Repository: UIHistories Project: Board of Trustees Minutes - 1880 [PAGE 170]

EXTRACTED TEXT FROM PAGE:

168

MEETING OF THE BOAED OP TKUSTEES, JUNE 11, 1879.

The Board met at the University parlor, at 3 o'clock P. M. Present—Messrs, Cobb, Gardner, Mason, McLean, Millard and Scott. Absent—Governor Cullom, Messrs. Brown, Byrd, Conkling and Fountain. The records of the last meeting were read and approved, Mr. Millard then presented the following report from the committee on endowment and income:

To the Trustees of the Illinois Industrial University: GENTLEMEN: Your committee, the undersigned, appointed at the last meeting to investigate the question of income for the University, beg leave to report, as follows: Your Eegent suggested to the Board three possible sources by which the revenue of the University might De increased: First—An increase of term fees. Second—The application of the College and Seminary Funds, granted to and held by the State. Third—The enactment of a law granting to the University a fraction of a mill tax on the valuation of taxable property in the State. Your committee deem it their duty to say that the one need of the University at the present time is a larger annual income for the proper support and maintenance of the Institution in all its departments. The State of Illinois has accepted the donation of lands made by Congress in 1862, and has generously appropriated money at different times to erect buildings and establish the University on a broad basis. The assumption of the trust and the investments of the moneys thus far appropriated seem to make it obligatory upon the State to maintain this Institution to the full extent of its designed usefulness, and your committee fully believe that when the condition of our University is properly placed before the Legislature of this State, prompt action will be taken to aid the University, and place it upon a sound and permanent financial footing. As to the first suggestion, the increase of term fees, your committee cannot recommend any action in that direction, as such relief, if relief it be, must be of little aid, and your committee feel that it would result in actual loss and discredit to the University. The nearer a free school, the better its credit and usefulness. We recommend no increase of term fees. As to the second suggestion, viz: Seminary or College Funds, your committee report the following facts: In the year 1818 Congress passed an act entitled "Enabling the People of Illinois to form a State Constitution." In Sec. 6 of that Act, it is provided that certain propositions be offered to the convention of Illinois Territory for their free acceptance, or rejection, and if accepted, shall be obligatory upon the United States and the State. One of the propositions was in terms as follows: "3d. That five per cent, of the net proceeds of the lands lying within such State, and which shall be sold bv Congress, from and after the first day of January, 1819, after deducting all expenses incidental to the same, shall be reserved for the purposes following, viz: Two-fifths to be disbursed under the direction of Congress in making roads leading to the State, the residue to be appropriated by the legislature of the State for the encouragement of learning, of which one-sixth part shall be exclusively bestowed on a college or university."