have added to them, with no detriment to design, an intermediate and preparatory fe ing the main purpose of the Branches, wi fraction of their expense. True, no means versity Fund can be appropriated in such a it required a pretty broad construction of th to do it in the case of the Branches. [For ar statement of the Superintendent's views u ject, see pages 16 to 18 of his Report for 18 45 to 63 of his Report for 1857, recently pul volume.] At the organization of the University, no seventy-two sections had been sold, except of $5,000 by the Trustees of the old Univ $5,000 means existed with which to put the institu tion. But everything could be done by bor State was borrowing on its own account, to b canals, and a State prison, and loaning its cre railway companies. It could do no less for E it did for locomotion; and in 1838, $100,000 v for which the State gave its bonds, payab years. This was reloaned to the Universi agreement that the principal and interest wa from the income of the University lands, a State, though nominally a principal in refe loan, was really only an agent and endorser versity. With this understanding, the busi several years conducted, and the interest p funds of the University; when a singular place, as will be seen hereafter. About $122, est and discount, has been paid upon this whole original sum-save $1,000-is still (in against the State. Such is the economy of But it met the necessities of the case; the bu erected, and in 1841 the University was duly as an acting institution. their primary o portion of the t to the amount iversity, and no tution in operaorrowing. The o build railways, redit to private Education than O was borrowed, able in twenty rsity, with the was to be paid and that the eference to the er for the Uniusiness was for paid from the ar change took 22,000, in inters loan, and the in 1858) a debt of borrowing! buildings were ly inaugurated The sales of University lands commenced in 1837; and Nov. 30th, 1841, had reached about two hundred thousand dollars, at an average price of $17 42 per acre. Of this, $37,043 22 had been paid in, and loaned principally to several counties, for ten years. The total receipts for interest to this time, were about fourteen thousand dollars, and the interest on the two hundred thousand dollars was the only available resource of the University, except the hundred thousand dollars loan, which was then about exhausted; while the interest on the loan had already reached the sum of eighteen thousand dollars. The first year in which the lands were offered for sale, the sales were $149,140 51; but the financial revulsion that followed, not only diminished the sales, but rendered purchasers unable to pay their interest; and the receipts of interest, which in 1838 were $8,920 23, were but $2,203 29 in 1841. The interest due the University Fund, from accumulated arrears, was over thirty-three thousand dollars. Added to these unavailable resources, upon which to rely for the coming year, was $13,550 88 accruing interest, of which, like that already past due, it was expected very little would be paid, and that little mainly in State scrip of depreciated value; also, $11,445 18 of the hundred thousand dollars loan rendered unavailable by the failure of the Bank of Michigan. The estimated expenses for the coming year, including fifteen hundred dollars for the branches, and six thousand to meet the interest on the hundred thousand dollars loan, were $16,724. The minimum price of University lands, was twenty dollars per acre. In April, 1841, this was reduced to fifteen dollars; yet but 616 acres were sold during the year; upon which $1,015 28 was paid down; and of over thirty-three thousand dollars interest due, but $2,203 29, as above stated, was paid during the year. Well might the Finance Committee report that they would "venture no estimate of the receipts for the coming year!" Their non for the coming year, including interest due the Bank of Michigan, were reported to be $ this sum, $10,572 74 was paid during the ye The expenses of the University were kept reipts only by the closest economy. In this year, 1842, the minimum price lands was still further reduced to $12 per close of the year, there were five branches in cluding one in connection with the Univers students, male and female. The year previo was 210. Those who apprehend so much co-education of the sexes in the University have manifested any apprehension in ref branches. But two hundred dollars each, was for the support of the branches this year. their expense was met by tuition fees. The University consisted of Rev. JOSEPH WHITI WILLIAMS, DOUGLAS HOUGHTON and ABRA these, Messrs. Williams and Sager are still the institution.) To the 1st of December, 1842, the sales lands amounted to 13,013 acres, for $220,496 3,422 acres which sold for $77,293 92, had bee non-payment of interest; of which 969 acres sold for $13,914 95. The purchasers found the same dilemma with the purchasers of P lands-perhaps worse, as they had bound th only to pay a higher price, but probably hig tion to their real value. And to them the I It is proper to say that the reports for several years, in the early his and even up to within six or eight years past, are often very conflict the State Treasurer reports "Received for interest on University land Yeaned $9,946 45." The Superintendent of Public Instruction reports, ments, Receipts on interest for the year, $10,572 74." On page 292 says, "The amount received by the State Treasurer, on account of inte reported at $10,959 53." The author of this article, therefore, will not v for the absolute correctness of the figures, but they are at least near e general purpose in view, of showing the condition of the University. Ominal resources ne, and funds in = $58,210 63. Of wear.* pt within the re e of University r acre. At the in operation, inersity-with 174 ous, the number h danger from a ity, seem not to eference to the was appropriated The balance of ne Faculty of the TING, GEORGE P. AM SAGER. (Of ill Professors in tended the same relief.* The law of 1842 provided for the appraisal of University lands that had been sold for $20, or more per acre-none, however, to be valued at less than $12 per acre-and the amount of reduction was to be credited to the principal due. The result was, that in the same year the aggregate of credits to purchasers amounted to $34,651 17. This, with the forfeitures, reduced the fund $111,945 09. The account stood thus: This sum afterward became further reduced, till it amounted to only $131,290 60. In the Report of the Superintendent of Public Instruction for this year, (1842,) he states the total receipts into the State treasury, for principal and interest, of both the University and Primary School Funds, from the first sales to that time, to be.. $278,905 97 And the disbursements and cash then in the treasury,... 256,582 39 What had become of the.. $22,323 58 the Superintendent could not tell. About one-third of the *See pages 5-7, on the subject of Primary School lands. deficiency is chargable to the "profit and loss account the University. The interest to accrue for the coming year, 1843, w that in arrears, would amount to $62,264 17; yet, with these nominal resources, the Board of Regents expres the fear that enough might not be realized to meet the penses; although they had reduced the estimates to starvation point of $2,700, exclusive of $6,000 to pay annual interest on the loan. In 1843, a settlement was effected with the Bank Michigan, and the balance due the University, $9,204 was liquidated, principally in real estate in the city of 1 troit. In the meantime, the Michigan State Bank, w which was deposited $6,000 to meet the accruing ann interest on the hundred thousand dollars loan, had fail and that sum was rendered unavailable. Of the $62,264 due for interest, only $7,526 57 was paid during the yea The close of the year found the institution over twel hundred dollars in debt for current expenses, though th had been kept within the estimate above. Well might t Regents report the prospects even more gloomy than the time of their last previous report! In this year the State Land Office was organized, a the direct control of the lands, hitherto in the hands of t Superintendent of Public Instruction, was transferred that Department. In the first Report of the Commission of the Land Office, he says: "Upon an examination the books transferred to this office, it was soon perceiv that their keeping was deficient in system, and incapab of affording exact and perfect information of the busine transactions of the Department." This should not nece sarily be understood as a reflection upon the former Supe intendents of Public Instruction, whose integrity and fait fulness has never been questioned; but it shows with wh *This is as reported by the Commissioner of the Land Office. In the Superintendent's port for 1851, it is stated to have been $5,427 03. The former is probably the correct amou |