The fund derived from the sale of Primary School lan de ammunnie

ed Sept. 30, 1874, to...

Of this fund there is in the bands of the State.

In the hands of purchasers..

The receipts the past year from penalities for non-payment of interest, which are credited to the interest frullati

the Fund itself, amount to.

In addition to the above there is credited to the Primary School Find one half of the moneys received by the State from sales of swing lan la and impon which the State pays five per cent interest

Swamp Land School Fand Sept. 1 1873.
Half of cash sales for year ending Sept.

Total.....

Add Primary School Fund, as a cre

Total school fund...............

838.34

831

The income from this fund, including the forfeitures for .payment of interest, is.............

Amount apportioned in May, 1874. £fty cents per child.............

It is hoped that the apportionment in May, 1815, will be the same per capita, although the number of children upon which the apportionment will be made is increased 15,372 by the school eeners taken in Angust last.

The sales of school lands the past year reached 40117 acres, amounting to $24669 16. There remains unsold 49X165 acres, including 48.838 acres of indemnity school lands. In the original grant the State was to have for a Primary School Fund, as before stated, one section in each surveyed township, or the sixteenth section in each township, divided into sections of one mile square, and numbered from one to thirty-siz. But the townships on the west were fractional, having generally less than thirty-six sections; and, in many, the sixteenth section was lacking entirely. This deficiency, as agreed upon by the authorities of the State and the General Government, is 49209 sores, and the State has been allowed to select the same from any lands in the State still under the jurisdiction of Congress. The selections have been completed the past year, one-half of the amount being made in the Upper Peninsula; but patents have not yet been granted for the whole amount. The patents still due will probably be received during the ensuing year. As these are among the choicest lands in the State, it is bat simple justice to the school fund that they be placed in market at something like their real value, not to be gobbled up by speculators at four dollars per acre, as will surely be the case, unless there be some legislation to prevent it. If the 49.239 acres of selected lands were held at twelve dollars per acre, as were the University lands, it would give an additional increase to the fund of $333.012, increasing the annual interest to the extent of $21.513 84. Must the schools sufer this loss to benetit the speculators? Had the other school lands been sold according to value, and at very reasonable rates, it would have made a pleasing difference to the school fund of at least one million dollars.

Assuming that there will be realized from the remaining lands unsold an average of four dollars per acre, the increase to the fund will be $1,720,552, giving a fund of $4,868,782. But should it fall short of this, in consequence of inferior lands, that will never sell for four dollars, it is, perhaps, safe to estimate that the avails from swamp lands will eventually increase the fund to five million dollars. There the increase to the school fund must forever cease, unless, in the "good time coming," our State debt shall be extinguished, in which doubtful event the receipts from specific taxes will be added to the Primary School Fund.

UNIVERSITY FUND.

The University lands, 46,080 acres, are all sold. The fund derived from the sale of these lands is.. $543,968 21 435,529 36

Of this fund there is in the hands of the State....

And the balance is in the hands of purchasers, under the same regulations as the Primary School Fund, paying seven per cent.

The annual income from the fund is $38,010 70; to which should be added the penalties imposed for non-payment of interest by purchasers for the past year, amounting to $194 70.

AGRICULTURAL COLLEGE FUND.

The Agricultural College Fund amounted Sept. 30, 1874, to $215,785 63. From land sales in 1873, $54,177 67; from land sales in 1874, $6,639 75,less than one-eighth as much as in the former year. This marked difference in the sales may be attributed to the present financial condition of the country.

There remains unsold 169,153 acres. The number of acres sold is 70,847. At the rate at which this has been sold, there will be realized, eventually, a fund of nearly $731,000. The lands are sold at three to five dollars per acre, on the same terms as the other educational lands. As the fund pays seven per cent, an annual income of $50,000 may be derived from the same ultimately.

NORMAL SCHOOL Fund.

This fund has no means of increase. The amount is $69,284 54. By some error in calculation it was reported last year as greater, by $49 82, than it really is.

The aggregate available educational funds of the State, Sept. 30, 1874, show

as follows:

The following tabular statement indicates the amount of Primary School
Interest Fund apportioned for the past ten years, the amount per child, and
the number of children upon which the apportionment was made:

APPORTIONMENT OF PRIMARY SCHOOL INTEREST FUND MAY, 1874, AT FIFTY CENTS

PER CHILD.

The following tables show the amount of primary school money apportioned
to the townships in the several counties in May last, the whole number of
children between five and twenty years of age in the townships, and the num-
ber upon which the apportionment was made: