns Co., Minn 352 56 8 57 Dec. 24, To paid tax, Dickinson Co., Kansas 335 57 99 902 60 1870. Jan. 12, To paid tax, Ashland Co . 316 63 48 1,047 64 Jan. 13, To paid tax. Pope Co., Minn. 315 24 51 406 00 Jan. 28, To paid tax, Chase Co., Kan. 300 5 13 89 22 Feb. 14, To paid acc't tax,Chippewa Co., Wis 283 206 24 3,800 00 March 19, To paid acc't tax, Ash- land Co 250 95 89 2, coo 00 March 19, To paid tax, Renville Co., Minn 250 2 57 54 00 April 12, To paid acc't taxes, Wis- consin 226 216 71 5,000 GO April 26, To paid acc't taxes, Wis- consin 212 203 29 5,000 00 July 15, To paid Andrus, McChain & Co., books for land accounts .132 2 33 92 00 July 15, To paid W. A. Woodward, acc't taxes 132 126 57 5,000 oo Sept. 28, To paid W. A. Woodward, acc't taxes 57 76 52 7,000 00 Balance, interest 23,193 10 $369,468 97 Nov. 24, By balance, principal . . $346,275 87 interest , . . 23,193 10 $369,468 97 Nov. 24, To balance 365 $ 25,862 83 $369,^1.68 97 1871. Jan. 12, To paid tax, Dickinson Co., Kansas 316 14 57 240 65 Jan. 28, To paid tax. Chase Co., Kan. 300 3 15 55 00 Carried forward . . . $25,880 55 $369,764 62 142 Laws and Documents Relating to Time, Interest Principal. Days, at y per cent. -■ "»'-'/'"«^- Amount forward . . . . $25,880 55 $369,764 62 Jan. 28, To paid tax, Renville Co., Minn 300 3 .51 61 18 Jan. 28, To paid tax, Kandiyohi Co., Minn 300 2 55 44 52 Feb. 22, To paid tax. Pope Co., Minn. 275 28 32 537 35 Feb. 27, To paid tax, Todd and Stearns counties ........ 270 i 59 30 90 Feb. 27, To paid W. A. Woodward, acc't Wis. taxes 270,1 ' •J258 90 s.doo 00 March 14, To paid F. M. Finch, legal services 255 i 71 35 00 March 28, To paid "Cornell Era," advertising 241 3 69 ... 80 00 April 22, To paid H. C. Putnam, acc't Wis. taxes 216 124 27 3,000 00 July 10, To paid W. A. Woodward, Clark Co. tax 137 26 33 1,002 30 July 21, To paidH. C. Putnam, acc't taxes, 1870 126 77 00 3,186 54 July 21, To paid H. C. Putnam, acc't taxes, 1870 126 12 08 500 00 July 24, To paid H. C. Putnam, acc't taxes, 1870 123 47 18 2,000 00 July 25, To paid H. C. Putnam, acc't taxes, 1870 122 43 31 1,852 50 July 25, To paid H. C. Putnam, acc't taxes, 1870 122 116 98 5,000 00 Aug. 26, To paid H. C. Putnam, acc't taxes, 1876 90 164 26 9,516 87 Sept. I, To paid Redemption, Pope Co., Minn., tax 84 44 27 88 Nov. 15, To paid H. C. Putnam, acc't taxes 9 2 23 1,295 08 Balance, interest • 25,253 37 $ 26,794 90 $428,188 II The Cornell University. 143 Time, Interest ei™-„,vj,/,/ 1870. Days, at 7 percent. ^»"/'«'- Dec. 14, By amount received of Sage & McGraw on contract 345 $ 661 64 $ 10,000 00 1871. June I, By cash, of John Watts & Co., for 2,080 acres, at $5 . . . 176 June 14, By cash, Sage & McGraw, acc't interest 163 June 23, By cash, Sage & McGraw, acc't interest 154 June 24, By cash, Sage & McGraw, acc't interest 153 June 27, By cash. Sage & McGraw, acc't interest 150 Balance, interest Nov. 24, By balance 351 03 10,400 00 182 87 5,850 00 96 31 3,261 23 176 05 6,000 00 73 63 2,559 77 25.253 37 390,117 II $ 26,794 90 $428,188 II Nov. 24, To balance 366 $ 27,383 01 $390,117 11 1872. Feb. 5, To paid Dickinson Co., Kati- sas, tax 293 Feb. 20, To paid H. C. Putnam, account taxes 278 April I, To paid H. C. Putnam, account taxes 237 April 23, To paid H. C. Putnam, account taxes ._ . 215 May 26, To paid taxes, 1871: Chase Co., Kansas . $ 69 72 Todd Co., Minn . . 76 70 Revere Co., Minn . . 42 89 Kandiyohi Co., Minn. 51 64 Pope Co., Minn . . 600 00 Mfeeker Co., Minn . 45 15 182 30 92 886 10 23 60 420 26 255 91 4,800 00 no 16 2,423 98 115 48 2,800 70 Carried forward . . . $27,919 08 $401,448 15 144 Laws and Documents Relating to Time, Interest „ ■ ., , Dayl at 7 per cent. P"^<^P<^1- Amount forward . . . . $27,919 08 $401,448 15 June 18, To paid H. C. Putnam, acc't taxes, Anson and Bloomer, 1871 159 361 03 11,839 77 July 1 3, To paid taxes, Pope Co., Minn 134 3 06 119 45 July 13, To paid F. M. Finch, account Woodward suit .... 134 5 14 200 00 Aug. 10, To paid H. C. Putnam, account taxes, 1871 106 55 98 2,754 20 Oct. 21, To paid H. C. Putnam, ac- count taxes, (Ross, trespass) . . 34 6 04 927 19 Nov. 5, To paid Milo Goodrich, ac- count Woodward suit 19 18 50 00 Balance, interest 24,596 29 $ 28,350 51 $44i>935 05 1871. Dec. 14, By cash, Sage & McGraw, account interest 346 $ 398 14 % 6,000 00 Dec. 22, By cash. Sage & McGraw, account interest 338 379 71 5.857 80 Dec. 28, By cash, Sage & McGraw, account interest 332 850 01 13,350 00 1872. Jan. 2, By cash. Sage & McGraw, account interest 327 470 34 7,500 00 Feb. 28, By cash, James Hogan, land sold 270 248 55 4,800 00 April I, By cash. Sage & McGraw, for taxes 237 454 52 10,000 00 June 14, By cash, McGraw & Dwight, acc't interest 163 187 56 6,000 00 June 14, By cash. Sage & McGraw, acc't interest 163 365 74 11,700 00 July II, By cash. Sage & McGraw, acc't interest 136 391 23 15,000 00 Carried forward . ... $ 3,745 80 % 80,207 80 The Cornell University. 145 Time, Interest Principal Days, at 7 per cent. -^^""Z"^'- Amount forward . ... % 3.745 8o $ 80,207 80 Sept. 23, By casli, W. E. A. Meeks, on account 288 68-100 acres sold .62 2 38 200 00 Oct. 2 1 , By cash received of Ross, trespass 34 6 04 927 19 Balance, interest 24,596 29 Nov. 24, By balance .^ 360,600 06 $ 28,350 51 $441-935 05 1872. •Nov. 24, To balance 310 $ 21,438 42 $360,600 06 Dec. 23, To paid taxes Chase Co., Kansas, 1872 281 4 19 77 88 Dec. 23, To paid H. W. Sage, re- funded payments on contract . . 281 2,454 28 45,542 46 Dec. 23, To paid John McGraw, refunded payments on contract . 281 2,454 28 45,542 46 1873. Jan, 6, To paid taxes, Kandiyohi Co., 1872 267 2 62 51 04 Jan. 6, To paid taxes, Dickinson Co., Kansas, 1872 267 10 54 205 77 Jan. 28, To paid taxes. Pope Co., Minn., 1872 245 35 23 750 00 Jan. 31, To paid taxes, Todd county, Minn., 1872 242 2 10 45 60 Feb. I, To paid H. W. Sage & Co., expenses examining lands . . . 241 245 51 5>3i2 08 Feb. 22, To paid Schoonmaker, ac- count Woodward suit ..... 220 2 11 50 00 March 5, To paid H. W. Sage & Co., account, examing lands 209 77 73 1,939 35 April I, To paid H. C. Putnam, acc't taxes, 1872 182 208 01 5,959 74 April I, To paid H. C. Putnam, acc't taxes, 1872 182 19 60 561 61 Carried forward . . . $26^954 62 $466,638 05 146 Laws and Documents Relating to Time, Interest Principal Days, at 7 per cent. '^^«'^/"^'- Amount forward . . . . 51526,954 62 $466,638 05 April 10, To paid taxes, Revere Co., Minn 173 i 92 58 00 April 10, To paid H. C. Putnam, acc't taxes, 1872 173 May I, To paid H. C. Putnam, for Louisiana scrip 152 May 3, To paid H. C. Putnam, acc't taxes, 1872 150 May 3, To paidH. C. Putnam, acc't taxes, 1872 150 May 4, To paid H. C. Putnam, acc't taxes, 1872 149 May 5, To paid B. H. Smith, print- ing Woodward suit 148 I 91 67 50 May 13, To paid H. C. Putnam, acc't taxes, 1872 140 89 84 ' 3,346 21 May 14, To paid H. C. Putnam, acc't taxes, 1872 139 June 14, To paid H. W. Sage & Co., account, examining lands .... 108 June 18, To paid taxes. Meeker Co., Minn., 1872 104 June 18, To paid B. H. Smith, print- ing Woodward suit 104 Aug. 15, To paid H. W. Sage & Co., account examining lands .... 46 Balance, interest to Sept. 30 10 31 311 27 2 54 87.50 78 45 2,727 49 167 28 5>8i5 46 126 13 4.414 25 66 91 2,510 50 70 30 3.394 00 24 12 00 I 52 76 38 20 95 2,374 85 26,962 32 $ 27,592 92 $518,795 78 September 30, to balance $499,004 60 1872. Dec. 23, By cash of McGraw & Dwight 281 323 34 6,000 00 1872. March 7, By cash of H. Richardson sale of land 207 31 76 800 00 Carried forward ... $ 355 10 $ 6,800 00 The Cornell University. 147 Time. Interest Principal. Days, at J per cent. ■■'""-'/"»'■• Amount forward ... % 355 10 % 6,800 00 March 7, By cash of H. Richardson, sale of land 207 12 34 311 28 May 16, By cash of McGraw & Dwight 137 65 68 2,500 00 June 18, By cash of McGraw & Dwight 104 119 67 6,000 00 June 18, By cash of McGraw & Dwight 104 51 15 2,564 65 June 23, By cash of B. F. French, • trespass 99 17 48 921 25 July 23, By cash of M. Barnaby, windfall 69 9 18 694 00 Balance, interest % 26,962 32 Sept. 30, By balance $499,004 60 $ 27,592 92 $518,795 78 XLIV. Appropriations from the College Land Scrip Fund AND Endowment Fund, 1874. — Laws of New York, 1874, Chapter 398. Payable from the College Land Scrip Fund Revenue. For the Cornell University, thirty thousand dollars. Payable from the Cornell Endowment Fund Revenue. For the Cornell University, ten thousand dollars. XLV. CoLivEGE Land Scrip Fund and Cornell Endow- ment Fund. — Extracts from the Comptroller's Report, 1875, Pages 36, 37, 38, 60, 83, 92, 93, 94, 135 and 136. College Land Scrip Fund and Cornell Endowment Fund. On the 14th of October, 1874, the following communication was presented to the Commissioners of the Land Office: 148 Laws and Documents Relating to "The Cornell University proposes to take the place and assume the duties and obligations of Ezra Cornell, in his contracts with the State, of November, 1865, and August, 1866, accepting from him a conveyance of his entire interest, and all his rights under such con- tracts, and of all the lands located by him with college scrip, and paying at once in cash to the Comptroller the full amount of Cor- nell's bonds to the State, principal and interest, and Jienceforward assuming the burden of the care, management and sale of such lands. Upon condition that the bonds of said Cornell and the col- laterals accompanying the same, consisting of Geneva and Ithaca railroad bonds, certificates of location signed by the Comptroller, and any patents delivered to him, shall be assigned and surrendered to the Cornell University, and said corporation released from any obligation to mortgage or incumber such lands to the State; and provided, also, that it shall be agreed and declared as the true and intended construction of the contract of August, 1866; that before be- ing bound or required to pay over the net profits therein specified, the said corporation shall be at liberty to retain so much of the proceeds of all sales made as may be necessary to pay and discharge all expenses or advances which have accrued in the purchase of scrip, the location of the same, and the management and care of the lands located, and also enough more of such proceeds to provide with reasonable certainty for the future expenses, taxes and charges likely to be incurred and necessary to be borne before the completion of all sales, and the final settlement of the enterprise. "F. M. Finch, Secretary.'" On the 19th of October, 1874, the following action was taken by the Commissioners of the Land Of&ce: In the matter of the pending proposition of Cornell University, submitted to this board at the meeting thereof held on the four- teenth instant, and considered at the afternoon session of this date, the Attorney-General presented the following resolutions, which were adopted: Resolved, That this board approve the proposed transfer and con- veyance to the Cornell University by Ezra Cornell of the lands now held by him and located with college land scrip. Resolved, That this board hereby authorize and direct the Comp- troller to receive from Ezra Cornell, or his assigns; payment in full for any obligations now held by the State against Ezra Cornell. The Cornell University. 149 Resolved, That upon the payment of such obligations the Comp- troller is hereby authorized and directed to return to Ezra Cornell, or his assigns, all stocks, bonds, securities or duplicate certificates of location now held by the State as security; provided; however, that the contract bearing date August 4, 1866, shall be retained in full force. And it is hereby declared as the true meaning of said contract that before being required to pay over the net profits therein specified, the said Ezra Cornell, or his assigns, shall be at liberty to retain so much ofthe proceeds of sales as may be necessary to pay and discharge all expenses or advances which have accrued 01 may hereafter accrue in the location of the scrip, and the man- agement and care of the lands located. In pursuance of the foregoing proceedings, the bonds of Ezra Cornell forming a part of the capital of this fund, and amounting to $179,600, have been paid in full, and the securities and certificates of location delivered to the officers of the Cornell University. College Land Scrip Fund. CAPITAL. This fund consists ofthe following items, viz.: Seven per cent. State stock, issued in pursuance of chap- ter 325, Laws of 1865, and chapter 209, Laws of 1866, redeemable April 7, 1877 $ 64,000 00 Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1875. . 116,00000 Six per cent.canal deficiency loan, redeemable July 1,1 891 18,600 00 United States 6 per cent. , 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 45,000 00 Bond of Ezra Cornell, dated November 24, 1865, 7 per cent., redeemable November 24, 1875 50,000 00 Bond of Ezra Cornell, dated August 4, 1866, 7 per cent., redeemable August 4, 1871 30,000 00 Bond of Ezra Cornell, dated September 18, 1866, 7 per cent., redeemable September 18,1871 30,000 00 Bond of Ezra Cornell, dated June 7, 1867, 7 per cent., redeemable June 7, 1872 30,000 00 — \ Carried forward $383,600 00 15(1 Laws and Documents Relating to Amount forward $383,600 00 Bond of Ezra Cornell, dated August i, 1867, 7 per cent., redeemable August 1 , 1872 30,000 06 Bond of Ezra Cornell, dated October 12, 1867, 7 per cent., redeemable October 12, 1872 9,600 oO Proportion of bond, and mortgage executed by Gleason F. Lewis, 7 per cent., payable September 15, 1880 . . 7,200 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 13,000 00 Buffalo city bonds, 7 per cent., redeemable July i, 191 7 15,000 00 Buffalo city bonds, 6 per cent,, redeemable March 15, 1879 15,000 00 Money in the treasury 2 87 * $473,402 87 REVENUE. Amount received into the treasury during the year end- ing September 30, 1874 $ 24,284 54 Deficiency of revenue, September 30, 1873 . $ 1,412 47 Amount paid from the treasury during the . year ending 30th September, 1874 . . . 20,930 00 22,342 47 Balance in the treasury September 30, 1874 $ 1,942 07 Cash transactions during the year. Paid on account of capital, viz. : Invested in State stocks, 6's, 1891 $ 18,600 00 Received on account of revenue, viz. : Interest on State stocks $11,706 47 Interest on United States bonds 2,971 68 Interest on Buffalo city bonds 2,410 00 Interest on E. Cornell's bonds 5,856 55 Interest on G. F. Lewis' boiid and mortgage 1,008 00 Interest on deposits 331 84 $ 24,284 54 Paid on account of revenue, viz. : Premium on stocks purchased $ 930 00 For Cornell University 20,000 00 1 20,930 00 The Cornell University. 151 Cornell Endowment Fund. CAPITAL. This fund consists of the following items, viz.: United States 6 per cent. 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 $ 30,000 00 Six per cent. State stock, canal deficiency loan, redeem- able January I, 1883 10,000 00 Six per cent, canal deficiency loan, redeemable July i, 1891 22,700 00 Six per cent State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1878 . . . 13,000 00 Five per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848', redeemable July i, 1875. . 25,00000 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 per cent., payable September 15, 1880 . 4,800 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 19,000 00 Money in the Treasury 4,096 61 $128,596 61 REVENUE, VIZ.: Balance in the Treasury on the ist of October, 1873 . $ 3, 55° 16 Amount received in the Treasury during the year end- ing 30th September, 1874 8,958 75 $ 12,508 91 Amount paid from the Treasury during the year end- ing 30th September, 1874 $ ",135 00 Balance in the Treasury on the 30th September, 1874 . $ 1,373 91 Cash transactions during the year. Received on account of capital, viz. : State stock 6's, 1873, redeemed $ 4,000 00 Paid on accourjt of capital, viz.: Invested in State stocks, 6's, 1891 . . : $ 22,700 00 152 Laws and Documents Relating to Received on account of revenue, viz.: Premium on State stock redeemed .... $ 352 51 Interest on State stocks 3,906 63 Interest on United States bonds 1,981 12 Interest on Buffalo city bonds i,330 00 Interest on G. F. I^ewis' bond and mortgage 672 00 Interest on deposits 716 49 $ 8,958 75 Paid on account of revenue, viz. : Premium on stocks purchased jj5 1,135 00 For Cornell University 10,000 00 $11,135 00 XLVI. Report of George W. Schuyler, Treasurer of Cor- nell University, for Ezra Cornell, in Relation to THE College I/And Scrip. To the Comptroller of the State of New York: The recent death of Hon. Ezra Cornell, and the previous transfer of his interest in the lands located by him to Cornell University, imposes upon the trustees of that institution the duty of making the report required by chapter 481 of the Laws of 1866. In so doing the trustees are necessarily dependent upon informa- tion derived from the books and papers of Mr. Cornell as to all the transactions herein stated, and while they have endeavored to secure entire accuracy, this report must be taken as open to the correction of possible errors, and as made upon information and belief Sales have been made during the year as follows, viz. : To Charles L. Smith, 40 acres, for the price of . . . . $ 250 00 J. Wall, 160 acres, for the price of 800 00 Theodore Weeks, 160 acres, for the price of ... . 1,000 00 Frederick Bruse, 160 acres, for the price of . . . . 815 00 Knapp, Stout & Co. ,789 85-100 acres, for the price of 5,000 00 Wm. Gayne, the pine on 1,440 acres, for the price of 7,250 00 Other contracts for the sale of lands and of pine are understood to have been negotiated, but have not been so far perfected as to properly belong in this state- ment. The Cornell University. 153 The amount received during the year, in cash, from sales and interest, is $ 13,360 00 This, of course, is exclusive of unpaid securities taken upon sales hitherto made. The amount paid out for taxes is 32,805 70 And for other expenses exclusive of accrued interest, is 6,632 47 Respectfully submitted, G. W. Schuyler, Treasurer of Cornell University. Tompkins County, ss: George W. Schuyler, being duly sworn, deposes and says that he is the Treasurer of the Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge, information and belief. George W. Schuyler. Sworn to before me, this 26th ) day of December, 1874. | D. BoARDMAN, Justice Supreme Court. XLVII. Appropriations from the Lajtd Scrip Fund and Endowment Fund, 1875. — Laws of New York, 1875, Chapter 373. Pay able from the College Land Scrip Fund Revenue. For the Cornell University, thirty-five thousand dollars. Payable from the Cornell Endowment Fund Revenue. For the Cornell University, eight thousand dollars. Laws of 1875, Chapter 634. College Land Scrip Fund Revenue. For the Cornell University, six thousand dollars. 