Report Of The Trustees To The General Assembly

Author : Committee on Pennsylvania State College
Publisher : Forgotten Books
ISBN 13 : 9781333598006
Total Pages : 388 pages
Book Rating : 4.5/5 (98 download)

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Download or read book Report of the Committee of the General Assembly Appointed, at the Request of the Board of Trustees, to Investigate the Affairs of the Pennsylvania State College, Under a Joint Resolution Approved April 28, 1881 written by Committee on Pennsylvania State College and published by Forgotten Books. This book was released on 2016-09-15 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Report of the Committee of the General Assembly Appointed, at the Request of the Board of Trustees, to Investigate the Affairs of the Pennsylvania State College, Under a Joint Resolution Approved April 28, 1881: With the Laws and Decrees of Court Relating to Said College By the act of April 3, 1872, the Legislature, in partial consideration Of the small price received from the land scrip, directed the issue of a single bond of the Commonwealth for the sum bearing interest at six per cent., running fifty years from date, and the interest meanwhile to be paid to the State college. It will be seen from the foregoing statement that the proceeds of the land grant on which the college is now receiving interest is 30. The remainder of the was made up of 20 premium on the securities in which the last-mentioned amount had been invested, 50 contributed by the State. The income of the last two amounts, aggregating 75, constitutes the only fund on which the college can draw for repairs, improvements, new construction, and all other necessary demands of a similar kind. The income from the land-grant fund must be used, under the act of Congress, for strictly edu cational purposes. The total amount of this income, from 1866 to 1831, we find to have been 12; while the amount actually expended for the support and maintenance of the college during the same period was 82. Of the last-named sum was devoted to the mainte nance of the experimental farm, which, under the act of Congress, seemed to be properly regarded as a point Of the educational equipment Of the insti tution. It is evident, therefore, whether this item be deducted or not, that not only the income from the land-grant fund but a large sum in addition, has been legitimately expended in compliance with the requirements of the United States law. The remaining contributions of the State to this col lege have been as follows: Fifty thousand dollars in 1859 and in 1861, for the erection of buildings; in 1870 for building on the Eastern Experimental farm, and in 1878 for the removal of a mort gage debt upon the property. This debt has been incurred owing to the great increase in the cost of building occasioned by the war, and after the original contractors had been forced to abandon their undertaking. We find no question in any quarter that the above-named appropriations were applied to the uses for which they were intended. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.