Repository: UIHistories Project: Board of Trustees Minutes - 1872 [PAGE 131]

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The engine for the new mechanical shops, cost about $760. A Eider cut-off of same size, or a Corliss engine, working steam on the same principle, would have cost, unless discounted to us, about $1,150. Much work has been done in fitting up the new shops, which- greatly benefit the department, although not appearing as a money profit, and should the general account not make a favorable exhibit, this may serve as the explanation. When we consider the objects of the shop as educational instead of remunerative, I regard them as amply paying, and the facilities, now or soon at hand, leave but little to be desired. Everything, from the originating of new designs to the tightening the last screw, including moulding and casting in iron and brass, is now being performed by the students in the shop-practice classes. Although the financial profit of the shop, should not be ignored, still I believe a shop, when regarded as part of an institution of learning, and necessary for advancing its educational interests, its educational facilities should be regarded as of first importance. To make the shop a necessarily paying adjunct to the Institution may detract from, or even cripple its efficiency in accomplishing its legitimate work. Shops are generally expected to pay, but why, necessarily, more than a laboratory, when part of a University. The shop offers excellent facilities for experimenting, which I believe can very properly be regarded as a perfectly legitimate employment, and a much more profitable one than mere money making, and it is hoped that some experiments may be allowed to be undertaken before a very distant day. Most respectfully, S. W. ROBINSON.

The report from the Committee on Finance was read by the Chairman, Judge A. M. Brown :

REPORT OF COMMITTEE ON FINANCE.

The Finance Committee, to whom was referred that portion of the Regent's report relating to the finances of the University, and the reports from the committees on Agriculture, Horticulture and Mechanics, beg leave to make the following report: The committee approve the recommendation of the Regent in reference to the sale of the 25, 000 acres of scrip still remaining unsold, and recommend that the Regent, Treasurer and Chairman of the Finance Committee be instructed to make the sale as early as possible, and for the best attainable price, and to invest the proceeds in safe interest-paying bonds. They also approve his recommendation in reference to the sale of the wild lands belonging to the University, except, that in their opinion, the minimum price should be fixed at $2 50 per acre. They have considered the subject of increasing the charge to the students for incidental expenses, to $5 per term, and have concluded that the change is not advisable at present. They also recommend that the Regent, Treasurer and Chairman of the Finance Committee be instructed to exchange our 6 per cent. State bonds for good, safe county or municipal bonds, bearing a higher rate of interest. The resources of the University, available for the current year, actual and estimated, are as follows: Interest on land notes '' bonds Matriculation and In. fees Receipts from farm 44 Horticultural department 44 Mech. and Car. shops 1 ' rent Balance in treasury belonging to general fund $600 00 31, 500 00 5, 000 00 4t 500 00 i j 900 00 4,000 00 1,000 00 3) 000 00

$51, 500 00 The expenses for the year, as estimated, and for which appropriations should be made, are as follows: Regent's salary $4, 000 00 Four Professors, at $2,000 /. 8,000 00 Five Professors, at $1, 800 9, 000 00 Course of Agricultural lectures 1, 000 00 French teacher 800 00 Drawing teacher's salary 1, 500 00 Lectures on Con. and Com. law 500 00 '4 Yet. science 600 00 Librarian and assistant 600 00 Private secretary 600 00 Treasurer 500 00 $27,100 00