154 Lams and Documents Relating to XLVIII. College IvAnd Scrip Fund and Cornell Endow- ment Fund.— Extracts from the Comptroller's Re- port, 1876, PAGES 40, 58, 59, 84, 92, 93, 94 and 140. College Land Scrip Fund. The capital of this fund on the 30th of September, 1875, amounted to $473,402.87. The sum of $250,000 of this capital was invested during the past year in United States six per cent, registered bonds, redeemable in 1881. The receipts and payments on account of the revenue of this fund have been unusually large during the last fiscal year, the former (including balance of $1,942.07 from preceding year) amounting to $91,602.24, and the latter to $106,625, causing a deficiency of $15,022.76 on the 30th September, 1875. The receipts were swelled by the payment of nearly $41,000 interest on the bonds of Ezra Cornell, paid in full October, 1874, and by over $20,000, premium on $116,000 State stock redeemed in coin July i, 1875. Of the payments, $56,000 were made to the Cornell Univer- sity in pursuance of appropriations by the Legislature, and $50,625 as premium on the purchase of the $250,000 United States bonds hereinbefore referred to. The trustees of the University have raised the question as to the legality of charging the revenue of the fund with the premium paid on investments. As this is a matter of considerable magnitude, and of immediate importance to the University, and perhaps not entirely free from doubt, I deem it my duty to refer the question to the Leg- islature for determination. It is proper to add, however, that in the administration of the various Tf ust Funds, it has been the uni- form practice to charge the income with the cost of all investments in excess of the face value of the securities, and also to credit the same account with the avails, by sale, exchange or redemption, over and above their par value. It is very difiicult to purchase the securities now authorized for investment, for the various trust funds, except by the payment of a very high rate of premium, which seriously invades on the income, and this fact may be urged as an additional argument why this subject shonld receive prompt and careful attention from the Legis- lature. The Cornell University. 156 CAPITAL. This fund consists of the following items: Seven per cent. State stock, issued in pursuance of chap- ter 325, Laws of 1865, and chapter 209, Laws of 1866, redeemable April 7, 1877 % 64,000 00 Six per cent, canal deficiency loan, redeemable July i, 1891 18,600 00 United States 6 per cent. 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 45,00000 Six per cent. United States registered stock, redeema- ble in 1881 250,000 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 per cent., payable September 15, 1880 . 7,200 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 13,000 00 Buffalo city bonds, 7 per cent., redeemable July i, 1917 15,000 00 Buffalo city bonds, 6 per cent., redeemable March 15, 1879 15,000 00 Money in the treasury 45,602 87 $473,402 87 REVENUE. Amount paid from the treasury during the year ending 30th September, 1875 $106,625 00 Balance in the treasury September 30, 1874 . % 1,942 07 Amount received into the treasury during the year ending September 30, 1875 .... 79,734 43 Amount transferred from the General Fund for interest on money in the treasury dur- ing the year 9,925 74 91,602 24 Deficiency of revenue September 30, 1875 % 15,022 76 Cash transactions during the year. Received on account of capital, viz. : Principal of E. Cornell's bonds $179,600 00 Principal of State 5's of 1875, redeemed . . 116,00000 $295,600 00 156 Laws and Documents Relating to. Paid on account of capital, viz. : Invested in U. S. 6's, 1881 $250,000 00 Received on account of revenue, viz. : Interest on E. Cornell's bonds $40,903 42 Interest on State stocks 12,341 10 Interest on United States bonds 3.097 41 Interest on Buffalo city bonds 3,310 00 Premium on gold stocks redeemed .... 20,082 50 Interest on deposits 4,008 86 $ 83.743 29 Paid on account of revenue, viz.: Premium on stocks purchased 50,625 00 For Cornell University 56,000 00 $106,625 00 Cornell Endowment Fund. CAPITAL. This fund consists of the following items, viz. : United States 6 per cent. 5-20, registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 $ 30,000 00 Six per cent. State stock, canal deficiency loan, redeem- able January I, 1883 . 10,000 00 Six per cent, canal deficiency loan, redeemable July i, 1891 22,700 00 Six per cent. State stock, issued in pursuance ofchap- 'ter 216, Laws of 1848, redeemable July i, 1878 . . . 13.000 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 per cent., payable September 15, 1880 . . 4,80000 Bufialo city bonds, 7 per cent.', redeemable July i, 191 6 19,000 00 Money in the Treasury 29,096 61 $128,596 61 REVENUE. Balance in the Treasury on the ist of October, 1873* . $ 1,373 9^ Amount received into the Treasury during the year end- ing 30th of September, 1875 12,276 64 Carried forward $ 13,650 55 *Should be 1874. The Cornell University. 157 Amount forward % 131650 '55 Amount transferred from the General Fund for interest on money in the treasury during the year . . . . 779 38 $ 14,429 93 Amount paid from the Treasury during the year end- ing 30th of September, 1875 . .' 6,000 00 Balance in the Treasury on the 30th September, 1875 . $ 8,429 93 Cash transactions during the year. Received on account of capital, viz. : Principal of State 5's of 1875, redeemed $25,00000 Received on account of revenue, viz. : Interest on State stocks % 4.553 58 Interest on United States bonds 2,06494 Interest on Buffalo city bonds 1,33000 Premium on gold stocks redeemed 4.328 12 Interest on deposits 177 44 $12,45408 Paid on account of revenue, viz. : For Cornell University 6,000 00 XLIX. Report of Cornell University, in Relation to College Land Scrip. To the Comptroller of the State of New York: In pursuance of the requirements of chapter 481 of the Laws of 1866, I, Joseph W. Williams, Treasurer of Cornell University, respectfully report that, from the date of last report to November i, 1875, contracts for the sale of land, and of pine timber, have been made as follows, viz. : For 4,800 acres of land, for the price of $ 28,180 00 For the pine on 13,060 acres of land, for the price of . 50,531 00 The cash receipts during the same period, on account of the above sales, and of sales heretofore reported, have been . 237,445 81 The cash disbursements during the same period, includ- ing taxes and necessary expenses, have been . . . 43,590 75 Respectfulljr submitted, J. W. Williams, Ithaca, December 18, 1875. Treasurer. 158 Laws and Documents Relating to Tompkins County, ss: Joseph W. Williams, being duly sworn, deposes and says that he is the Treasurer of Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge, information and belief. Joseph W. Williams. Sworn before me this i8th ] day of December, 1875. J D. BOARDMAN, Justicp Supreme Court. L,. Appropriations from the Land Scrip Fund and En- dowment Fund, 1876. — Laws of New York, 1876, Chap- ter 192. Payable from the College Land Scrip Fund Revenue. For the Cornell University, twenty-five thousand dollars. Payable from the Cornell Endowment Fund Revenue. For the Cornell University, eight thousand dollars. LI. ■ College Land Scrip Fund and Cornell Endowment Fund. — Extracts from the Comptroller's Report, 1877, pages 24, 48, 71, 79, 80 AND 117. College Lafid Scrip Fund. The capital of this fund, on the 30th September, 1876, amounted to $473,402.87. Of this capital there has been invested during the past fiscal year $10,000.00 in State stock, canal deficiency loan, six per cent., redeemable July i, 1891, and $10,000 in Buffalo city bonds, six per cent., redeemable March 15, 1879; also, $g,ooo in seven per cent. Bu£Falo city bonds, redeemable July i, 1916. All these securities were held by the Comptroller in trust for the LAng Island Railroad Company Sinking Fund, and were sold, the modey being required to redeem the debt of said company falling due August I, 1876. The Cornell University. 159 CAPITAL. This fund consists of the following items: Seven per cent. State stock, issued in pursuance of chap- ter 325, Laws of 1865, and chapter 209, Laws of 1866, redeemable April 7, 1877 % 64,000 00 Six per cent.canal deficiency loan, redeemable July 1,1891 28,600 00 United States 6 per cent. , 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 45,000 00 Six per cent. United States registered stock redeemable in 188 1 250,000 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 percent., payable September 15, 1880 . 7,200 00 Buffalo city bonds, 7 per cent;, redeemable July i, iqi6. 22,000 00 Buffalo city bonds, 7 per cent., redeemable July i, 1917 15,000 00 Buffalo city bonds, 6percent., redeemable March 15,1879 25,000 00 Money in the tireasury 16,602 87 $473,402 87 REVENUE. Deficiency, October i, 1875 % 15,022 76 Amount paid from the Treasury during the year end- ing 30th September, 1876 28,000 00 Amount transferred to Long Island Railroad Company Sinking Fund, for accrued interest and premium on securities purchased 3.332. 50 % 46,355 26 Amount received into the treasury during the year end- ing September 30, 1876 31,012 48 Deficiency of revenue, September 30, 1876 $ 15.342 78 Cash transactions during the year. Received on account of revenue, viz. : Interest on G. F. Lewis' bond % 504 00 Interest on State stocks 5*596 00 Interest on United States stocks 17,700 00 Premium on gold interest 2,410 80 Interest on Buffalo city bonds 3,160 00 Interest on deposits 1.641 68 $31,012 48 160 Laws and Documents Relating to Paid on account of revenue, viz.: For Cornell University % 28,000 00 Cornell Endowment Fund. CAPITAL. This fund consists of the following items: United States 6 per cent. 5-20 registered stock, author- ized by act of Congress,, approved March 3, 1865, redeemable at pleasure after July i, 1872 $ 30,000 00 Six per cent. State stock, canal deficiency loan, redeem- able January I, 1883 10,000 00 Six per cent, canal deficiency loan, redeemable July 1,1891 22,700 00 Six per cent. State stock, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1878 . . 13,000 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 percent., payable September 15, 1880 . 4,800 00 Buffalo city bonds, 7 per cent., redeemable July i, IQ16 19,000 00 Money in the Treasury 29,096 61 $128,596 61 REVENUE. Balance in the treasury on the ist of October, 1875 . . $ 8,429 93 Amount received in the treasury during the year end- ing 30th September, 1876 7.675 01 % 16,104 94 Amount paid from the treasury during the year ending 30th September, 1876 12,000 00 Balance in the Treasur}' on the 30th September, 1876 . % 4,104 94 Cash transactions during the year. Received on account of revenue, viz. : Interest on G. F. Lewis' bond $ 336 00 Interest on State stocks 2,742 00 Interest on United States stocks 1,800 00 Premium on gold interest 589 99 Interest on Buffalo city bonds 1,330 00 Interest on deposits 877 02 $ 7.675 01 The Cornell University. 161 Paid on account of revenue, viz. : For Cornell University $ 12,000 00 L,II. Report of Cornell University, in Relation to Col- lege Land Scrip. To the Comptroller of the State of New York: In pursuance of the requirements of chapter 481 of the Laws of 1866, I, Joseph W. Williams, Treasurer, respectfully report: That for the year ending November i, 1876, contracts for the sale of land, and of pine timber, have been made as follows, viz. : For 17,447 78-100 acres of land, for the price of . . . $ 81,075 12 For the pine timber on 2,292 16-100 acres of land, for the price of 7,822 00 The cash receipts during the same period were .... 76,689 14 The cash disbursements during the same period were . 73,463 47 Respectfully submitted, J. W. Williams, Treasurer. Tompkins County, ss: Joseph W. Williams, being duly sworn, deposes and says that he is the Treasurer of the Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge, information and belief. J. W. Williams. Sworn before me this 2d ) day of December, 1876. j [i,. s.] G. Van Rensselaer, Notary Public. LIII. Appropriations from the Land Scrip Fund and Endowment Fund, 1877. — Laws of New York, 1877, Chapter 130. Payable from the College Land Scrip Fund. For the Cornell University, twenty-five thousand dollars. Payable from the Cornell Endowment Fund. For the Cornell University, eight thousand dollars. 162 Laws and Documents Relating to IvIV. College I/And Scrip Fund and Cornell Endowment Fund. — Extracts from the Comptroller's Report, 1878, PAGES 23, 56, 57, 77, 85, 86 and 123. College Land Scrip Fund. The capital of this fund on the 30th of September, 1877, amounted to $473,402.87. Of this capital $64,000 was invested in seven per cent, bounty loan stock, redeemable April 7, 1877. This amount was reinvested in United States registered bonds of 1881, bearing interest at five per cent. capital. This fund consists of the following items: Six per cent, canal deficiency loan, redeemable July i, 1891 28,600 00 United States 6 per cent., 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 45, 000 00 Six per cent. United States registered stock redeemable in 1881 250,000 00 Five per cent. U. S. registered stock, redeemable in 1881 64,000 00 Proportion of bond and mortgage executed by Gleason F. Lewis, 7 per cent., payable September 15, 1880 . 7,200 00 BufiUlo city bonds, 7 per cent!,, redeemable July i, 1916 22,000 00 Buffalo city bonds, 7 per cent., redeemable July i, 1917 15,000 00 Buffalocity bonds, 6 per cent., redeemable March 15,1879 25,000 00 Money in the treasury 16,602 87 $473,402 87 REVENUE. Deficiency, October i, 1876 $ 15,342 78 Amount paid from the Treasury during the year end- ing 30th September, 1877 25,165 62 $ 40,508 40 Amount received into the treasury during the year end- ing September 30, 1877 31,973.64 Deficiency of revenue September 30, 1876 $ 8,534 7^ The Cornell University. 163 Cash transactions during the year. Received on account of capital, viz.: State stocks, reimbursed $64,000 00 U. S. stocks, reimbursed 16,600 00 % 80,600 00 Paid on account of capital, viz. : Invested in U. S. 5 percent, registered stock $64,000 00 Invested in U.S. 4 J^ per cent, registered stock 16,600 00 $80,600 00 Received on account of revenue, viz.: Interest on State stocks $13,996 40 Interest on United States stocks 10,823 50 Interest on Buffalo city bonds 4,090 00 Interest on G. F. Lewis' bond 504 00 Interest on deposits 260 64 Premium on gold interest 1,303 10 Premium on stocks sold 996 00 '-$ 31,973 64 Paid on account of revenue, viz. : For Cornell University $17,700 00 Premium on stocks purchased 7,455 25 Commissions 10 37 $ 25,165 62 Cornell Endowment Fund. CAPITAL. This fund consists of the following items: United States 6 per cent. 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 $ 30,000 00 Six per cent. State stock, canal deficiency loan, redeem- able January I, 1883 10,000 00 Sixpercent.canaldeficiency loan, redeemable July 1,1891 22,700 00 Six per cent. State stotk, issued in pursuance of chap- ter 216, Laws of 1848, redeemable July i, 1878. . 13,00000 Proportion of bond alid mortgage executed by Gleason F. Lewis, 7 per cetlt., payable September 15, 1880 . 4,800 00 Buffalo city bonds, "^ per cent. , redeemable July r, igi6 19,000 00 Money in the Treashry ... .' 29,096 61 $128,596 61 164 Laws and Documents Relating to REVENUE. Balance in the treasury on the ist of October, 1876 . . $ 4,104 94 Amount received in the treasury during the year end- ing 30th September, 1877 9i509 13 $ 13,614 07 Amount paid from the treasury during the year end- ing 30th September, 1877 9.721 88 Balance in the treasury on the 30th September, 1877 . $ 3,892 19 Cash transactions during the year. Received on account of capital, viz.: U. S. stocks, reimbursed $ 29,000 00 Paid on account of capital, viz. : Invested in 4)4 per cent, registered stock % 29,00000 Received on account of revenue, viz. : Interest on State stocks % 3,642 00 Interest on U S. stocks 1,552 50 Interest on Buffalo city bonds i,330 00 Interest on G. F. I/ewis' bonds 336 00 Interest on deposits 593 27 Premium on gold interest 315 36 Premium on stocks sold 1.740 00 $ 9-509 13 Paid on account of revenue, viz. : For Cornell University $ 8,000 00 Premium on stock purchased 1,703 75 Commissions 18 13 ■ 1 9,721 88 IvV. Report of Cornell University in Relation to Col- lege lyAND Scrip. To the Comptroller of the State of New York: In pursuance of the requirements of Chapter 481 of the Laws of 1866, I, Joseph W. Williams, Treasurer, respectfully report: That for the year ending November i, 1877, contracts for the sale of land have been made as follows, viz. : The Cornell University. 165 For 4,748 92-100 acres, for the price of % 24,406 74 The cash receipts during the same period were . . . . 67,913 34 The cash disbursements during the same period were . 75.525 57 Respectfully submitted, J. W. Williams, Ithaca, N. Y., November 21, 1877. Treasurer. Tompkins County, ss: Joseph W. Williams being duly sworn, deposes and says that he is Treasurer of the Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge, information and belief. Sworn before me, this 21st ] J. W. Williams. day of November, 1877. J [l. S.J G. Van Rensselaer, Notary Public. LVI. Appropriations from Land Scrip Fund and Endow- ment Fund, 1878. — Laws of New York, 1878, Chapter 29. Payable from, the College Land Scrip Fund Revenue. For the Cornell University, twenty-five thousand dollars. Payable from the Cornell Endowment Fund Revenue. For the Cornell University, eight thousand dollars. Laws of 1878, Chapter 252. Payable from the College Land Scrip Fund. For investment of the capital of the College Land Scrip Fund, as required by law, seventeen thousand dollars. Payable from the Cornell Endowment Fund. For investment of the capital of the Cornell Endowment Fund, as required by law, thirty thousand dollars. LVII. College Land Scrip Fund and Cornell Endowment Fund. — Extracts from the Comptroller's Report, 1879, pages 49, 50, 65, 70, 71 AND 99. College Land-Scrip Fund. CAPITAL. This fund consists of the following items, viz. : Six per cent, canal deficiency loan, redeemable July i, 166 Laws and Documents RelatMg to 1891 $ 28,600 00 United States 6 per cent. 5-20, registered stock, author- ized by act of Congress, approved March 3, I865, redeemable at pleasure after July i, 1872 45, 000 00 Six per cent. U. S. registered stock, redeemable in I881 250,000 00 Five percent. U. S. registered stock, redeemable in lfe8i 64,000 00 Proportion of bond and mortgage executed by GleaSon F. I,ewis, 7 per cent., paya,ble September 15, 1880 . . 