Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 7]

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Land (irant Endowment Eund

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It was the intention of the Land (irant Act that the income should be used primarily for the support of the college without dissipation of the fund or interest. The use of anv of the fund or income for the purchase, erection, or repair of a building was prohibited. However, a sum not exceeding ten per cent of the amount received by the State could be used for the purchase of land sites or experimental farms. The entire proceeds oi the sale of the lands were to be used for the support of a college; all expenses incurred in the sale of lands and management of money were to be borne by the State. Furthermore, all money derived from the sale of lands or land scrip should "be invested in stocks of the United States or States or other safe stocks" yielding not less than 5 per cent interest annually. Any loss or misapportionment of invested funds or interest should be replaced by the State, so that the capital would remain forever undiminished, and the interest should be for "the endowment, support, and maintenance of at least one college,* A second major step in the realization of the college was taken when the friends of the Industrial University plan met in Springfield, June 9, 1863. They were not prepared to submit a definite recommendation, but adopted a resolution suggesting that the legislature should act cautiously and make the most of the congressional grant. Before this resolution was presented to the Legislature, the Governor adjourned the assembly, which served the industrial men equally well. Congress extended the time for accepting the Federal grants on April IS, 1864, which allowed ample time for careful consideration by Illinois. The funds had not been accepted by the State when the friends of Knox and Shurtleff Colleges introduced a bill in Congress proposing that the Agricultural Colleges of Northern and Southern Illinois be located in connection with Knox and Shurtleff Colleges.* The bill was tabled and no action taken during that session of the Legislature. The friends of the Old Industrial League met January 5, 186 in Springfield and adopted the following policies for their guidance: (1) There should be but one University established. (2) The location ihould be determined by a commission and a representative of the State Agricultural Society. (3) Candidates for public office should be pledged to support the views of the agricultural and industrial lasses. The Senate bill accepting ihr donation of the public land scrip as proposed in the Land Grant Act of 1862 wis approved b\ the Governor on February 14, 18M. % The period beginning July \ 1KM, was one of nustunt expression

Serin: Allan, ot- "/., p. 93,