Untitled - eCommons@Cornell - Cornell University

6 FOUNDA TION AND ENDO WMENT.
"
net avails and profits from the sale of should scrip be paid over and
devoted to the purposes of Cornell University. The trustees were not
in condition to make the purchase. After some delay Mr. Cornell
agreed to take the scrip at thirty cents an acre, with an addition of
thirty cents if he should realize that sum on the sale of the land, mak
ing the following stipulation in a letter to the comptroller regarding
any profits that might accrue in excess of the purchase money :
' '
I shall most accept your views so
cheerfully
far as to consent to
place the entire profits to be derived from the sale of the lands to be
located with the college land scrip in the treasury of the state, if the
state will receive the money as a separate fund from that which may
be derived from the sale of the scrip, and will keep it permanently in
vested, and appropriate the proceeds from the income thereof annually
to the Cornell University, subject to the direction of the trustees
thereof for the general purposes of said institution, and not to hold it
subject to the restrictions which the act of congress places upon the
funds derived from the sale of college land scrip, or as a donation
from the government of the United States, but as a donation from
Ezra Cornell to the Cornell University."
The terms proposed by Mr. Cornell were accepted, and the agree
ment with the state was made August 4, 1866. The sixth paragraph
of the agreement distinguishes clearly between the "College Land
Scrip Fund"
being
the receipts from the state's sale of the land
"
and the Cornell Endowment Fund," which was to be consti
scrip
tuted by the profits made by Mr. Cornell in the management of the
lands and by his other gifts to the university. Mr. Cornell sold scrip
for three hundred and eighty-one thousand nine hundred and twenty
acres, at prices varying from eighty-five cents to one dollar per acre,
the total receipts being three hundred and fifty-seven thousand seven
hundred and forty-eight dollars and sixty-one cents. With the remain
ing scrip for five hundred and thirty-two thousand acres he located five
hundred and twelve thousand three hundred and forty-three and sixty-
five-hundredths acres ; and of the land thus located he sold one hun
dred and eleven thousand and forty-six and eighty-six-hundredths
acres for four hundred and seventy thousand three hundred and sixty-
four dollars and eighty-eight cents. The residue of the land he carried
till October, 1874, when a new agreement was made, with the consent
of the proper state officers, in virtue of which "the Cornell Univer
' '
was sity to take the place and assume the duties and obligations of
Ezra Cornell, in his contracts with the state, of November, 1865, and
August, 1866, accepting from him a conveyance of his entire interest,
and all his rights under such contracts, and of all the lands located by