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Caption: Book - History of the University (Powell)
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Seminary and College Funds 161 tions of land, designated for a particular purpose and capable of furnishing an adequate fund for the establishment of a seminaiy of learning were thrown on an already overstocked market and all but four and one half sections were sold. Of this amount all but three tracts went at the minimum price as might have been expected since there was comparatively little demand for land at that time and hence little competition at the auction. In all 43,200 acres were sold, the proceeds of which amounted to only $59,838.72. By legislative act, it was provided on February 7, 1835, that the interest on the seminary fund should be loaned annually to the common schools. This arrangement continued until 1857 when the interest on the fund was finally turned over to the state normal university at Normal.18 On February 21, 1861, the four and one half sections which had not been sold were given to the Illinois agricultural college at Irvington. This land was sold and brought $58,000, but the legislature of 1871 was forced to bring suit against the college because of improper management of the fund and part of the land was recovered and sold at auction in 1879.14 By legislative act of 1873 the entire interest on this fund was given to the state normal university, but this was changed by an act of 1877 so that the income was divided between the two normal schools.15 The utter wastefulness of the entire transaction is apparent at once. In the first place the land was sold nearly three decades before there was any legitimate reason for establishing a fund, fon there was no institution of learning on which to expend the money nor was there any particular demand to establish one. Then, too, by selling the land in large quantities at a time when Section 2. The Commissioners of the School fund of the State, shall annually loan to the school fund the interest of the College and Seminary funds, to be added to the interest of the school and township funds, for distribution among the several schools in the State established under this law." Laws of 1885, p. 22-24. In 1839 one fourth of one per cent of the interest on this as well as the college and school fund were given annually to the Asylum for the deaf and dumb at Jacksonville. Laws of 1889, p. 164. Laws of 1857, p. 300. w The Irvington attempt is fully described on p. 173. "Laws of 1861, p. 9-11; Laws of 1871-181$, p. 790; Laws of 1873, pi 23. Uli
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