Jan. 5.. From John McQueen, purchaser of the Dorr farm, Jackson county.. May 11 From Gov. C. C. Carpenter, U. S. 5 per cent. fund 1.. From Wm. S. Bennett, on sale of lot in Des Moines 13.. From John M. Davis, on sale of lot in Des Moines 22.. From Wm. T. Painter, on sale of lot in Des Moines 24.. From L. E. Ayres, on sale of lot in Des Moines... 27.. From Robt' McNulty, on sale of lot in Des Moines July 12.. From John M. Davis, balance on sale of lot........ 28.. From L. E. Ayres, on sale of lot...... Sept. 18.. From Fred. Rusie, balance note (Ead's Loan)..... 29.. From Wesley Juvenal, balance Painter note...... 1875. Mar. 18.. From Joseph Frederick, on sale of lots in Des TEMPORARY SCHOOL FUND. DATE. 1873. RECEIPTS. Nov. 3.. To balance in Treasury. Dec. 20.. From Lewis Shultz, (Eads' Loan) Jan. 2.. From Swan A. Swanson.. 3.. From J. D. & R. G. Arnold, (Eads' Loan). 3.. From Henry Banks, (Eads' Loan)...... 3.. From Abby M. Green, (Eads' Loan) 5.. From John McQueen, (Dorr Farm).. Feb. 17.. From J. W. Dorr, (Shaw Lands) 25.. From G. S. Fuller, (Eads' Loan) Mar. 7.. From Interest on State Loan...... 9.. From H. M. Close, (Eads' Loan).. 76.80 Mar. 7.. Transferred to Revenue by order State Auditor.. Mar. 11.. Transferred to Revenue by order State Auditor.. $8,050.27 9,710.24 12,551.00 13,569.92 $43,881.43 $43,881.43 Dec. 26.. From State Auditor, warrant to pay January interest on State loan.... ........... 10,500.00 1874 Jun. 26.. From State Auditor, warrant to pay July interest on State loan....... 10,500.00 Dec. 25.. From State Auditor, warrant to pay January interest on State loan....... 10,500.00 1875 Jun. 22.. From State Auditor, warrant to pay July interest on State loan........ 10,500.00 DISBURSEMENTS. 1874 Mar. 1.. By coupons State loan redeemed and cancelled.. Jan. 4.. By coupons State loan redeemed and cancelled.. Nov. 3.. To balance in Treasury.... AGRICULTURAL COLLEGE ENDOWMENT FUND. DR. CR. $11,382.13 .......... ......... Jan. 13.. From Geo. W. Bassett, Agent.......... ................... In the above account it will be seen that there is now in the State treasury $32,105.42 not invested in bonds as required by law. Your attention is called to section 3, chapter 71, Acts of the Eleventh General Assembly of the State of Iowa as follows: SECTION 3. The money arising from the sale of said lands shall be paid into the State Treasury, which shall be invested by the State Treasurer in the bonds of the State of Iowa, or United States Registered bonds, as directed by the Act of Congress granting said lands. And the moneys arising from the interest on the leases on said lands, shall be paid over to the Trustees of the Iowa State Agricultural College and Farm, to be loaned by said Board of Trustees, on good and sufficient security, until needed to defray the expenses of the College. The bonds above mentioned command a premium of from six to twenty per cent. for the payment of which no provision has been made; the law appropriating the interest for the purpose of defraying the expenses of the College, and no portion of the principal can be used in paying any expense or premiums in the purchase of bonds. In support of the above conclusions, your attention is called to that portion of the Act of Congress entitled "An Act donating public lands to the several States and Territories which may provide Colleges for the benefit of Agriculture and Mechanic Arts," approved July 2, 1862, which grant was accepted by the General Assembly of the State of Iowa, September 11, 1862, which relates to the permanent investment of all moneys derived from the sale of lands as follows: SECTION 3. And be it further enacted, That all the expense 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 by the State to which they may belong, out of the treasury of said State, so that the entire proceeds of the sales of said lands shall be applied without any diminution whatever to the purposes hereinafter mentioned. SECTION 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 sale of land-scrip herein before provided for, shall be invested in stock of the United States, or of the States, or some other safe stocks, yielding not less than five per centum, 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 fifth 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 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 of life. SECTION 5. And be it further enacted, That the grant of land and land-script hereby authorized shall be made on the following conditions to which, as well as the conditions hereinbefore contained, the previous assent of the several States shall be signified by legislative acts : First. If any portion of the fund invested as provided by the foregoing section, or any portion of the interest thereon, shall, by any action or contingency, be diminished or lost, it shall be replaced by the State to which it belongs, so that the capital of the fund shall remain forever undiminished; and the annual interest shall be regularly applied without diminution to the purposes mentioned in the fourth section of this act, except that a sum not exceeding ten per centum upon the amount received by any State under the provisions of this act, may be expended for the purchase of lands for sites or experimental farms, whenever authorized by the respective legislatures of said States. Second. No portion of said fund, nor the interest thereon, shall be applied directly or indirectly, under any pretense whatever, to the purchase, erection, preservation or repair of any building or buildings. |