7,200 00 Buffalo city bonds, 7 per cent., redeemable July i, 1916 22,000 00 Buffalo city bonds, 7 per cent., redeemable July i, 1917 15,000 00 Buffalo city bonds, 6 per cent. , redeemable March I5, 1879 25,000 00 Money in the treasury 16,602 87 • $473,402 87 REVENUE. Deficiency Oct. 1, 1877 |^ 8i534 76 Amount paid from the treasury during the year ending 30th ofSeptember, 1878 23,600 00 $ 32,134 76 Amount received into the Treasury during the year end- ing September 30, 1878 27,425 80 Deficiency of revenue, September 30, 1878 $ 4,708 96 Cash transactions during the year. Received on account of revenue, viz. : Interest on State stock $ 1,716 00 Interest on United States stock 20,900 00 Premium on gold interest 371 64 Interest on Buffalo city bonds 3,340 00 Interest on G. F. Lewis' bond 1,008 00 Interest on deposits 90 1 6 1 27,425 80 Paid on account of revenue, viz. : For Cornell University | 23,600 00 The Cornell University. 167 Cornell Endowment Fund. CAPITAL. This fund consists of the foUpwing items: "United States 6 per cent. 5-20 registered stock, author- ized by act of Congress, approved March 3, 1865, redeemable at pleasure after July i, 1872 $ 30,000 00 Six per cent. State stock, canal deficiency loan, redeem- able January I, 1883 10,000 00 Six per cent, canal deficiency loan, redeemable July i, 1891 22,700 00 Proportion of bond and mortgage executed by Gleason F. I382 00 For the pine timber on 8,874 3-100 acres, for 66,055 0° Cash received during the same period 163,001 34 Cash disbursed during same period 134,512 97 Respectfully submitted, [l. S.J ' Emmons L. Williams, Ithaca, N. Y., Nov. 8, 1881. Acting Treasurer. '■^' \ SS- ^ TE- STATE OF New York, Tompkins County, Emmons L. Williams being duly sworn, deposes and says he is the Acting Treasurer of the Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge, information and belief. [l. S.J Emmons L. Williams. Sworn before me this 8th \ day of November, 1881. | G. Van Rensselaer, Notary Public. lyXX. Appropriations from the Land Scrip Fund, 1882. Laws of New York, 1882, Chapter 270. Payable from the Land Scrip Fund Revenue. For the Cornell University, twenty-five thousand dollars. The Cornell University. 179 LXXI. An Act to Amend the Charter of the University. — L/vws OF New York, 1882, Chapter 147. AN ACT to amend chapter five hundred and eighty-five of the Laws of eighteen hundred and sixty -five, entitled "An act to establish the Cornell University, and to appropriate to it the income of the sale of public lands granted to this State by Con- gress, on the second day of July, eighteen hundred and sixty- two; also to restrict the operation of chapter five hundred and eleven of the laws of eighteen hundred and sixty-three. Passed May 12, 1882; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows : Section i. Section three of chapter five hundred and eighty-five of the Laws of eighteen hundred and sixty-five, entitled ' 'An act to establish the Cornell University, and to appropriate to it the income of the sale of public lands granted to this State by Congress, on the second day of July, eighteen hundred and sixty- two; also to restrict the operation of chapter five hundred and eleven of the Laws of eighteen hundred and sixty-three," is hereby amended so as to read as follows: § 3. The farm and grounds to be occupied by said corporation, whereupon its buildings shall be erected, in such manner and to such extent as the trustees may from time to time direct and pro- vide for, shall consist of not less than two hundred acres. For the protection of the grounds, farm buildings and property of the Uni- versity, the supervisor of the town of Ithaca may appoint, upon the recommendation of the board of trustees of said Cornell University, not more than three suitable persons as special constables, who shall have and exercise within the boundaries of such University grounds I the powers and duties of constables of towns, and whose compensation shall be regulated and paid by said board of trustees of the University. § 2. Section five of said chapter five hundred and eighty-five is hereby amended so as to read as follows: § 5. The corporation hereby created may take and hold real and personal property to such an amount as may be or become necessary for the proper conduct and support of the several departments of education heretofore established or hereafter to be established by 180 Laws and Documents Relating to its board of trustees, and such property, real and personal, as has been or may hereafter be given to said corporation by gift, grant, devise or bequest in trust or otherwise, for the uses and purposes permitted by its charter, and in cases of trust so created, the several trust estates shall be kept distinct, and the interest or income shall be faithfully applied to the purposes of such trust, in accordance with the provisions of the act or instrument by which the respective trusts were created. § 3. This act shall take effect immediately. IvXXII. CoLtEGE Land Scrip Fund. — Extracts from the Comptroller's Report, 1883, pages 8 and 78. College Land Scrip Fund. This fund consisted of the following items on the 30th September, 1882: Six per cent, canal deficiency loan, redeemable in 1891 $ 28,600 00 Four per cent. United States registered bonds redeemable in 1907 4,500 00 Five per cent. United States registered bonds, redeema- blein 1881, continued at 3^^ per cent 64,000 00 Buffalo city bonds, 7 per cent.,, redeemable in 1916 . . 22,000 00 Buffalo city bonds, 7 per cent., redeemable in 1917 .' . 15,000 00 Albany county bonds, five per cent., redeemable in 1896 43,000 00 District of Columbia bonds, 3 65-100 per cent., $35,000; cost 33.993 75 Money in the treasury 262,309 12 $473,402 87 The Following Statements Show the Money Transactions of the Year. CAPITAL. Receipts, viz.: Balance in the Treasury -October I, 1 88 1 $ 4,809 12 From United States six per cent, bonds, continued at 3j^ per cent., and paid 250,000 00 Bond and mortgage of Gleason F. Lewis, paid . . . . 12,00000 $266,809 12 The Cornell University. 181 Amount forward $266,809 12 Payments, viz.: Invested in United States bonds 4.500 00 Balance in the Treasurj' September 30, 1882 $262,309 12 REVENUE. Receipts, viz.: Balance in the Treasury October i, 1881 $ 3,203 47 Interest on United States bonds $10,997 57 Interest on State stock ; 1,716 00 Interest on Albany county bonds 2,150 00 Interest on Buffalo city bonds 2,590 00 Interest on Buffalo city bonds i>277 50 Interest on G. F. Lewis' mortgage .... 807 78 Interest on money in the Treasury .... 535 42 20,074 27 $ 23,277 74 Payments, viz.: Premium and interest on United States bonds purchased $ 721 08 To Cornell University 18,700 00 $ 19,421 08 Balance in the treasury September 30, 1882 $ 3,856 66 lyXXIII. Report of Cornei,i« University in Relation to College Land Scrip. Cornell University, Treasurer's Office, ) Ithaca, N. Y., November 11, 1882. J To the Hon. Ira Davenport, Comptroller of the State of New York: Sir — In pursuance of the requirements of chapter 481 of the Laws of 1866, I, Emmons L. Williams, Acting Treasurer of the Cornell University, respectfully report that for the year ending November I, 1882, contracts for the sale of land, and of pine timber (land reserved), were made as follows: 182 Laws and Documents Relating to For 133,704 41-100 acres of land, for the price of . . $2,105,787 32 For the pine timber on 7,883 41-100 acres for 50,272 00 Total sales of land and pine timber $2,156,059 32 The cash receipts during the same period, on account of above sales, and of sales heretofore reported, were . .$364,812 23 The cash disbursements during the same period, on account of taxes and necessary expenses, were . . . 101,236 15 Respectfully submitted, Emmons L. Williams, Acting Treasurer. State of New York, ] Tompkins County, j Emmons L. Williams, being duly sworn, deposes and says he is the Acting Treasurer of the Cornell University; that he has read the foregoing report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best" of his knowledge and belief. Emmons L. Williams. Sworn before me this nth ) day of November, 1882. j Horace Mack, Notary Public. LXXIV. Act Amending the Charter of the Cornell Uni- versity. — Laws of New York, 1883, Chapter 423. AN ACT to amend chapter five hundred and eighty-five of the laws of eighteen hundred and sixty -five, entitled "An act to establish Cornell University, and to appropriate to it the income of the sale of public lands granted to this State by Congress on the second day of July, eighteen hundred and sixty-two, also to restrict the operation of chapter five hundred and eleven of the laws of eighteen hundred and sixty-three. ' ' Passed May 15th, 1883, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: The Cornell University. 183 Section i. Chapter five hundred and eighty-five of the laws of eighteen hundred and sixty-five, entitled "An act to establish the Cornell University and to appropriate to it the income of the sale of public lands granted to this State by Congress on the second day of July, eighteen hundred and sixty-two; also to restrict the opera- tion of chapter five hundred and eleven of the laws of eighteen hundred and sixty-three," is hereby amended by adding thereto three additional sections, to be called sections fourteen, fifteen and sixteen, and to read as follows: § 14. A registry of the signature and address of each alumnus of Cornell University shall be kept by the treasurer thereof at the business ofiBce of said university. § 15. Any ten or more alumni may file with the treasurer, on or before the first daj' of April in each year, a written nomina- tion for the trustee or trustees to be elected by the alumni at the next commencement. Forthwith after such first day of April a list of such candidates shall be mailed by said treasurer to each alumnus at his address. § 16. Each alumnus may send to said treasurer, over his signa- ture, at any time before the meeting of the alumni for the election of such trustee or trustees, the vote for such trustee or trustees which he would be entitled to cast if personally present at such meeting; which votes such treasurer shall deliver to such meeting, to be opened and counted at said election together with the votes of those who are personally present; but no person shall have more than one vote. The person having the highest number of votes upon the first ballot shall be declared trustee, provided said person has received at least fifty per cent, of all the votes cast. Otherwise the alumni personally present at said commencement shall, from the two having the highest pluralities, elect a trustee, unless their pluralities shall aggregate less than fifty per cent, of the votes cast, in which case there shall be included in the number of those to be voted for so many of those coming after such two in order of plur- alities, as shall bring the aggregate of such pluralities of those to be voted for to fifty per cent, of the votes cast. § 2. This act shall take effect immediately. 184 Laws and Documents Relating to I^XXV. Laws of New York, 1884, Chapter 420. AN ACT re-appropriating an unexpended balance of a sum appro- priated by chapter one hundred and thirty-three of the laws of eighteen hundred and eighty-three, for the purpose of providing for the premiums and other expenses of investment of certain funds of the State. Passed May 31, 1884; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section i. The sum of forty-six thousand nine hundred and forty-seven dollars and sixty-nine cents, an unexpended balance of the sum of four hundred and forty thousand dollars, appropriated by chapter one hundred and thirty-three of the laws of eighteen hundred and eighty -three, is hereby re- appropriated for the calendar year, for the purpose of proyiding for premiums, interest and other expenses of making investments on account of the common school fund. United States deposit fund and the college land scrip fund. § 2.' This act shall take eiFect immediately. LXXVI. Appropriations from Land Scrip Fund, 1884. — — Laws of New York, 1884, Chapter 550. Payable from the Land Scrip Fund Revenue. For the Cornell University, twenty thousand dollars. LXXVII. ComptrolIvEr's Report, 1884, Page ii. College Land Scrip Fund. This fund consisted of the following items on 30th September, 1883: Six percent, canal deficiency loan.redeemable in 1891 . $ 28,600 00 Four per cent. United States registered bonds, redeema- ble in 1907 211,800 00 Buffalo city bonds, 7 per cent., redeemable in 1916 . . 22,000 00 Biiff'alo city bonds, 7 per cent., redeemable in 1917 . . 15,000 00 Albany county bonds, 5 per cent., redeemable in 1896 43,000 00 Carried forward $320,400 00 The Cornell University. 185 Amount forward $320,400 00 Albany county bonds, three and one-half per cent., redeemable October i, 1901 10,000 00 District of Columbia' bonds, three and sixty-five one hundredths per cent., $35,000; cost 33.993 75 District of Columbia bonds, three and sixty-five one hun- dredths per cent., (par value) 50,000 00 Money in the treasury 59,009 12 $473,402 87 The Following Statements Show the Money Transactions of the Year. CAPITAL. Receipts^ viz.: Balance in the Treasury October I, 1882 $262,309 12 United States five per cent bonds continued at three and one-half per cent, and redeemed 64,000 00 $326,309 12 Payments, viz. : Invested in United States bonds $207,300 00 Invested in District of Columbia bonds . . 50,000 00 Invested in Albany county bonds . . . 10,000 00 $267,300 00 Balance in the Treasury September 30, 1883 $ 59,009 12 REVENUE. Receipts, viz.: Balance in the Treasury October i, 1882 $ 3,856 66 Interest on United States bonds 7,680 49 Interest on State stock 1,716 00 Interest on Albany county bonds 2,325 00 Interest on Buffalo city bonds 2,590 00 Interest on District of Columbia bonds 2, 190 00 Interest on money in the treasury . . i,744 93 $ 22,103 08 Payments, viz.: Premium, interest and commission on securities pur- chased $ 45,275 61 Deficiency of the revenue Sept. 30, 1883 $ 23,172 53 186 Laws and Documents Relating to LXXVIII. ComptrolIvEr's Report, 1884, Page 84. Corn:^ll University, Treasurer's Office, ) Ithaca, N. Y., Nov. 5, 1883. j To the Hon. Ira Davenporly Comptroller of the State of New York: Sir: — In pursuance of the requirements of chapter 481 of the I/aws of 1866, I, Emmons L, Williams, Acting Treasurer of the Cornell University, respectfully report that for the year ending November i, 1883, contracts for the sale of land, and of pine tim- ber (land reserved) were made as follows: For 4,161 41-100 acres of land, for the price of . . . . % 43,372 45 For the pine timber on 3,638 95-100 acres, for . . . . 29,524 00 $72,896 45 The cash receipts during the same period on account of above sales, and of sales heretofore reported, were . $400,470 57 The cash disbursements during the same period, were . 175,316 68 Respectfully submitted, Emmons L. Williams, Acting Treasurer. State of New York, ) Tompkins County, j Emmons L. Williams, being duly sworn, deposes and says he is the Acting Treasurer of Cornell University; that he has read the foregoing report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge and belief. Emmons L. Williams. Sworn before me this 5th ) day of November, 1883. j [l. s.] Horace Mack, Notary Public. IvXXIX. Appropriation from the Land Scrip Fund, 1885. — LA.WS of New York, 1885, Chapter 240. Payable from the Land Scrip Fund Revenue. For the Cornell University, twenty thousand dollars. The Cornell University. 187 LXXX. Comptroller's Report, 1885, Page 22. College Land Scrip Fund. This fund consisted of the following items on 30th September, 1884: Six per cent, canal deficiency loan, redeemable in 1891 $ 28,600 00 Four per cent. United States registered bonds, redeem- able in 1907 211,800 00 Buffalo city bonds, .seven per cent., redeemable in 1916 22,000 00 Buffalo city bonds, seven per cent., redeemable in 1917 15,000 00 Albany county bonds, five percent., redeemable in 1896 43,000 00 Albany county bonds, three and one-half per cent., redeemable October i, 1901 10,000 00 District of Columbia bonds, three and sixty-five one- hundredths per cent., $35,000; cost 33.993 75 District of Columbia bonds, three and sixty-five one- hundredths per cent, (par value) 50,000 00 Money in the treasury 59>oo9 12 $473,402 87 The Following Statements show the Money Transactions of the Year. CAPITAL. Receipts, viz.: Balance in the treasury October i, 1883 $ 59,009 12 Payments, viz.: None. — '-F Balance in the treasury September 30, 1884 $ 59,009 12 revenue. Receipts, viz.: Interest on United States bonds $ 8,472 00 Interest on State stock 1,716 00 Interest on Albany county bonds 2,500 00 Interest on Buffalo city bonds 2,590 00 Interest on District of Columbia bonds 3, 102 50 Interest on money in the treasury 857 21 $ 19,237 71 188 Laws and Documents Relating to Payments, viz. : Account, deficiency of revenue September 36, 1883 . . $ 23,172 53 Deficiency of the revenue September 30, 1884 . . . . $ 3,934 82 I^XXXI. Comptroller's Report, 1885, Page 93. Cornell University, Treasurer's Office, ) Ithaca, N. Y., Dec. 18, 1884. j To the Hon. Alfred C. Chapin, Comptroller of the State of New York: Sir: — In pursuance of the requirements of chapter 481 of the Laws of 1866, I, Emmons L. Williams, Acting Treasurer of the Cornell University, respectfully report that for the year ending November i , 1884, contracts for the sale of land, and of pine timber, (land reserved), were made as follows: For 2,109 63-100 acres of land, for the price of . . . . $ 19,926 00 For the pine timber on 560 acres, for 5,625 00 1525,551 00 The cash receipts for the same period, on account of above sales, and heretofore reported, were $290,689 14 The cash disbursements during the same period, were 152,020 80 Respectfully submitted, Emmons L. Williams, Acting Treasurer. State of New Yore, j Tompkins County, j Emmons \,. Williams being duly sworn, deposes and says he is the Acting Treasurer of the Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct, and true to the best of his knowledge and belief. Emmons L. Williams. Sworn before me this i8th ) day of December, 1884. ) £l. s.] Horace Mack, Notary Public. The Cornell University. 189 LXXXII. Laws of 1886, Chap. 614. AN ACT to amend section nine of chapter five hundred and eighty- five of the laws of eighteen hundred and sixty-five, entitled ' 'An act to establish Cornell University, and to appropriate to it the income of the sale of public lands granted to this State by Con- gress on the second day of July, eighteen hundred and sixty-two, also to restrict the operation of chapter five hundred and eleven of the laws of eighteen hundred and sixty-three," as amended by chapter six hundred and fifty-four of the laws of eighteen hun- dred and seventy-two. Passed June 10, 1886; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section i. Section nine of chapter five hundred and eighty-five of the laws of eighteen hundred and sixty-five, entitled "An act to establish Cornell University, and to appropriate to it the income of the sale of public lands granted to this State by Congress on the second day of July, eighteen hundred and sixty- two, also to restrict the operation of chapter five hundred and eleven of the laws of eighteen hundred and sixty-three," as amended by chapter six hundred and fifty-four of the laws of eighteen hundred and seventy- two, is hereby amended so as to read as follows: § 9. The several departments of study in the said university shall be open to applicants for admission thereto at the lowest rates of expense consistent with its welfare and efficiency, and without dis- tinction as to rank, class, previous occupation or locality. But, with a view to equalize its advantages to all parts of the State, the institution shall annually receive students, one from each Assembly district in the State, to be selected as hereinafter provided, and shall give them instruction in any or in all the prescribed branches of study in any department of said institution, free of any tuition fee, or of any incidental charges to be paid to said university, unless such incidental charges shall have been made to compensate for damages needlessly or purposely done by the students to the property of said university. The said free instruction shall, moreover,, be accorded to said students in consideration of their superior ability and as a reward for superior scholarship in the Academies and pub- lic schools of this State. Said students shall be selected as the 190 Laws and Documents Relating to Legislature may from time to time direct, and until otherwise ordered, as follows: The school commissioner or commissioners of each county, and the board of education of each city, or those performing the duties of such a board, shall select, annually, the best scholar from each academy and each public school of their respective counties or cities as candidates for the university scholarship. But in no case shall any person having already entered the said university be admitted as one of such candidates. The candidates thus selected in each county or city shall meet at such place and time in the year as the school commissioner or commissioners of the county and the said boards of education of the cities, in those counties which con- tain cities, shall appoint; and the school commissioner or commission- ers, and the said board of education, or such of them as shall attend and act, shall proceed to examine said candidates and determine which of them are the best scholars; and they shall then select therefrom to the number of one for each Assembly district in said county or city, and furnish the candidates thus selected with a cer- tificate of such selection, which certificate shall entitle said student to admission to said university, subject to the examination and approval of the faculty of said university. At such competitive examination the examining committee shall certify the two highest candidates, the first of whom shall in each instance be admitted SA hereinbefore provided, and so many of the second in the discretiort of the trustees of Cornell University, but not to exceed the full nuM" ber for the class of each year, preference to so many of the second) so certified, being given upon such rules and regulations as tMt faculty of the university shall prescribe. In making these selec- tions, preference shall be given (where other qualifications ife equal) to the sons of those who have died in the military or n^al service of the United States; consideration shall be had alsd to physical ability of the candidate. Whenever any student, seldflted as above described, shall have been, from any cause removed from the university before the expiration of the time for which hd Was selected, then one of the competitors to his place in the uni\^lfsity from his district may be selected to succeed him therein, H the school commissioner or commissioners of the county of his reslaence, or the board of education of the city of his residence may dil'lct. § 2. This act shall take effect immediately. The Cornell University. 191 LXXXIII. Appropriation from Land Scrip Fund, 1886. — Laws of New York, 1886, Chapter 413. Payable from the Land Scrip Fund Revenue. For the Cornell University, twenty thousand dollars, pursuant to chapter five hundred and eighty-five of the laws of eighteen hun- dred and sixty-five. LXXXIV. Comptroi,ler's Report, 1886, Page 22. College Land Scrip Fund. This fund consisted of the following items on 30th September, 1885: Six per cent, canal deficiency loan, redeemable in 1891 $ 28,600 00 Four per cent. United States registered bonds, redeema- ble in 1907 211,800 00 Buffalo city bonds, 7 per cent,, redeemable in 1916 . . 22,000 00 Buffalo city bonds, 7 per cent., redeemable in 1917 . . . 15,000 00 Albany county bonds, five per cent., redeemable in 1896 43,000 00 Albany county bonds three and one-half per cent., redeemable October i, igoi 10,000 00 District of Columbia bonds, three and sixty-five one- hundredths per cent., $35,000; cost 33.993 75 District of Columbia bonds, three and sixty-five one- hundredths per cent, (par value) 50,000 00 Money in the Treasury 59.009 12 $473,402 87 The Following Statements Show the Money Transactions of the Year. CAPITAL. Receipts, viz.: Balance in the Treasury October i, 1884 % 59,009 12 Payments, viz.: None. Balance in the Treasury September 30, 1885 $ 59.009 12 192 Laws and Documents Relating to REVENUE. Receipts, viz.: Interest on United States bonds % 8,472 oo Interest on State stock 1,716 00 Interest on Albany county bonds 2,50000 Interest on Buffalo city bonds 2,590 00 Interest on District of Columbia bonds 3, 102 50 Interest on money in the Treasury 1,052 52 $ 19,433 02 Payments, viz.: Account, deficiency ofrevenue September 30, 1884 $ 3>934 82 Paid college 12,000 bo ^ f 15.934 82 Balance, September 30, 1885 % 3>498 20 lyXXXV. Comptroller's Report, 1886, Page 122. Cornell University', Treasurer's Office, 1 Ithaca, N. Y., January 9, 1886. \ To the Hon. Alfred C. Chapin, Comptroller of the State of New York: Sir: — In pursuance of the requirements of chaptef 481 of the Laws of 1866, I, Emmons L. Williams, Treasurer of the Cornell University, respectfully report that for the year ending November I, 1885, contracts for the sale of land, and of pine timber (land reserved), were made as follows: For 560 acres of land, for the price of $ 5.475 00 For the pine timber on 4, 594 54- 100 acres for 38,861 00 $ 44.336 00 The cash receipts for the same period on account of above sales, and sales heretofore reported, were . . $417,464 18 The cash disbursements during same period were . . 144,516 05 Respectfully submitted, Emmons ly. Williams, Treasurer. The Cornell University. 19iJ: State of New York, ) Tompkins County, j Emmons L. Williams, being duly sworn, deposes and says he is the Treasurer of Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge and belief. Emmons L. Williams. Sworn before me this gth \ day of January, 1886. j [l. S.J Horace Mack, Notary Public. LXXXVI. Laws of New York, 1887, Chapter 291. AN ACT to amend chapter five hundred and eighty -five of the laws of eighteen hundred and sixty-five, entitled "An act to establish Cornell University, and to appropriate to it the income of the sale of public lands granted to this State by Congress, on the second day of July, eighteen hundred and sixty -two; also to restrict the operation of chapter five hundred and eleven of the laws of eighteen hundred and sixty-three." Passed May 7, 1887; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section i. Section nine of chapter five hundred and eighty -five of the laws of eighteen hundred and sixty -five is hereby amended so as to read as follows: § 9. The several departments of study in the said university shall be open to applicants for admission thereto at the lowest rates of expense consistent with its welfare and efficiency, and without dis- tinction as to rank, class, previous occupation or locality. But, with a view to equalize its advantages to all parts of the State, the institution shall receive students to the number of one each year, from each Assembly district in this State, to be selected as herein- after provided, and shall give them instruction in any or in all the prescribed branches of study in any department of said institution, free of any tuition fee, or of any incidental charges to be paid to said university, unless such incidental charges shall have been made to compensate for materials consumed by said students, or for 194 Laws and Documents Relating to damages needlessly or purposely done by them to the property of said university. The said free instruction shall, moreover, be accorded to said students in consideration of their superior ability and as a reward for superior scholarship in the Academies and pub- lic schools of this State. Said students shall be selected as the Legislature may from time to time direct, and until otherwise ordered, as follows: 1. A competitive examination under the direction of the Depart- ment of Public Instruction, shall be held at the county court-house in each county of the State, upon the first Saturday of June, in each year, by the city superintendents and the school commissioners of the county. 2. None but pupils of at least sixteen years of age and six months' standing in the common schools or academies of the State, during the year immediately preceding the examination shall be eligible. 3. Such examination shall be upon such subjects as may be desig- nated by the president of the university. Question papers prepared by the Department of Public Instruction shall be used, and the examination papers handed in by the different candidates shall be retained by the examiners and forwarded to the Department of Public Instruction. 4. The examiners shall within ten days after such examination, make and file in the Department of Public Instruction, a certificate in which they shall name all the candidates examined and specify the order of their excellence, andsnch candidates shall, in the order of their excellence, become entitled to the scholarships belonging to their respective counties. 5. In case any candidate who may become entitled to a scholar- ship shall fail to claim the same or shall fail to pass the entrance examination at such university, or shall die, resign, absent himself without leave, be expelled, or for any other reason shall abandon his right to or vacate such scholarship, either before or after entering thereupon, then the candidate certified to be next entitled in the same county shall become entitled to the same. In case any scholarship belonging to any county shall not be claimed by any candidate resident in that county, the State Superintendent may fill the same by appointing thereto some candidate first entitled to a vacancy in some other county, after notice has been served on the superintendent or commissioners of schools of said county. In any The Cornell University. 195 such case the president of the university shall at once notify the Superintendent of Public Instruction, and that oflScer shall imme- diately notify the candidate next entitled to the vacant scholarship, of his right to the same. 6. Any State student who shall make it appear to the satisfaction of the president of the university that he requires leave of absence for the purpose of earning funds with which to defray his living expenses while in attendance, may in the discretion of the presi- dent, be granted such leave of absence, and may be allowed a period not exceeding six years from the commencement thereof for the completion of his course at said university. 7. In certifying the qualifications of the candidates, preference shall be given (where other qualifications are equal) to the children of those who have died in the military or naval service of the United States. 8. Notices of the time and place of the examinations shall be given in all the schools having pupils eligible thereto, prior to the first day of January in each year, and shall be published once a week for three weeks in at least two newspapers in each county immediately prior to the holding of such examinations. The cost of publishing such notices and the necessary expenses of such examination shall be a charge upon each county respectively, and shall be audited and paid by the board of supervisors thereof. The State Superintendent of Public Instruction shall attend to the giv- ing and publishing of the notices hereinbefore provided for. He may, in his discretion, direct that the examination in any county may be held at some other time and place than that above specified, in V^hich case it shall be held as directed by him. He shall keep full tecords in his department of the reports of the different exam- iners, showing the age, post-office address and standing of each can- didate, and shall notify candidates of their rights under this act. He shall determine any controversies which may arise under the provisions of this act. He is hereby charged with the general supervision and direction of all matters in connection with the fill- ing of such scholarships. Students enjoying the privileges of free scholarships shall in common with the other students of said uni- versity be Subject to all of the examinations, rules and requirements of the boarcl of trustees or faculty of said university, except as herein provided. 196 Laws and Documents Relating to LXXXVII. Concurrent Resolutions of the Senate and Assembly. Concurrent resolutions relative to the establishment of Agricul- tural Kxperiment Stations in connection with colleges. Whereas, On the second day of March, eighteen hundred and eighty-seven, an act of Congress became law by the signature of the president of the United States, entitled "An act to establish agri- cultural experiment stations in connection with the colleges estab- lished in the several States under the provisions of an act approved July second, eighteen hundred and sixty-two, and of the acts sup- plementary thereto." And Whereas, Section nine of said act provides, "That the grants of moneys authorized by this act are made subject to the legislative assent of the several states and territories to the purpose of said grants;" therefore 1. Resolved, That the people of New York, represented in Senate and Assembly, do hereby give their assent to the purpose of said grants in accordance with the provisions and requirements of said act; 2. Resolved, That the Secretary of State be, and hereby is, directed to forward a copy of this concurrent resolution duly certified to the Secretary of the Treasury of the United States. State of New York, ") In Senate, March 28th, 1887. j The foregoing resolution was duly passed. By order of the Senate. John W. Vrooman, Clerk. State of New York, ) In Assembly, March 30th, 1887. | The foregoing resolution was duly passed. By order of the Assembly. C. A. Chickering, Clerk. LXXXVIII. Appropriations from Land Scrip Fund, 1887. — Laws of 1887, Chapter 195. Payable from the Land Scrip Fund Revenue. For the Cornell University, twenty thousand dollars, pursuant to chapter five hundred and eighty-five of the laws of eighteen hun- dred and sixty-five. The Cornell University. 197 LXXXIX. Comptroller's Report, 1887, Page 22. College Land Scrip Fund. This fund consisted of the following items on 30th' September, 1886: Six per cent, canal deficiency loan, redeemable in 1891 $ 28,600 00 Four per cent. United States registered bonds, redeem- able in 1907 211, 80D 00 Buffalo city bonds, seven per cent., redeemable in 1916 22,000 00 Buffalo city bonds, seven per cent., redeemable in 1917 15,000 00 Albany county bonds, five percent, redeemable in 1896 43,000 00 Albany county bonds, three and one-half per cent., redeemable October i, 1901 10,000 00 District of Columbia bonds, three and sixty-five one- hundredths per cent., $35,000; cost 33.993 75 District of Columbia bonds, three and sixty-five one- hundredths per cent, (par value) 50,000 00 Money in the treasury 59i009 12 $473,402 87 The Following Statements show the Money Transactions of the Year. "CAPITAL. Receipts, viz.: Balance in the Treasury October I, 1885 $59,009 12 Payments, viz.: , , . , None. Balance in the Treasury September 30, 1886 . ... $ 59,009 12 revenue. Receipts, viz.: Balance in the treasury October i, 1885 $ 3.498 20 Interest on United States bonds 8,472 00 Interest on State stock 1.716 00 Interest on Albany county bonds 2,500 00 Interest on Buffalo city bonds 2,590 00 Interest on District of Columbia bonds 3, 102 50 Interest on money in the treasury 950 31 '$ 22,829 oi 198 Laws and Documents Relating to Amount forward % 22,829 01 Payments, viz.: Paid college i9>73i 80 Balance, September 30, 1886 % 3,097 21 XC. Comptroller's Report, 1887, Page 153. Cornell University, Treasurer's Office, ) Ithaca, N. Y,, December 4, 1886. | Hon. Alfred C. Chapin, Comptroller of the State of New York: Sir: — In pursuance of the requirements of chapter 481 of the Laws of i885, I, Emmons L,. Williams, Treasurer of the Cornell University, respectfully report that for the year ending November I, 1886, contracts for the sale of land, and of pine timber (land reserved), were made as follows: For 320 acres of land, for the price of % 1,200 00 For the pine timber On 3,811 76-100 acres for 37,705 00 Value of railroad right of way 36 44 Value of school-house Site 10 00 Value of pine timber cut by trespassers 358 00 % 39,309 44 The cash receipts during the same period on account of above and of sales heretofore reported, were .... $490,699 30 The cash disbursements during the same period on account of taxes and necesSliry expenses, were . . . 