Untitled - eCommons@Cornell - Cornell University

FOUNDATION AND ENDOWMENT.
Cornell University was incorporated by the legislature of the State
of New York on the 27th of April, 1865, and opened on the 7th of
October, 1868. The existence of the university is due to the com
bined wisdom and bounty of the United States, the State of New
York, and Ezra Cornell.
By an act of Congress, approved July 2, 1862, it was provided that
there should be granted to the several states public lands, "thirty
thousand acres for each senator and representative of congress, ' ' from
the sale of which there should be established a perpetual fund
interest of which shall be inviolably appropriated, each state which
by
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 includ
ing military tactics, to teach such branches of learning as are related
to agriculture and the mechanic arts, in such manner as the legisla
tures 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." The act forbade the use of any
portion of the aforesaid fund, or of the interest thereon, for the pur
chase, erection or maintenance of any building or buildings ; but the
several states claiming and taking the benefit of the provisions of the
act were required, by legislative assent previously given, "to provide,
"
within five years at least, not less than one college for carrying out
the purposes of the act.
The share of the State of New York was nine hundred and ninety
thousand acres. The scrip was delivered to the comptroller, who was
authorized, by the act passed May 5, 1863,
' '
the
to receive it and with the
approval and concurrence of other state officers to dispose of the whole
or any portion of it for cash, or for stocks of the United States or of
the states, or some other safe stocks yielding not less than five per
cent. Under this act eight thousand acres were sold at eighty-three
cents and sixty-eight thousand acres at eighty-five cents, producing
together sixty-four thousand four hundred and forty dollars. But as
other states were offering their scrip at a much lower rate, sales soon
ceased. Furthermore there was the greatest uncertainty in regard to
the disposition which the legislature might ultimately make of the
fund that was expected to accrue from the sale of the land scrip.
Meantime Ezra Cornell was of dreaming a project which he had