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Caption: Book - History of the University (Powell)
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The University Located 269 county committee in its report included in the law of February 28, 1867, at $450,000. There came to the treasury of Champaign county one hundred and forty-seven lots, the residue of those unsold and turned over to Champaign county by Stoughton and Babcock in May, 1867.29 A local newspaper of the time estimated them as being worth $50,000. As lots were actually selling in this addition during these years as shown from the record that estimate was about double their value. Of the other four hundred and seventyseven lots that had been laid off a few—perhaps twenty-four— had been included in the seminary grounds, some had gone with shares to stockholders, the great bulk of them had been sold by Stoughton and Babcock during the years 1860 to 1867. The records show that many sold f roril $50 to $250 a lot. Apparently 80 acres of the original one hundred ninety-three and ninetenths acres were not platted tmd undoubtedly were sold separately. Above is shown what Champaign county actually paid for the property it gave the state. What did the county, township, cities, and citizens actually appropriate for the purpose of obtaining the industrial university? Prom a careful comparison of records and reports the following seem to be certain: appropriated by the county supervisors in December, 1864, $5,000, October, 1865, $100,000, April 10,1867, $100,000, a total of $205,000; appropriated by the townships of Urbana and Champaign in March 1867, $45,000 of which amount only $30,878.99 was spent ;30 appropriated by the councils *See deed of Stoughton and Babcock to N. M. d a r k , trustee for the county, Book 9, p 152. the plot being in Book Y, p. 208. *The items for which the $30,878.99 was spent are given in a report signed by Thomas Cosgrove, W. D. Somers and C. A. Morehouse. Many of these, perhaps all, can be verified from the records of the township of Urbana and Champaign. It does not appear from this record for what purposes the $12,500 borrowed from D. Garner & Co. and $3,000 borrowed from banks were expended. This committee reported to the supervisors on April 23, 1867, that these borrowed sums were expended "judicially and cautiously'! for the location of the university* "Cash paid: To W. Campbell, for land $5,300, Jesse Burt, for land $2,210, Morris Burt, for land $ly000, National Bank, for money and interest as per note $1,047.78, D. Gardner & Co. money and interest as per note $1,047.78, Exchange Bank, for money and interest as per note $1,045.83, D. jm
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