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Caption: Book - 16 Years (Edmund James)
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The Income of the University 19 The federal land-grant act of 1862 provided that if any portion of the fund created by that act, or of the interest thereon, should be diminished or lost, it must be replaced by the state to which it had belonged. Accordingly, upon the defalcation of the treasurer of the University in 1897, the State assumed the liability for the endowment fund and has since paid interest thereon semi-annually at the rate of 5% per annum. The appropriation of this interest could properly be classed either as a State or a Federal appropriation, but has been considered in this chapter as an item of the income from the Federal government—the original source of this fund. It was therefore not included in the table of state appropriations, although two special appropriations, $92,949.38 and $5,000, respectively, necessitated by the loss of the working income in 1897 through the defalcation already mentioned, were so included. The sums thus far appropriated by the State as interest on the endowment fund are as follows :9 INTEREST ON ORIGINAL ENDOWMENT FUND—1897-1917 1897 1899 1901 1903 1905 1907 1909 1911 1913 1915 1917 1919 Total $24,250.03 53,013.51 49,921.44 60,149.16 62,091.16 63,580.42 64,661.23 64,880.36 64,841.28 64,901.00 64,901.32 64,901.32 $702,092.23 The phrase " o r as much thereof as may be necessary" is regularly included in the act by which the appropriation is made. The sums actually received by the University have usually been somewhat less than those represented by the above figures.
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