23,398 54 ^' Iss: iins, j Respectfully submitted, Emmons ly. Williams, Treasurer. State of New York, County of Tompki Emmons L. Williams being dttly sworn, deposes and ^^ys he is the Treasurer of Cornell Univefteity; that he has read tne fore- going report, and carefully examindti the books and accoulilfe, upon which it is founded, and that the sattHe is correct and true to the best of his knowledge and belief. Emmons I,. WiLXiiAMS. Sworn before me this 4th ) day of December, 1886. ) Horace MaCk, Notary Public. Tfte Cornell University. 199 XCI. The Hatch Act. AN ACT to establish agricultural experiment stations in connection with the colleges established in the several States under the pro- visions of an act approved July second, eighteen hundred and sixty-two, and of the acts supplementary thereto. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That in order to aid in acquiring and diffusing among the people of the United States useful and practical information on subjects connected with agricul- ture, and to promote scientific investigation and experiment respect- ing the principles and applications of agricultural science, there shall be established, under direction of the college or colleges, or agricultural departments of colleges, in each State or Territory established, or which may hereafter be established, in accordance with the provisions of an act approved July second, eighteen hun- dred and sixty-two, entitled "An act donating public lands to the several States and Territories which may provide colleges for the benefit of agriculture and the mechanic arts, ' ' or any of the supple- ments to said act, a department to be known and designated as an "agricultural experiment station;" provided, that in any State or Territory in which two such colleges have been or may be so estab- lished the appropriation hereinafter made to such State or Territory shall be equally divided between such colleges, unless the legisla- ture of such State or Territory shall otherwise direct. § 2. That it shall be the object and duty of said experiment sta- tions to conduct original researches or verify experiments on the physiology of plants and animals; the diseases to which they are severally subject, with the remedies for the same; the chemical composition of useful plants at their different stages of growth; the comparative advantages of rotative cropping as pursued under a varying series of crops; the capacity of new plants or trees for accli- mation; the analysis of soils and water; the chemical composition of manures, natural or artificial, with experiments designed to test their comparative effects on crops of different kinds; the adaptation and value of grasses and forage plants; the composition and diges- tibility of the different kinds of food for domestic animals; the sci- entific and economic questions involved in the production of butter and cheese; and such other researches or experiments bearing 200 Laws and Documents Relating to directly on the agricultural industry of the United States as may in each case be deemed advisable, having due regard to the varying conditions and needs of the respective States or Territories. § 3. That in order to secure, as far as practicable, uniformity of methods and results of the work of said stations, it shall be the duty of the United States Commissioner of Agriculture to furnish forrhs, as far as practicable, for the tabulation of results of investigation or experiments; to indicate, from time to time, such lines of inquiry as to him shall seem most important; and, in general, to furnish such advice and assistance as will best promote the purposes of this act. It shall be the duty of each of said stations, annually, on or before the first day of February, to make to the Governor of the State or Territory in which it is located, a full and detailed report of its operations, including a statement of receipts and expenditures, a copy of which report shall be sent to each of said stations, to the said Commissioner of Agriculture, and to the Secretary of the Treas- ury of the United States. § 4. That bulletins or reports of progress shall be published at said stations at least once in three months, one copy of which shall be sent to each newspaper in the States or Territories in which they are respectively located, and to such individuals actually engaged in farming as may request the same, and as far as the means of the station will permit. Such bulletins or reports and the annual reports of said stations shall be transmitted in the mails of the United States free of charge for postage, under such regulations as the Postmaster- General may from time to time prescribe. § 5. That for the purpose of paying the necessary expenses of conducting investigations and experiments and printing and dis- tributing the results as hereinbefore prescribed, the .sum of fifteen thousand dollars per annum is hereby appropriated to each State, to be specially provided for by Congress in the appropriation from year to year, and to each Territory entitled under the provisions of section eight of this act, out of any money in the treasury proceed- ing from the sales of public lands, to be paid in equal quarterly pay- ments, on the first day of January, April, July and October in each year, to the treasurer or other officer duly appointed by the gov- erning boards of said colleges to receive the same, the first payment to be made on the first day of October, eighteen hundred and eighty- seven; Provided, however, That out of the first annual appropriation The Cornell University. 201 so received by any station an amount not exceeding one-fifth may be expended in the erection, enlargement or repair of a building or buildings necessary for carrying on the work of such station; and thereafter an amount not exceeding five per centum of such annual appropriation may be so expended. § 6. That whenever it shall appear to the Secretary of the Treas- ury from the annual statement of receipts and expenditures of any of said stations that a portion of the preceding annual appropriation remains unexpended, such amount shall be deducted from the next succeeding annual appropriation to such station, in order that the amount of money appropriated to any station shall not exceed the amount actually and necessarily required for its maintenance and support. § 7. That nothing in this act shall be construed to impair or modify the legal relation existing between any of the said colleges and the government of the States or Territories in which they are respectively located. § 8. That in States having colleges entitled under this section to the benefits of this act and having also agricultural experiment sta- tions established by law separate from said colleges, such States shall be authorized to apply such benefits to experiments at stations so established by such States; and in case any State shall have established under the provisions of said act of July second afore- said, an agricultural department or experimental station, in con- nection with any university, college or institution not distinctively an agricultural college or school, and such State shall have estab- lished or shall hereafter establish a separate agricultural college or school, which shall have connected therewith an experimental farm or station, the legislature of such State may apply in whole or in part the appropriation by this act made, to such separate agricul- tural college or school, and no legislature shall by contract express or implied disable itself from so doing. § 9. That the grants of moneys authorized by this act are made subject to the legislative assent of the several States and Territories to the purpose of said grants; Provided, That payment of such installments of the appropriation herein made as shall become due to any State before the adjournment of the regular session of its legislature meeting next after the passage of this act, shall be made upon the assent of the Governor thereof duly certified to the Secre- tary of the Treasury. 202 Laws and Documents Relating to § lo. Nothing in this act shall be held or construed as binding the United States to continue any payments from the Treasury to any or all the States or institutions mentioned iu this act, but Con- gress may at any time amend, suspend or repeal any or all the pro- visions of this act. Approved March 2, 1887. XCII. Appropriations from Land Scrip Fund, 1888. — Laws OF 1888, Chapter 269. Payable from the Land Scrip Fund Revenue. For the Cornell University, twenty thousand dollars, pursuant to chapter five hundred and eighty-five of the laws of eighteen hun- dred and sixty-five. XCIII. Laws of 1888, Chapter 270. AN ACT making appropriations for certain expenses of government and supplying deficiencies in former appropriations. Approved by the governor May g, 1888. passed by a two-thirds vote. The People of the State of New York, represented in Senate and Assembly, do enact as follows: M' ^t^ ^1^ ^If ^A ^L^ y^ , ^If ^l£ For expenses of establishing and holding examinations for appli- cants for State scholarships at Cornell University, three hundred dollars. XCIV. Comptroller's Report, 1888, Page 32. College Land Scrip Fund. This fund consisted of the following items on 30th September, 1887: Six per cent, canal deficiency loan, redeemable in 1891 % 28,600 00 The Cornell University. 203 Amount forward % 28,600 00 Four per cent. United States registered bonds, redeema- ble in 1907 211,800 00 Buffalo city bonds, 7 per cent., redeemable in 1916 . . 22,000 00 Buffalo city bonds, 7 per cent., redeemable in 1917 . . 15,000 00 Albany county bonds, five per cent., redeemable in 1896 43,000 00 Albany county bonds, three and one-half per cent., redeemable October i, 1901 10,000 00 District of Columbia bonds, three and sixty-five one- hundredths per cent., $35,000; cost 33,993 75 District of Columbia bonds, three and sixty-five one-' hundredths per cent, (par value) 50,000 00 Money in the Treasury 59,009 12 $473,402 87 The Following Statement Shows the Money Transactions of the Year. CAPITAL. Receipts, viz. : Balance in the Treasury October I, 1886 $59,009 12 Payments, viz.: None. Balance in the Treasury September 30, 1887 % 59,009 12 REVENUE. Receipts, viz. : Balance in the Treasury October i, 1886 $ '3,097 21 Interest on United States bonds 10, 590 00 Interest on State stock 1,716 00 Interest on Albany county bonds 2,50000 Interest on Buffalo city bonds 2,590 00 Interest on District of Columbia bonds 3,102 50 Interest on money in the treasury 940 57 $ 24,536 28 Payments, viz.: Paid college $19,327 63 Balance, September 30, 1887 $ 5,208 65 204 Laws and Documents Relating to XCV. Comptroller's Report, 1888, Page 217. Cornell University, Treasurer's Office, ] Ithaca, N. Y., Dec. 16, 1887. ) To the Hon. Alfred C. Chapin, Comptroller of the State of New York: Sir: — In pursuance of the requirements of chapter 481 of the Laws of 1866, I, Emmons L. Williams, Treasurer of the Cornell Uni- versity, respectfully report that for the year ending November i, 1887, contracts for the sale of land, and of pine timber, (land reserved), were made as follows: For 282 72-100 acres of land, for the price of $ 3,083 52 For the pine timber on 33,562 i-ioo acres, for . . . 652,423 00 Total sales of land and pine timber $655,506 52 The cash receipts during the same period on account of above sales, and of sales heretofore reported, were . $500,542 69 The cash disbursements during the same period, on account of taxes, expenses and re-examination of lands, were . $ 25,381 24 Respectfully submitted, Emmons L. Williams, Treasurer Cornell University. State of New York, j Tompkins County,. ) Emmons L. Williams being duly sworn, deposes and says he is the Treasurer of the Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge and belief. Emmons L. Williams. Sworn before me this i6th j day of December, 1887. J Horace Mack, Noiary Public. The Cornell University. 205 XCVI. Laws of New York, 1889, Chapter 538. AN ACT to apply to the Cornell University the benefits of the act of Congress of the United States, approved March second, one thousand eight hundred and eighty -seven, entitled, "An act, to establish agricultural experiment stations in connection with the colleges established in the several States under the provisions of an act approved July second, one thousand eight hundred and sixty-two, and of the acts supplementary thereto." Approved by the Governor June 15, 1889. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section i. The Cornell University is hereby designated by this State as the college within this State solely entitled to receive the benefits of the act of Congress of the United States approved March second, one thousand eight hundred and eighty-seven, entitled "An act to establish agricultural experiment stations in connection with the colleges established in the several States under the provisions of an act approved July second, eighteen hundred and sixty-two, and of the acts supplementary thereto." All benefits of said act which this State is authorized to apply to any college, institution or agricultural experiment station within this State are hereby applied to the agricultural experiment station established under the direction of the Cornell University, and this State hereby consents that all the appropriations, moneys or benefits to or for the benefit of this State or any institution within this State, payable under or in pursuance of said Act of Congress, shall be paid to the officer of the Cornell University designated to receive the same in accordance with said act, to be expended as in said act provided. § 2. This act shall take efiect immediately. XCVI^. Comptroller's Report, 1889, Page 54. College Land Scrip Fund. This fund consisted of the following items on 30th September, 1888: Six per cent, canal deficiency loan, redeemable in 1891 $ 28,600 00 206 Laws and Documents Relating to Amount forward $ 28,600 00 Four per cent. United States registered bonds, redeem- able in 1907 2ii(8oo 00 Buffalo city bonds, seven per cent., redeemable in 1916 22,000 00 Buffalo city bonds, seven per cent., redeemable in 1917 15,000 00 Albany county bonds, five percent., redeemable in 1896 43,000 00 Albany county bonds, three and one-half per cent., redeemable October i, 1901 10,000 00 District of Columbia bonds, three and sixty-five one- hundredths per cent., $35,000; cost 33.993 75 District of Columbia bonds, three and sixty-five one- hundred ths per cent, (par value) 50,000 00 Money in the treasury 59,009 12 $473,402 87 The Following Statements show the Money Transactions of the Year. CAPITAL. Receipts^ viz.: Balance in the Treasury October i, 1887 $ 59,oog 12 Payments, viz.: Notte. Balance in the Treasury September 30, 1888 $ 59,009 12 REVENUE. Receipts, viz.: Balance in the treasury October i, 1887 $ 5,208 65 Interest on United States bonds 6,354 00 Interest on State stock 1,716 bo Interest on Albany county bonds 2,500 bo Interest on Buffalo city bonds 2,590 00 Interest on District of Columbia bonds 3,102 50 Interest on money in the treasury g^S 04 $ 22,407 19 Payments, viz. : Paid college 19,000 00 Balance, September 30, 1888 | 3,4^7 i 9 The Cornell University. 207 XCVI^. Comptroller's Report, 1889, Page 245. Cornell University, Treasurer's Office, ) Ithaca, N. Y,, December 22, 1888. ( To the Hon. Edward Wemple, Comptroller of the State of New York: Sir: — In pursuance of the requirements of chapter 481 of the Laws of 1866, I, Emmons L. Williams, Treasurer of Cornell University, respectfully report that for the year ending November I, 1888, contracts for the sale of land, and of pine timber (land reserved), were made as follows: For 320 acres of land, for the price of % 4,13000 For the pine timber on 12,912 5- 100 acres for 312,025 13 $316,155 13 The cash receipts for the same period on account of above and of sales heretofore reported, were . . . .$811,951 51 The cash disbursements during the same period on account of taxes, expenses and re-examination of lands, were 17,411 06 State of New York, ) Treasurer. ss; Respectfully submitted, Emmons L- Williams, Tompkins County, j """ Emmons L. Williams, being duly sworn, deposes and says he is the Treasurer of the Cornell University ; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge and belief. Emmons L. Williams. Sworn before me this 22d ] day ofDecember, 1888. J Horace Mack, Notary Public. XCVII. L,A.ws OF New York, 1889, Chapter 148. AN ACT to establish a State Meteorological Bureau and Weather Service, and to make an appropriation therefor. Approved by the Governor April 15, 1889. Passed, three-fifths being present. 208 Laws and Documents Relating to The People of the State of New York, -yepresented in Senate and Assembly, do enact as follows: Section i. There is hereby established a State Meteorological Bureau and Weather Service, which shall be under the control and management of three commissioners thereof. The State Superin- tendent of Public Instruction, the professor of Civil Engineering of Cornell University, and a competent person to be appointed by the Governor by and with the advice and consent of the Senate, whose term of office shall be three years, shall be such commissioners, who shall receive no compensation for their services as such commis- sioners. The said commissioners may appoint a competent person, who may be one of their own number, to be director of said bureau and weather service, who shall receive no compensation for his ser- vices as such director. § 2. The central station and office of said bureau and weather service for meteorological observation and experiment shall be at Cornell University. The said commissioners shall establish if prac- ticable, one or morevolunteer weather stations in each congressional district in the State,, and supervise the same, co-operating with the chief signal officer of the United States for the suitable location of stations, in order to increase the usefulness of the State and national services. The said commissioners are authorized to print monthly reports of the results and operations of said bureau and weather service and to distribute the same in such manner as they shall deem most serviceable to the people of the State. § 3. The sum of four thousand five hundred dollars, or so much thereof as may be necessary, is hereby appropriated out of any funds in the treasury not otherwise appropriated, for the purpose of carry- ing out the provisions of this act, to be paid to said commissioners, or to their order, by the Treasurer upon the warrant of the Comp- troller, upon the vouchers of the commissioners and said director; provided, however, that no part of said sum shall be paid for sal- aries for any officer or officers, but a reasonable compensation may be paid for the services of a clerk at the central office and for print- ing and other necessary and proper expenses of said commissioners. § 4. The said commissioners shall annually report to the Legis- lature their expenditures under the provisions of this act, and such other information as said commissioners may deem desirable or as the Legislature may require. § 5. This act shall take effect immediately. The Cornell University. 