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Caption: Book - History of the University (Powell)
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280 History University of Illinois sequexitly an evasion was resorted to. This money, or as much of it as was needed, was transferred to the funds for improvements and other expenses, the irregularity being excused in the following way: it was ordered that the money arising from the sale of scrip, or a sufficient sum thereof, be invested in the bonds of Champaign county held by the board as a part of the bonus paid, and those bonds be transferred to the permanent endowment as the representative of the money so used. This done the board was in possession of the funds necessary in the preparation for the opening of the university.14 But just what did the necessity for such skillful manipulation cost the university? It must be confessed that it came high. Cornell college which did not part with its lands, because of the generous money gifts of Ezra Cornell, in time came to enjoy a magnificent sum through the increase in value of its federal land endowment. Illinois might have enjoyed such an income had the tender of McLean county which was two hundred thousand dollars higher than that'of Champaign been accepted. The report of the federal bureau of education of 1874 shows that m that year 454, 560 of the 480,000 acres granted by congress to Illinois had been sold at a price averaging seventy cents per acre. It is not necessary to point out how great a treasure was lost.15 The board then turned its attention to the building and the grounds it had acquired. Both were uncompromisingly ugly, "Cunningham manuscripts and also First annual report of the board of trustees, 37-45. "The money obtained by the sale of land scrip donated for the Illinois industrial university was invested as follows according to the report of the bureau of education of 1874. Sangamon county 9% bonds Morgan county 10% bonds Pike county 10% bonds Chicago water 7% bonds Kankakee county 10% bonds Putnam county 10% bonds Champaign county 10% bonds Illinois state 6% bonds Balance due scrip account $50,000 $25,000 $80,000 $24,961.80 $29 700 $13*000 $116,000 $31,653.84 $319,315.14 178.87
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