Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 18]

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University of Illinois

could from time to time, re-invert in tecuritics bearing a larger rate of interest, when'good and >atY investment of thai kind presented thenuelve*. (Mar. 11, 1868; I. 129) The permanent funds have Uen increased durinv* the past MAT l>y the sale of 50,000 acres of land scrip for $44,821.o<), and by the sale of I Ml acres of the Griggs farms for $9,600.00. The entire fund, including these additions now amounts to $363,421.60, and the estimated income from the same to $27,01)2.00. The Treasurer's report will exhibit in detail the investments of this fund. [Report of the Regent] (Mar. 7, 1871 ; IV, 63) A large amount of our funds has remained invested in six per cent. State Bonds. This amount can be quite safely invested in good county lionds yielding ten per cent. I submit whether the increase of the wants and expenses of the University do not require an immediate change to be made in these investments. [Report of the Regent] (Mar. 7, 1*71 ; IV. 64) 3d.—To exchange our State six per cent, bonds for county nine or ten per cent, as soon as practicable. Wc have been losing about $3,000.00 annually, by reason of our failure to make this exchange. If practicable, we must avoid this loss for the future. [Report of the Regent] (Mar. 12, 1872; V, 67) . . . . the University owns 25,000 acres of well selected lands in Minnesota and Nebraska. It has also endowment funds invested in State and county bonds amounting to $319,000, besides other property and avails, valued at $33,000. (June, 1874; VII, 17) The Chicago fire caused a failure of the appropriation expected to be made at the adjourned session (of the State Legislature) in 1872 for the completion 1 of the main building. To meet the emergency, and to save the State and the University from great loss, the trustees determined to borrow temporarily from the endowment fund, the $60,000 of the Champaign county donation which had been placed in that fund, and to expend the same in finishing the work. They trusted that a wise and just legislature would recognize the emergency created by the failure in promised appropriation and would reimburse the impaired endowment. In 1873 the petition was accordingly presented, but owing to causes whose history must be told elsewhere, the appropriation was made only for the $15,000 found necessary to complete the building leaving the University crippled in its annual resources by the loss of this part of its endowment. (Dec. 10, 1873; VII, 72) At least $65,000 of your endowment, used in completion of the main building, in anticipation of the appropriation promised by the Legislature, but never given, ought to be restored, with interest, and such I doubt not will be the decision of some future Legislature. (Mar. 14, 1875; V I I I , 151)

'University - S ! ! - « At W e • r f i ? S f * l o n i n 1 8 7 1 t h c 9«»««1 Assembly aryropriated Hall. «# die first session t7C AIM Rfor rthe erection of a main buililui to coat not exceeding $150,000 when completed.9* Vl tK $75,000 K The understanding was that at an adjourned session, in November, another t7$.00a00 would he appropriated for the building; but October 9th came thc Chicago i . . ( M d M Urtf appropriations were made for the relic! of the city, at a special session called si once for the purpose, that at the adjourned atMion in November no further appropriation wc* aaa f 0 r i r l e hlcl . & MriTfgfc- • 5 S J L l i f t L j O T K P « P W l plsu, atiu contracted for th fraction of a building to cost $150 000.00. Thereupon ... order that tl, on.truttion of the building, which was greatly needed. .might not be delayed, hinds given lo, the pmpecc ot act-tiring the location of the I mversitv in I ihans * e u»ed t«. continue the work it a a a i conhdently expected that the next General Aseemhly would redeem the promise „f >t» predecfaaor and reimburse the TinverMty for tin expenditure nt fund* utiied it had honed to hold as a part of Its endowment. Ih \>• - tatiou was not ieali/rd </ > . iav# /'•.,»../ State* and Staff of Win t Com ,-tnina thr L nneriitv of III, HOI I luilatrv * tOiftsi .... a.

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