209 XCVIII. Appropriations for the Expenses of Holding Examinations for State Scholarships in Cornell University. — I,aws of 1889, Chapter 569. For expenses for holding examinations for commissioners' cer- tificates, State certificates, and State scholarships in Cornell Uni- versity, and for preparing and printing blanks, circulars, question papers and certificates necessary for such examination, and for printing college graduates' certificates issued by the Superintendent pursuant to chapter three hundred and thirty-one, laws of eighteen hundred and eighty-eight, , five thousand dollars. XCIX. Appropriations from Land Scrip Fund, 188,9. — Laws OF New York, 1889, Chapter 569. Pay able from the Land Scrip Fund Revenue. For the Cornell University, twenty thousand dollars, pursuant to chapter five hundred and eighty-five of the laws of eighteen hun- dred and sixty-five. C. Appropriation from the Land Scrip Fund, 1890. — Laws OF New York, 1890, Chapter 84. Land Scrip Fund Revenue. For the Cornell University, twenty thousand dollars, pursuant to chapter five 'hundred and eighty-five ofthe laws of eighteen hundred and sixty-five. CI. Appropriation from the General Fund, 1890. — Laws OF 1890, Chapter 84. For expenses of holding examinations for commissioners' certifi- cates, and State scholarships in Cornell University, and for prepar- ing and printing blanks, circulars, question papers and certificates necessary for such examinations and for printing college graduates' certificates issued by the superintendent pursuant to chapter three hundred and thirty-one of the laws of eighteen hundred and eighty- eight, five thousand dollars. 210 , Laws and Documents Relating to CII. Appropriation from the General Fund, 1890. — lyAWS OF 1890, Chapter 295. For the State Meteorological Bureau and Weather Service, to be expended under the direction of the commissioners thereof, the sum of four thousand five hundred dollars, or so much thereof as may be necessary for the prosecution of its vs'ork, to the close of the next fiscal year, pursuant to the provisions of chapter one hundred and forty-eight of the laws of eighteen hundred and eighty-nine. cm. CONGESSIONAI, INDUSTRIAL FUND. AN ACT to apply a portion of the proceeds of the public lands to the more complete endowment and support of the colleges for the benefit of agriculture and the mechanic arts established under the provisions of an act of Congress approved July second, eighteen hundred and sixty-two. Be it enacted by the Senate a7id House of Representatives of the United States of America in Congress assembled. That there shall be, and. hereby is, annually appropriated, out of any money in the Treasury not otherwise appropriated, arising from the sales of pub- lic lands, to be paid as hereinafter provided, to each State and Ter- ritory for the more complete endowment and maintenance of colleges for the benefit of agriculture and the mechanic arts now established or which may be hereafter established, in accordance with an act of Congress approved July second, eighteen hundred and sixty-two, the sum of fifteen thousand dollars for the year ending June thir- tieth, eighteen hundred and ninety, and an annual increase of the amount of such appropriation thereafter for ten years by an addi- tional sum of one thousand dollars over the preceding year, and the annual amount to be paid thereafter to each State and Territory, shall be twenty-five thousand dollars to be applied only to instruc- tion in agriculture, the mechanic arts, the English language and the various branches of mathematical, physical, natural and economic science, with special reference to their applications in the industries of life and to the facilities for such instruction: Provided, That no money shall be paid out under this act to any State or Territory for the support and maintenance of a college where a distinction of race The Cornell University. 211 or color is made in the admission of students, but the establishment and maintenance of such colleges separately for white and colored students shall be held to be a compliance with the provisions of this act if the funds received in such State or Territory be equitably divided as hereinafter set forth: Provided, That in any State in which there has been one college established in pursuance of the act of July second, eighteen hundred and sixty-two, and also in which an educational institution of like character has been established, ormaj' be hereafter established, and is now aided by such State from its own revenue, for the education of colored students in agriculture and the mechanic arts, however named or styled, or whether or not it has received money heretofore under the act to which this act is aU' amendment, the L,egislature of such State may propose and report to the Secretary of the Interior a just and equitable division of the fund to be received under this act between one college for white students and one institution for colored students established as aforesaid, which shall be divided into two parts and paid accord- ingly, and thereupon such institution for colored students shall be entitled to the benefits of this act and subject to its provisions, as much as it would have been if it had been included under the act of eighteen hundred and sixty-two, and the fulfillment of the fore- going provisions shall be taken as a compliance with the provision in reference to separate colleges for white and colored students. § 2. That the sums hereby appropriated to the States and Terri- tories for the further endowment and support of colleges shall be annually paid on or before the thirty- first day of July of each year, by the Secretary of the Treasury, upon the warrant of the Secre- tary of the Interior, out of the Treasury of the United States, to the State or Territorial treasurer, or to such officer as shall be desig- nated by the laws of such State or Territory to receive the same, who shall, upon the order of the trustees of the college, or the insti- • tution for colored students, immediately pay over said sums to the treasurers of the respective colleges or other institutions entitled to receive the same; and such treasurers shall be required to report to the Secretary of Agriculture and to the Secretary of the Interior-, on or before the first day of September of each year, a detailed statement of the amount so received and of its disbursements. The grants of moneys authorized by this act are made subject to the legislative assent of the several States and Territories to the purpose 212 Laws and Documents Relating to of said grants: Provided, That payments of such installments of the appropriation herein made as shall become due to any State before the adjournment of the regular session of legislature meeting next after the passage of this act shall be made upon the assent of the governor thereof, dul3' certified to the Secretary of the Treasury. § 3. That if any portion of the moneys received by the designated officer of the State or Territory for the further and more complete endowment, support, and maintenance of colleges, or of institutions for colored students, as provided in this act, shall, by any action or contingency, be diminished or lost, or be misapplied, it shall be replaced by the State or Territory to which it belongs, and until so replaced no subsequent appropriation shall be apportioned or paid to such State or Territory; and no portion of said moneys shall be applied, directly or indirectly, under any pretense whatever, to the purchase, erection, preservation, or repair of any building or build- ings. An annual report by the president of each of said colleges shall be made to the Secretary of Agriculture, as well as to the Secretary of the Interior, regarding the condition and progress of each college, including statistical information in relation to its receipts and expenditures, its library, the number of its students and professors, and also as to any improvements and experiments made under the direction of any experiment stations attached to said colleges, with their costs and results, and such other industrial and economical statistics as may be regarded as useful, one copy of which shall be transmitted by mail free to all other colleges further endowed under this act. § 4. That on or before the first day of July in each year, after the passage of this act, the Secretary of the Interior shall ascertain and certify to the Secretary of the Treasury as to each State and Terri- tory whether it is entitled to receive its share of the annual, appro- priation for colleges, or of institutions for colored students, under this act, and the amount which thereupon each is entitled, respect- ively, to receive. If the Secretary of the Interior shall withhold a certificate from any State or Territory of its appropriation the facts and reasons therefor shall be reported to the President, and the amount involved shall be kept separate in the Treasury until the close of the next Congress, in order that the State or Territory may, if it should so desire, appeal to Congress from the determination of the Secretary of the Interior. If the next Congress shall not direct The Cornell University. 213 such sum to be paid it shall be covered into the Treasury. And the Secretary of the Interior is hereby charged with the proper admin- istration of this law. § 5. That the Secretary of the Interior shall annually report to Congress the disbursements which have been made in all the States and Territories, and also whether the appropriation of any State or Territory has been withheld, and if so, the reasons therefor. § 6. Congress may at any time amend, suspend, or repeal any or all of the provisions of this act. Approved, August 30, 1890. CIV. Comptroller Case. — College Land Scrip Income. The following decision is reported in 117 N. Y., page 549 : The People ex rel. Cornell University , Appellant, v. Ira Davenport, Comptroller, etc.. Respondent. The purpose ofrthe act of Congress of 1862 (Chap. 130, U. S. Laws of 1862) donating public lands to the States "which may pro- vide colleges for the benefit of agriculture and the mechanic arts," was to provide a fund from the sale of the public lands or the land scrip, of which the State should be the trustee and the safety of which should be guaranteed by it; the whole interest of the princi- pal fund to be used for the purposes mentioned without deduction of any costs, charges or expenses af any kind, so that ' 'the entire proceeds shall be applied without any diminution whatever" to said purposes. When this State, by the act of 1863 (Chap. 460, Laws of 1863), accepted the donation it assented to the terms and conditions imposed by Congress and obligated itself to comply therewith, and by the terms of said act expressly assumed the obligation. The State, however, did not guarantee and is not obligated to pay interest at the rate specified in the act of Congress (five per cent.) if it is unable to obtain investments of the character named yield- ing that amount; it simply is required to pay over what it receives, undiminished by any charges for premiums or commissions paid in procuring investments. 214 Laws and Documents Relating to The legislature having by the charter of Cornell University (Chap. 585, Laws of 1865), provided a college for the purposes specified in the act of Congress and appropriated to it the income of the land scrip fund, it became and is the sole beneficiary of the trust, and as such is entitled to the benefits derivable therefrom. While the comptroller isjustified in refusing to issue his warrant for any payments out of the income, save as authorized by the statutes of the state, even though the state has failed to comply with the terms and conditions of the congressional enactment, and while the courts in deciding a case where the power and duty of the comptroller are in question are to be guided by the State statutes, yet in construing'a statute making an appropriation the said act of congress and the act of the State legislature accepting the trust are to be considered. Accordingly held, that the terrn "revenue" in statutes of the State (Chap. 185, Laws of 1881; Chap. 270, Laws of 1882) making appropriations to said University from the ' 'revenue' ' of the land scrip fund, included all the revenue received from bonds purchased for an investment of the funds, without diminution by reason of expenses of investment or premiums paid on sucU bonds; that the comptroller was bound to issue to the university his warrant on the treasurer for the amount of such revenue, not exceed- ing, however, the amount appropriated by said statutes, and was not justified in charging against the income the premiums and com- missions paid in the purchase of the bonds; and that the university was entitled to a mandamus to compel the comptroller to so issue his warrant. But held, that the warrant could not be required for any greater sum than that actually paid into the treasury, arising from the rev- enues of the trust fund and for which the appropriation had been made. It seems, it is the duty of the State to make the appropriation necessary to pay the premium upon the bonds, and so keep thfe principal of the trust fund intact. In re McGraw (i 1 1 N. Y. 66) dis- tinguished. People ex rel. Cornell University v. Davenport (30 Hun 177) mod- ified. (Argued December 16, 1889; decided January 14, 1890.) Appeal from the order of the General Term of the Supreme Couft The Cornell University. 215 in the third judicial department, made July 2, 1883, reversing an order of the Special Term, denying a motion of the relator herein for a mandamus and directing the issuing of a mandamus as here- inafter specified. This is a case agreed upon in a controversy submitted without action. In such submission the following are the material facts: On the second day of July, 1862, the United States Congress passed an act donating public lands to the several states and territories which might provide colleges for the benefit of agriculture and the mechanic arts. By such act an amount of public land was appor- tioned to each state equal to thirty thousand acres for each seiirator and representative in Congress to which the state might be entitled, and this land was apportioned, as was stated in the act, for the ben- efit of agriculture and the mechanic arts. This land was to be sold by the state receiving it and the moneys which were received as the purchase price of such sale, were to be invested by the state in stocks of the United States, or of this state, or in some other safe stocks yielding not less than five per cent, per annum upon the par value of said stock, and the moneys so invested were to constitute a perpetual fund, the capital of which was to remain forever undi- minished, and the interest of which was to be by the terms of the act inviolably appropriated to the endowment, support and mainte- nance of at least one college where the leading object should be to teach such branches of learning as relate to agriculture and the mechanic arts, in such manner as the legislatures of the states might respectively prescribe, in order to promote the liberal and practical education of the industrial classes in the several pursuits and pro- fessions in life. By the third section of the act it was enacted that all the expenses of management, superintendence, and taxes of the date of selection of said lands previous to sale, and all expenses incurred in the man- agement and disbursements of the moneys which might be received therefrom, should be paid by the states to which the lands belonged out of the treasury of such states, "so that the entire proceeds of the sale of said lands shall be applied without any diminution what- ever to the purposes hereinafter mentioned." The grant of the land by the Congress, under the act above men- tioned, was in and by section five of such act, made on the condi- tions stated therein, and provided that ' 'the previous assent of the 216 Laws and Documents Relating to several states shall be signified by legislative acts." Among those conditions was one which provided that if any portion of the fund invested or any portion of the interest thereon, should by any action or contingency be diminished or lost, it should be replaced by the state to which it belonged, so that the capital of the fund should remain forever undiminished; and the annual interest should be regularly applied, without diminution, to the purposes mentioned in the act. It was also provided that no state should be entitled to the benefits of the act, unless it should express its acceptance thereof by its legislature within two years from the date of its approval by the president. On the third of May, 1863, the legislature of the state of New York passed an act (chap. 460, I,aws of 1863) entitled "an act rela- tive to the lands granted to this state by the act of Congress entitled "An act donating public lands to the several states and territories which might provide colleges for the benefit of agriculture and the mechanic arts," approved July, 1862, and the sale thereof and the investment of the proceeds of such sales. ' ' By section one of this act the Comptroller of the state was authorized to receive from the authorities of the United States the land scrip to be issued for the lands granted to the state by the act of Congress above mentioned, and the Comptroller was to give all necessary receipts and acknowl- edgments for the scrip which might be so received by him. By the second section the Comptroller was authorized, with the approval of the officers named therein, from time to time, as he might deem proper, to sell the said land scrip, or any part thereof, for cash, or for stocks of the United States, or of the states, or some other safe stocks, yielding" not less than five per cent, upon the par value of said stocks, and to execute all necessary and proper transfers thereof. By section third of the act the Treasurer was authorized to pay on the warrant of the Comptroller out of any moneys in the treas- ury, not otherwise appropriated, all the expenses of management and superintendence, and taxes, if any, from the selection of said lands previously to their sale; and also all expenses incurred in the management and disbursement of the moneys which might be received therefrom, and of all incidental matters connected with or arising out of the care, management and sale of the said lands; so that the entire proceeds of the sale of said lands should be applied, The Cornell tiniversity. 