Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 13]

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Land Grant Endowment

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I It was ordered that the sale of scrip made by the Committee to Messrs. Lewis and Co., be confirmed, and that they proceed to collect the money due from them for the amount sold. (Mar. 8, 1870; III, 88) The 50,000 acres of land scrip which was unsold at our last meeting, and which the Chairman of this committee and the Treasurer were authorized to sell at discretion, were sold to G. F. Lewis at 89 cents per acre. He has paid for 8,000 acres, hut wishes to abandon the contract. Your Committee recommend that he be held strictly to his contract. (Mar. 8, 1870; III, 92) It will he remembered that at our last annual meeting, we were instructed, with the Treasurer, to enforce the provisions of a contract then existing with G. F. Lewis, for the sale of 50,080 acres of land scrip at 89|/2 cents per acre, ($44,821.60). After considerable correspondence in regard to the matter we received payment as per contract. (Mar. 15, 1871; IV, 107) I [Regent] recommend that we take measures: 1st.—To sell at once the 25,000 acres of scrip still remaining, and invest the same in good county bonds. (Mar. 12, 1872; V, 67) The committee approve the recommendation of the Regent in reference to the sale of 25,000 acres of scrip still remaining unsold, and recommend that the Regent, Treasurer, and Chairman of the Finance Committee be instructed to make the sale as early as possible, and for the best attainable price, and to invest the proceeds in safe interest-paying bonds. They also approve his recommendation in reference to the sale of wild lands belonging to the University, except, that in their opinion, the minimum price should be fixed at $2.50 per acre. (Mar. 13, 1872; V, 127) The balance of scrip, amounting to 24,480 acres, was disposed of as per instructions, at the annual meeting, March, 1872, at one dollar per acre, and proceeds invested in Champaign County Bonds at par. (Mar. 11, 1873; VI, 112)

LOCATION AND SALE OF UNIVERSITY W I L D LANDS

Resolved, That the Regent, Treasurer and Finance Committee be instructed to take immediate steps to ascertain the practicability of obtaining timber lands easily accessible by water communication, and that if, in their judgment, a judicious location of such lands can be made they be authorized to do so to the extent of one hundred thousand acres. (May 8, 1867; I, 37) The Regent and Mr.' Goltra proceeded to Minnesota, and, after a careful inspection, located about sixteen thousand acres in that State. At a later date, Mr. Goltra proceeded to Nebraska, and located about nine thousand acres; making in all, located to this time, something over twenty-five thousand acres. Mr. Goltra expresses his opinion that thirty thousand acres, in addition, can be advantageously located during the next four months; and that, by talcing a little further time, the balance, to make the entire amount of one hundred thousand acres, can be well located. (Nov, 26, 1867; I, 67) Mr. Plagff moved that the Treasurer and Imance Committee be authorb 1 to local- iff to except tnnemy-fivc thousand additional acre* of the scrip

(Nov. 27, 1867; 1. W)