The following list contains the numbers, amounts and times when payable of the several warrants drawn upon the Treasurer for the cost of erecting the building for the Law Department, and the General Library of the University, outstanding July 1, 1863: Estimated Receipts for the year ending June 30th, 1864. Balance due from State Treasurer, July 1, 1863,... $17,970 48 of interest on proceeds of University lands Estimated Expenses for the year ending June 30. 1864. If a Professor of Agriculture shall be added,...... $1,500 00 To pay outstanding Warrants for salaries and mis- 500 00 2,436 25 Law Building Warrants, past due and not presented for payment,.. 310 00 Law Building Warrants maturing during the year, 4,638 13 .... Past due interest on Law Building and General Postage,.. Printing and Binding,. 1,049 98 85 04 1,000 00 400 00 200 00 200 00 The revenues of the University are derived, first and principally from interest on the purchase money for which the University lands, donated by Congress, have been sold. Second, from the initiation fee of ten dollars, paid by each student, on becoming a member of the University. Third, from an annual tax of five dollars, paid by each student towards defraying the expenses of warming, cleaning and repairing the buildings. Its funds are situated as follows: The first of the three items or sources of revenue above mentioned is subdivided into three parts, or three different classes of instruments. The first and largest of these consists of so much of the purchase money for University lands sold, as has been received by the State, and credited to the University Fund, which on the 30th day of June, 1863, amounted to...... $310,096 20 The next item is so much of the principal of the purchase money for University lands sold as has not been paid, and is still resting in certificates of sale, which on the 30th day of June, 1863, amonnted to..... The other and smallest item consists of the loans made by the Superintendent of Public Instruction under the old constitution and laws, of moneys received for University lands sold, and amounted on the 30th day of June, 1863, to $11,500 00, of which Lenawee county owes $8,000 and Berrien county owes $3,500,..... Making the whole fund on which the University is entitled to interest at the rate of seven per centum per annum,..... The annual interest on which is, $213,071 37 11,500 00 $534,667 57 $37,426 72 The only existing source from which this endowment fund can be increased is the unsold University lands, now consisting of 2,002.95 acres, which if they can all be sold at the present price of University lands, would bring $24,025 40, and would raise the fund to $558,692 97, to which might be added the value of 1,545.30 acres of land to be yet selected to complete the two townships granted by Congress for the use and support of the University. The University has, also, some real estate in the city of Detroit held by it as a corporation, which has been bargained to the Young Men's Society of Detroit for $21,000, which they now repudiate, and suits for the interest on the purchase money are now pending before the Supreme Court. The total number of acres to which the University was entitled under the grant made by Congress, was..46,080 The number of acres selected and approved was,.. 44,534.70 Leaving the number of acres which the State has the right to, and should at once select for the University,..... 1,545.30 46,080.00 The total number of acres sold, to July 1, 1863, was 42,531.75 Leaving the number of acres unsold on that day,.. 2,002.95 44,534 70 The number of acres sold during the last year was 413.80, for $5,215 60. The University Fund has been increased during the year $31,384 71, or from $278,711 49 to $310,096 20, of which $1,303 90 was by payments on sales made during the year, and the residue, $30,080 81, by payments on former sales. The number of acres forfeited during the year is 120. The expenses charged to the University Interest Fund on the books of the Auditor General during the year, amount to $59 05. In the selection of some of the University lands parts of sections were selected for full sections, and in this way a discrepancy is made to appear between the number of sections, and the number of acres selected, the number of sections reported and certified as selected being seventy-one and a half, leaving the selection incomplete by only half a section, whereas in computing the number of acres selected and counting 640 acres to a section the selection is incomplete by 1,545.30 acres, as |