217 without any diminution whatever, to the purposes mentioned in the said act of Congress. Provision was made by the fourth section for investing the moneys which might be received on the sale of the said lands or land scrip, in stocks of the United States, or of this state, or in some other safe stocks yielding not less than five per centum per annum on the par value of said stocks; and the money so invested was to constitute a perpetual fund, the capital of which shQUld remain forever undiminished, except as provided for in and by the said act of Congress. Subsequent to the passage of this state statute and on the 27th day of April, 18.65, the legislature passed an act to establish the Cornell University and to appropriate to it the income of the sale of public lands granted to this state by Congress on the second day of July, eighteen hundred and sixty-two, also to restrict the operation of chapter five hundred and eleven of the laws of eighteen hundred and sixty-three. By the sixth section of such act it was provided that the income, revenue and avails which should be received from the investments of the proceeds of the sale of the lands, or of the scrip therefor, or any part thereof granted to this state by the act of Congress (^above mentioned) were thereby appropriated to, and should from time to time, as the same might be received, be paid over to the trustees of the Cornell University, for its use and behoof, in the mode and for the purposes defined in said act of Congress. By the tenth section of the act, all payments made under the act out of the treasury of the state, were to be made by the treasurer on the warrant of the Comptroller out of the special fund on deposit with the treasurer, arising from the receipt of the income, and rev- enue, and avails of the proceeds of the sales of the lands or of the scrip already mentioned. The University thus incorporated, and to which the avails of the sales of the lands and scrip above mentioned were to be paid, was also in and by the ninth section of the act compelled to annually receive students, one from each assembly district of the state, to be selected as provided in the act, and was to give them instruction in any or in all the prescribed branches of study, in any department of said institution, free of any tuition fee or any incidental charges to be paid to said university. By virtue of the acts above mentioned, and by compliance with 218 Laws and Documents Relating to the terms and conditions named therein, the relator, the Cornell University, became, and ever since has been, and now is the sole beneficiary of the trust created by the act of Congress, and the act of the state accepting the same, and as such is entitled to the bene- fits derivable therefrom. In 1881, the principal of the trust fund above mentioned became settled and fixed at $473,402.87, and is designated and known as the college land scrip fund. In that year and by chapter 185 of the laws of that season, the legislature "appro- priated $25,000 to Cornell University payable from the college land scrip fund; the language and form of the clause in said act making such appropriation is as follows: " Payable from the College Land Scrip Fund Revenue. Fof the Cornell University, twenty- five thousand dollars." And in 1882, chapter 270, there was appropriated as follows: ' 'Payable from the Land Scrip Fund Revenue. For the Cornell University, twenty-five thousand dollars." * * •S(: i(i -^ The following is a correct statement in regard to the college land scrip fund, and its income or revenue from and including October ist, 188 1, to February loth, 1883, as shown by the books arjd records of the office of the Comptroller of the State of New York: Principal sum ' $473,402 87 Balance of revenue in the treasury October i, 1881 . . 3,203 47 Total income during the fiscal year ending Sept. 30, 1882 20,074 27 Total revenue available during fiscal year ending Sept. 30, 1882 $ 23,277 76 There is charged as payment from that fund during that time to Cornell University . $ 18,700 00 For premium and interest on U. S. bqnds purchased 721 08 19,421 08 Leaving a balance of revenue in treasury Oct. ist, 1882 $ 3,856 66 .The above item of $721.08 for "premium and interest" is made up as follows: Premiums. $718 61 Interest accrued 2 47 $ 721.08 The Cornell University. 219 On the first day of October, 1882, there was to the credit of the principal of the college land scrip fundthesumof$262,309.i2 unin- vested, and on the 2d and loth days of said month the Comptroller purchased $200,000 of United States four per cent, bonds paying therefor out of this fund the sum of $238, 394.81, including premiums, interest and commissions. Of this amount ($238,394.81), $200,000 is charged as a payment out of the principal fund, and the balance, viz.: $38,394.81, is charged as a paynlent out of the revenue account. At the time of making this last charge there was standing to the credit of the revenue account of this fund only the sum of $3,901.66, and after making such charge the revenue account stood on the books of the ■ Comptroller as overdrawn to the amount of $34,493.15. Since the purchase of said bonds and the making of the above charge against the revenue account there has been paid in as interest and put to the credit of the revenue account of said fund the sum of $7,280.76; and there has been invested in purchase of three and one- half per cent. Albany county bonds $10,000 of principal at a cost to the revenue account of $116.66 for accrued interest, and $200 for premium, leaving the account at this date, viz.: February loth, 1883, still overdrawn to the amount of $27,529.05, and capital unin- vested $52,309.12. The item of $38,394.81 paid in October, 1882, for interest, pre- miums and commissions, is made up as follows: Interest accrued $ 131 5^ Premiums 38,013 30 Commissions 250 00 $ 38,394 81 The Comptroller declines to make any further payments to Cor- nell University from the revenue already received, and hereby declares his intention and future policy to be, not to make any pay- ments to the University from the future income of said trust fund until after the revenue therefrom shall have first made good the revenue account for the drafts made upon it as stated above for interest, premiums and commissions on investments already made. * * * The investments, and each and all of them, made by the Comp- troller of said fund were the best investments that could be made 220 Laws and Documents Relating to by him of the moneys so invested and the same draw the most rev- enue obtainable therefrom. * * - * It is claimed on behalf of the relator that it is in any event annu- ally entitled to five per cent, income on the principal fund whether the fund actually earns that amount or not, and as much more as the fund actually does earn. The -relief sought is peremptory mandamus directing the Comptrol- ler to draw his warrant on the treasurer for $28,640.29 payable out of the college land scrip fund to the relator, said sum being five per centum upon the whole capital for the two years ending September 30, 1883, less $18,700 paid the relator during the fiscal year ending September 30, 1882. The Special Term denied a motion for a mandamus and from that order the relator appealed to the General Term. That court modi- fied the order of the Special Term and granted the motion for a mandamus, directing the Comptroller to deduct out of the income received by him a sum made up upon this principle: a certain amount of the annual income was to be retained by the Comptroller and placed at interest, so that by the time the principal of the bonds representing the investment became due, there would be in his hands, arising from this sinking fund, a sum sufficient to make the revenue account good for the amount that had been taken from it in payment of the premium upon the bonds purchased by him, the balance of the amount was to be annually paid to the University. The relator insisting upon its claim to be paid the amount of at least five per cent, on the principal sum of $473,402.87, has appealed from the determination of the General Term to this court. S. D. Halliday, For Cornell University, App'lt. Chas. p. Tabor, Atty. Gen'l, for Comptroller, etc., Resp'ts. Peckham, J.: We agree with the learned General Term that in deciding this case we are to be guided by the statutes of our own state, and if under those statutes the Comptroller was not authorized to make the payment as demanded by the relator, he was justified in his refusal, even though the State had failed to comply with the terms and conditions of the act of Congress donating the land to it. That would be a matter between the Federal government and the state, The Cornell University. 221 which the comptroller would have no right to decide for himself. The view taken by the learned judge who wrote the opinion at the General Term, would, we think, apply with great force to the ordin- ary case as between tenant for life and remainderman of a fund to be invested in the ordinary way of trust funds. Such is the case assumed by him and such are the principles laid down in Farwell v. Tweddle (lo Ab. N. C. 94). In construing the meaning of the word ' 'revenue' ' as used in the appropriation acts of 1881 and 1882, already quoted, other facts than the mere appropriation of money vn.'s.y be regarded, and it is proper not only to look at the previous state statutes passed upon the sub- ject of the land grant of Congress and its acceptance by legislative action, but also to carefully read the act of Congress donating the land, as that act is the foundation upon which all our state statutes upon the subject are based. This may be done for the purpose of determining what was the true intent of the legislature when it appropriated these sums from the "revenues" of the trust fund. The clear purpose of the act of Congress can not be mistaken. It was to provide a fund from the sale of the public lands or of the land scrip, of which the state should be the trustee and the safety of which should be guaranteed by it, and the whole interest of the principal sum was to be used for the purposes mentioned in the act, without the deduction of any costs, charges, or expenses of any name or nature. The whole actual earning of the fund was to be used for this purpose, and all expenses of management or disburse- ments were to be paid by the state which received the donation, so that in the language of the Federal legislature, "the entire proceeds of the sale of said lands shall be applied without any diminution whatever to the purposes' ' thereinafter mentioned. With this leg- islation of Congress thus plainly set forth in the act of donation, the state by accepting the donation by legislative act, took upon itself to comply and it has assented to the terms and conditions of the act, upon which the donation was made. In the fifst act of the legislature upon this subject, *it provided that the treasurer, on the warrant of the Comptroller, should from time to time pay, out of any moneys in the treasury not otherwise appropriated, all the expenses of management, and superintendence, and taxes, if any, from the selection of said lands previous to their sale; and all expenses incurred in the management and disbursement of the mon- 222 Laws and Documents Relating to eys which might be received therefrom, and of all incidental mat- ters connected with or arising out of the care, management and sale of the said lands; so that the &n\.\rQ proceeds of the sale of said lands should be applied, without any diminution whatever, to the purposes mentioned in said act of Congress. ' ' This language is plain, and it shows the legislative intent to fully comply with the conditions contained in the act of Congress. It only required subsequent appropriations to pay over the entire pro- ceeds of the trust fund to the beneficiary, and in this way the pur- pose of the Federal act and of this state statute, would be fully car- ried out. In the same act the legislature also provided for the investment by the Comptroller of these trust funds in stocks of the United States, or of this state, or in some other safe stocks, yielding not less than five per cent, of the par value of said stocks, and the moneys so invested were declared to constitute a perpetual fund, the capital of which should remain forever undiminished, except as pro- vided for in and by said act of Congress. And in the act incorporating Cornell University the statute pro- vided for the payment to the University of all the income, revenue and avails received from the investment of the proceeds of the sale of the lands or of the scrip therefor, or for any part thereof, granted to the state by the act of Congress above mentioned. Bearing in mind the relations between the Federal and State gov- ernments upon the subjects of this land grant, and that Cornell University has received the trust fund on the conditions heretofore mentioned, we are in a position to inquire intelligently what was meant by the legislature when it used the language it did in appro- priating moneys for the University in the years 1881 and 1882. In each of those years the legislature appropriated $25,000 to the Cornell University and in making such appropriations it used this language: payable from the college land scrip "fund, revenue, for the Cornell University, $25,000." What did it mean by the use of such language? Did it mean that the revenues of the trust fund were only such revenues aS remained after the payment from them of those very expenses, which by the terms of the act of Congress, and by its own legislative act in accepting the land grant, the State was itself bound to pay, or did it mean that in accordance with both the act of Congress and its own plain legislation upon that subject, theretofore adopted and passed the term "revenue" included all the The Cornell University. 223 revenue arising from the bonds purchased, without diminution or substraction by reason of expenses for investment or premiums paid on such bonds and that all such interest should in good faith be paid by it to this University which it had established and which was to receive the benefits accruing by reason of this act of Congress? We think plainly it meant the latter. The state had not only received the lands and had thus become possessed of this trust fund, upon the conditioas already mentioned, and by its legislation had accepted such conditions, but in its act creating this University and as a part consideration for its donation to it of the interest on this fund, it had required that the University should annually receive one hun- dred and twenty-eight students, that is one from each assembly dis- trict, who should be gratuitously instructed by it in any or in all the prescribed branches of study in any department of said ins^u- tion. Thus at the end of four years, and from that time on there would be, if all the places were filled, five hundred and twelve stu- dents availing themselves of gratuitous instruction from this insti- tution. That certainly is a large item and must necessarily be a heavy burden to be borne, by it, and it was undoubtedly placed upon it by the state because of the fact that the University was to receive the revenue arising from the large sum above referred to, free and clear of all expense in relation to it. The effect of the opposite construction is stated in the language of the case when it says that if this action of the Comptroller is justified, Cornell Uni- versity will be deprived wholly of the income from this fund for nearly two years. In our opinioii the Comptroller was not justified in charging upon his books the sum of thirty-eight thousand and odd dollars against the income for the purpose of taking for the state such income as might accrue in the future until it amounted to that sum. Whatever amount it was necessary then, or may be necessary hereafter to expend in the way of premiums for invest- ments for this fund, comes within the plain meaning of the acts of this state already referred to, and such amounts are expenses con- nected with the management and maintenance of the fund, which should be made good by the state by an appropriation from its treasury. In this way the principal is kept intact with the whole income as payable to the University, and it is the only way in which it can be done. Although the Comptroller was not justified in charging this amount to the revenue account, yet still this court 224 Laws and Documents Relating to cannot grant relief in the way of a mandamus for any greater sum than is actually in the treasury and which arises from the revenues of that trust fund and for which an appropriation has been made. The Comptroller purchased $200,000 of bonds, upon which he receives interest, and he paid a large premium for them. Whether he charges that premium to the principal or to the income, has no effect whatever upon the fact that he receives as interest upon that particular investment but f 8,000. The whole of that amount is revenue within the meaning of that word as used in these statutes, having reference to all the circumstances already set forth. We therefore differ with the General Term so far as to say that the whole of the interest received should be paid by the Comptroller under the language used in these appropriations up to the amount in^ch year actually appropriated, and no part of it should be set apart for the purpose of making good the charge of the Comptroller against the income of the fund. It is the plain duty of the state to itself make the appropriation necessary to pay the premium upon the bonds purchased, and to thus keep the principal of the trust fund entirely and absolutely intact, and to appropriate to the Uni-' versity every dollar of income. But if it did not perform its duty, this court cannot compel the Comptroller to pay out any funds for which the appropriation has not been actually made, nor can it coriipel him to pay to pay to the University any greater sum than he has actually received as interest from the bonds which he pur- chased or the other investments in which the trust fund remains. We agree with the General Term that the Comptroller could not pay under the language of these appropriations any greater sum than he actually received as interest, and we do not think that the state is liable to pay any greater sum than it was enabled to receive by reason of its investment of the trust fund in safe stocks, as men- tioned in the act of Congress and in the statutes of our own state. In preparing the opinion in the McGraw case (III N. Y. 66), reference was incidentally made to the duties of the state in connec- tion with the trust fund. The subject arose while discussing the claim of the University that all the moneys arising from the Cor- nell contract of 1866, therein referred to, formed part of the trust fund which belonged to the state, the interest of which was to be paid to the University. It was then stated that such a claim, if well founded, cast a great responsibility upon the state, and the The Cornell University. 