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Caption: Book - History of the University (Powell)
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Laws Concerning the University of Illinois 585 private entry, at one dollar and twenty-five cents or lew per acre- And provided further, That not more than one million acres shall be located by such assignees in any one of the states. And provided further, That no sueh locations shall be made before one year from the passage of this act. Sec. 3. And be it further enacted, That all the expenses of management, superintendence, and taxes from date of selection of said lands, previous to their sales, and all expenses incurred in the management and disbursement of the moneys which may be received therefrom, shall be paid to the states to which they may belong, out of the treasury of said states, so that the entire proceeds of the sale of the said lands shall be applied, without any diminution whatever, to the purposes hereinafter mentioned. Sec. 4. And be it further enacted, That all moneys derived from the sale of lands aforesaid, by the states to which the lands are apportioned, and from the sales of land scrip hereinbefore provided for, shall be invested in stocks of the United States, or of the states, or some other safe stocks, yielding not less than 5 per cent upon the par value of said stocks; and that the money so invested shall constitute a perpetual fund, the capital of which shall remain forever undiminished (except so far as may be provided in section five of this act), and the interest of which shall be inviolably appropriated by each state, which may take and claim the benefit of this act, to the endowment, support, and maintenance of, at least, one college, where the leading object shall be, without excluding other scientific and classical studies, and including military tactics, to teach such branches of learning as are related to agriculture and the mechanic arts, in such manner as the legislatures of the states may respectively prescribe, in order to promote the liberal and practical education of the industrial classes in the several pursuits and professions in life. Sec. 5. And be it further enacted, That the grant of land and scrip hereby authorized, shall be made on the following conditions, to which, as well as to the provisions hereinbefore contained, the previous assent of the several states shall be signified ^legislative Acts:
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