225 requirements of the statute were then substantially recited as to the investment and payment of interest. The language of the opinion cannot be said. to adjudge. the point that the state was to guarantee the payment of the five per cent, interest, as the guaranty had ref- erence to the principal sum, which was to be kept intact, while the interest on an investment was assumed to be at the rate of five per cent., and it was all to be paid to the University without any deduction. But there was no question of this nature before the court in that case, and none such was decided. The state could not obtain at par bonds of the character described in these acts, paying interest at the rate of five per cent, and we do not think, in view of the language, both of the act of Congress and of the statutes of the state, that the latter is liable at all events to ensure to the University five per cent, upon the amount of the trust fund, irrespective of the rate which it is enabled to receive by investing the fund in bonds of the character named in the legisla- tion, both state and national, upon the subject. We therefore modify the order of the General Term and direct the Comptroller to issue his warrant for the payment to the Uni- versity of all the interest from the investment remaining in his hands up to the amount of the $25,000 appropriated in each year respect- ively. If the amount is not agreed upon the order can be settled on notice. "All concur, except Finch, J., not sitting." In compliance with the foregoing decision there was appropriated in the year 1891 and paid to Cornell University the sum of $89,383.60, being the amount in full of the income of the College Land Scrip Fund which the state up to that time had retained and used to pay premiums and other expenses incident to the investment and man- agement of that fund. CIV^. Comptroli,ee's Report, 1890, Page 30. College Land Scrip Fund. This fund consisted of the following items on 30th September, 1889: 226 Laws and Documents Relating to Six per cent, canal deficiency loan, redeemable in 1891 $ 28,600 00 Four per cent. United States registered bonds, redeema- ble in 1907 211,800 00 Buffalo city bonds, 7 per cent., redeemable in 1916 . . 22,000 00 Buffalo city bonds, 7 per cent., redeemable in 1917 . . 15,000 00 Albany county bonds, five per cent., redeemable in 1896 43,000 00 Albany county bonds, three and one-half per cent., redeemable October i, 1901 10,000 00 District of Columbia bonds, three and sixty-five one- hundredths per cent., $35,000; cost . 33.993 75 District of Columbia bonds, three and sixty-five one- hundredths per cent, (par value) 50,000 00 Money in the Treasury 59.009 12 $473,402 87 Tke Following Statements Show the Money Transactions of the Year. CAPITAL. Receipts, viz.: Balance in the Treasury October I, 1888 $ 59,009 12 Payments, viz. : . None. Balance in the Treasury September 30, 1889 $ 59,009 12 REVENUE. Receipts, viz.: Balance in Treasury October i, 1888 $ 3,407 19 Interest on United States bonds 8,472 00 Interest on State stock 1,716 00 ■Interest on Albany county bonds 2,500 00 Interest on Buffalo city bonds 2,590 00 Interest on District of Columbia bonds 3,102 50 Interest on money in the Treasury 943 39 $ 22,731 08 Payments, viz.: Paid college $ 19,634 83 Balance, September 30, 1889 • $ 3.096 25 The Cornell University. 227 CIV^. Comptroller's Report, 1890, Page 225. Cornell University, Treasurer's Office, ) Ithaca, N. Y,, December 16, 1889. ( To the Hon. Edward Wetnple, Comptroller of the State of New York: Sir: — In pursuance of the requirements of chapter 481 of the Laws of 1886, I, Emmons L. Williams, Treasurer of Cornell University, respectfully report that for the year ending November I, 1889, contracts for the sale of land, and of pine timber (land reserved), were made as follows: For 397 60-100 acres of land, for the price of $ 3,865 00 For the pine timber on 4,409 65-100 acres for 58,820 23 $ 62,685 23 The cash receipts for the same period on account of above sales and sales heretofore reported, were . . . $502,406 16 The cash disbursements during the same period on account of taxes, expenses and land examination were 16,363 61 Respectfully submitted, Emmons L. Williams, State of New York, ) ^ Treasurer. Tompkins County, j ^ ' Emmons L. Williams, being duly sworn, deposes and says he is the Treasurer of the Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it' is founded, and that the same is correct and true to the best of his knowledge and belief. Emmons L. Williams. Sworn before me this i6th ] day of December, 1889. j Horace Mack, Notary Public. CV. Appropriations from Land Scrip Fund, 1891. — Laws OF New York, 1891, Chapter 144. Land Scrip Fund Revenue. For the Cornell University, twenty thousand dollars, pursuant to chapter five hundred and eighty-five of the laws of eighteen hun- dred and sixty-five. 228 Laws and Documents Relating to CVI. JvAws OF New York, 1891. — Chapter 56. AN ACT to provide for the payment of moneys arising from the grants by the United States of public lands and funds for the endowment, support and maintenance of colleges, for the benefit of agriculture and the mechanic arts, to the Cornell University. Approved by the Governor March 10, 1891. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section i. The treasurer of the state is hereby designated as the officer of the state to receive the grants of moneys to be paid to the treasurer, or other officer designated by the laws of the state, in pur- suance of an act of the Congress of the United States, entitled ' 'An act to apply a portion of the proceeds of the public lands to the more complete endowment and support of the colleges for the bene- fit of agriculture and the mechanic arts, established under the pro- visions of an act of Congress, approved July second, eighteen hun- dred and sixty-two," approved August thirtieth, eightefen hundred and ninety; and the assent of this state is hereby given to the pur- pose of said grants, and to all the terms and conditions thereof, as specified in such act of Congress. § 2. The treasurer of this state shall keep the account of all mon- eys hereafter received by him in pursuance of such act of Con- gress, in a separate fund to the credit of the Cornell University, and shall pay all such moneys immediately upon the receipt thereof by him to the treasurer of the Cornell University, upon the warrant of the Comptroller, issued upon the order of the trustees of the Cor- nell University in pursuance of said act of Congress. § 3. The sum of fifteen thousand dollars, heretofore paid to the treasurer of this state, in pursuance of such act of Congress, is hereby appropriated, to be paid by the treasurer of the state to the treasurer of the Cornell University, out of the fund to which the same may be credited, upon the warrant of the Comptroller, issued upon the order of the trustees of the Cornell University, in obedience to the requirements of said act of Congress. § 4. The balance of the income of the college land scrip fund, received by the state prior to October first, eighteen hundred and eighty-nine, and aot heretofore paid over to the Cornell University, The Cornell University: 229 and reported by the comptroller of this state, in his communication to the senate, dated March thirty-first, eighteen hundred and ninety, to be payable to the Cornell University in accordance with the decision of the court of appeals in the action entitled ' 'The People ex rel Cornell University, appellant, against Ira Davenport, Comp- troller, respondent," decided by the court of appeals January four- teenth, eighteen hundred and ninety, and reported in volume one hundred and seventeen of the New York reports at page five hun- dred and forty-nine, and amou,nting to the sum of eighty-nine thousand three hundred and eighty-three dollars and sixty-six cents, is hereby appropriated to be paid by the treasurer of the state, out of any moneys in the treasury not otherwise appropriated, to the treasurer of the Cornell University upon the warrant of the comptroller, issued upon the order of the trustees of Cornell Uni- versity, reciting that the same shall be in full of all claims or demands of the Cornell University against the state for or on account of the income of the college land scrip fund, received by the state prior to October first, eighteen hundred and eighty-nine, except for the sum of three thousand and ninety-six dollars and twenty-five cents, the balance of such income in the treasury of the state upon October first, eighteen hundred and eighty-nine. § 5. This act shall take efiect immediately. CVII. Appropriation for Meteorologicai, Bureau and Weather Service at Cornell University. — I^aws of 1891, Chapter 302. For the State Meteorological Bureau and Weather Service, to be expended under the direction of the commissioners thereof, the sum of four thousand five hundred dollars, or so much thereof as may be necessary, for the prosecution of its work to the close of the next fiscal year, pursuant to the provisions of chapter one hundred and forty-eight of the laws of eighteen hundred and eighty-nine. 230 Laws and Documents Relating to CVIII. Appropriation for the Expense of Holding Exam- inations FOR State Scholarships in Cornell Univer- sity. — Laws of 1891, Chapter 144. For the expenses of holding examinations for commissioners' cer- tificates, state certificates, and state scholarships in Cornell Univer- sity, and for preparing and printing blanks, circulars, question papers and certificates necessary for such examinations, and for printing graduates' certificates issued by the superintendent pursu- ant to chapter three hundred and thirty-one of the laws of eighteen hundred and eighty-eight, five thousand dollars. CIX. Comptroller's Report, 1891, Page 8. • College Land Scrip Fund. This fund consisted of the following items of 30th September, 1890: Six per cent, canal deficieiicy loan, redeemable in 1891 % 28,600 00 Four per cent. United States registered bonds, redeem- able in 1907 211,800 00 Buffalo city bonds, .seven per cent., redeemable in 1916 22,000 00 Buffalo city bonds, seven per cent., redeemable in 1917 15,000 00 Albany county bonds, five percent., redeemable in 1896 43,000 00 Albany county bonds, three and one-half per cent., redeemable October i, 1901 . . . 10,000 00 District of Columbia bonds, three and sixty-five one- hundredths per cent., $35,000; cost 33.993 75 District of Columbia bonds, three and sixty-five one- hundredths per cent, (par value) 50,000 00 Money in the Treasury 59,009 12 $473,402 87 The Following Statements show the Money TrMsadions of the Year. capital. Receipts, viz.: Balance in the Treasury October I, 1889 $ 59,009 12 Payments, viz.: • None. Balance in the Treasury September 30, 1890 1 . . . . $ 59,009 12 The Cornell University. 281 REVENUE. Receipts, viz.: Balance in the treasury October i, 1889 f 3,096 25 Interest on United States bonds 8,472 00 Interest on State stock 1,716 00 Interest on Albany county bonds 2,500 00 Interest on Buffalo city bonds 2,590 00 Interest on District of Columbia bonds 3, 102 50 Interest on money in the treasury 934 05 $ 22,410 80 Payments, viz.: Paid college $ 19,326 55 Balance, September 30, 1890 $ 3,084 25 ex. Comptroller's Report, 1891, Page 212. Cornell University, Treasurer's Office, 1 Ithaca, N. Y., December 9, 1890. ) To the Honorable, the Comptroller of the State of New York: Sir: — In pursuance of the requirements of chapter 481 of the laws of 1866, I, Emmons 'L,. Williams, treasurer of Cornell University, respectfully report that for the 5'ear ending November i, 1890, con- tracts for the sale of land and of pine timber (land reserved) were made as follows: For 964 82-100 acres of land, for the price of $ 9,849 00 For the pine timber on 1,364 22-100, for 12,661 00 $ 22,510 00 To cash receipts for the same period on account of above sales, and sales heretofore reported, were $470,572 91 To "cash disbursements during the same period, on account of taxes, expenses and land examinations, were 18,836 17 Respectfully submitted, Emmons L. Williams, I Treasurer. 232 Laws and Documents Relating to State of New York, | Tompkins County, J ®®' Emmons L. Williams, being duly sworn, deposes and says that he is the treasurer of the Cornell University; that he has read the foregoing report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge and belief Emmons L. Wili^iams. Sworn before me this 8th ) day of December, 1890. j Horace Mack, Notary Public. CXI. Comptroller's Report, 1891. College Land Scrip Fund. This fund consisted of the following items on 30th September, 1891: Four per cent. United States registered bonds, redeema- ble in 1907 $211,800 00 Buffalo city bonds, 7 per cent., redeemable in 1916 . . 22,000 00 Buffalo city bonds, 7 per cent., redeemable in 1917 . . 15,000 00 Albany county bonds, five per cent., redeemable in 1896 43,000 00 Albany county bonds, three and one-half per cent.., redeemable October i, 1901 10,000 00 District of Columbia bonds, three and sixty-five one- hundredths per cent., $35,000; cost 33,993 75 District of Columbia bonds, three and sixty-five one- hundredths per cent, (par value) 50,000 00 Money in the Treasury 87,609 12 $473,402 87 The Following Statements Show the Money Transactions of the Year. CAPITAL. Receipts, viz.: Balance in the Treasury October I, 1890 $ 59,009 12 •Principal of canal deficiency loan 28,600 00 $87,609 12 Payments, None. Balance in the Treasury September 30, 1891 $ 87,609 12 The Cornell University. 233 REVENUE. Receipts, viz.: Balance in Treasury October i, 1890 $ 3,084 25 Interest on United States bonds 8,472 00 Interest on State stock 1,716 00 Interest on Albany county bonds 2,500 00 Interest on Bufifalo city bonds 2,590 00 Interest on District of Columbia bonds 3, 102 50 Interest on money in the Treasury 981 84 Transfer from General Fund, under chapter 56, I,aws of 1891 89,383 66 $111,830 25 Payments, viz.: Paid Cornell University $108,383 66 Balance September 30, 1891 $ 3,446 59 CXII. Comptroller's Report, 1891. Cornell University, Treasurer's Office, ) Ithaca, N. Y., December 21, 189 1. \ To the Honorable, the Comptroller of the State of New York: Sir: — In pursuance of the requirements of chapter 481 of the Laws of 1866, I, Emmons L. Williams, Treasurer of Cornell University, respectfully report that for the year ending November I, 1891, contracts for the sale of land, and of pine timber (land reserved), were made as follows: For 2,004 30-100 acres of land, for the price of . . . . $ 23,953 7i For timber on 14,764 12-100 acres for 138,54800 Si62,5oi 71 The cash receipts for the same period on account of above sales and sales heretofore reported, including interest, were $402,899 03 The cash disbursements during the same period on account of taxes, expenses and land examinations were 19,899 22 Respectfully submitted, Emmons L,. Williams. 234 Laws and Documents. State of New York, "■} SS: Tompkins County Emmons L. Williams, being duly sworn, deposes and says he is the Treasurer of the Cornell University; that he has read the fore- going report, and carefully examined the books and accounts upon which it is founded, and that the same is correct and true to the best of his knowledge and belief. Emmons L. Williams. Sworn before me this 21st ) day of December, 1891. j Horace Mack, Notary Public. CXIII. FisKE Will Case. Theapimonain tke matter of the estate of Jennie McGraw Fiske are very voImmnauSj and will, therefcae, not be published in full. They contain much that is interesting in regard to the relations of Cornell University to the College Land Grant. It was decided in this case that Cornell University could not take and hold the legacy in the will of Jennie McGraw Fiske; because at the time oi her death, September 30th, r88r, the University already held property in excess of the amount then authorized by its charter. The charter has been amended in that respect by a statute passed in 1883 hereinbefore set out, and now the capacity of the University to take is unlimited. It was also decided in this case that the "Cornell Endowment Fund" belonged absolutely to the Cornell University, entirely free from the trusts and restric- tions-contained in the congressional act of 1862 from which the fund was originally derived. For opinions in full see 4.^ Hun, page 354.; Ill N. Y., page 66, and ij6 U. S. , page i§2. For a detailed history and description of the land scrip assigned to the state of New York under the congressional act, see the find- ings and decision in full of the surrogate of Tompkins county in the printed records on appeal in the Fiske case (Vol. i., P. 784). Also "History of the Agricultural College Land Grant of July 2, 1862," all of which can be found in the University library or business office.