Changes in the investments of the Capital of the Common School Fund — (Continued). The receipts on account of the revenue of the Common School Fund, during the fiscal year ending 30th September, 1866, were as follows, viz.: For support of Normal School, For maintenance of the School for colored children at Flatbush, Less amount paid from the revenue of the U. S. Deposit Fund,..... 4,175 54 4,000 00 200 00 146 75 $170,580 65 (E.) United States Deposit Fund. CAPITAL. The capital of this Fund is the amount received from the United States,.. Of this sum there remained loaned on mortgage and county bonds in $3,589, 888 79 $4,014, 520 71 Receipts on account of the Revenue of the United States Deposit Fund, from 1837 to 1866, inclusive, viz. : List of the Counties in which Losses have occurred, with the amount in each case. Payments from the Revenue of the United States Deposit Fund, on account of appropriations to Colleges, Universities, Academies, Common Schools, Teachers' Institutes, Orphan Asylums, &c., from 1838 to 1866 inclusive: Transferred from the revenue of this fund to the capital of the Common School Fund, in pursuance of chapter 237, Laws of 1838, Transferred to the capital of the Common School Fund, in pursuance of article 9 of the Constitution, Transferred to the General Fund, being proportion of surplus of the income on the 30th September, 1839,. Losses to the fund charged to 30th September 1866, Amount of revenue from 1837 to 1866, Received from the treasury, pursuant to chapter 265, Laws of 1850, 205, 000 00 $154,021 62 500, 000 00 14,334 92 118,560 48 $7, 145, 198 44 $6,388, 605 86 786,917 02 $7,175,522 88 $7,175, 522 88 Appropriations of the Income of the United States Deposit Fund, for the fiscal year ending September 30, 1867, under Chapter 476, Laws of 1866. Common Schools, including salaries of School Commissioners, . Capital of the Common School Fund, Common School Teachers for their instruction,. State Normal School, Normal and Training School at Oswego, $165,000 00 28,000 00 25, 000 00 18,000 00 Teachers' Institutes, NOTE. It will appear from the foregoing table that the net revenue of this fund from 1837 to 1866 was $7,026, 637.96. To this should be added $5, 204 for appraised value of premises remaining unsold. Deducting $35,350.21 for ascertained losses not yet transferred to the capital, and $83, 186.81 received in 1837 and 1838, leaves $6,913, 304.94 as the net revenue for twenty-eight years, being an average of $246, 903.75 per annum, or 6.15-100 per cent. The amount transferred from the revenue to the capital for losses on sales of premises, failures of title and defalcations by Commissioners, was $345, 725.07. To approximate to the actual loss the sum of $35, 350.21, being the ascertained losses not transferred, should be added, and $227, 164.59, the amount realized from sales of lands, and $5, 204, the value of premises remaining unsold deducted. This would make the loss $148, 706.69, which is less by the sum of $18,919.86 than the losses as given by counties. The difference is accounted for by sales of premises in several of the counties by the Commissioners of the Land Office for sums exceeding the amount of principal due which are not deducted in the latter statement, as it is intended to show the whole amount of losses that have occurred in each county, and also by the sums paid as interest on resales of lands bid in for the State. (F.) Literature Fund. The Capital of this Fund amounted on the 30th September, 1845, to, $268,990 57 270,452 12 $1,461 55 There also belongs to the capital of this fund 640 acres of land, in Hamilton county, valued at about seventy cents per acre. (G.) College Land Scrip Fund. The capital of this Fund on the 30th of September, 1866, consisted of the following items, viz.: State stock, 7 per cent, redeemable April 7, 1877, . Bond of Ezra Cornell, 7 per cent, redeemable Nov. 24, 1875, do do Money in the treasury, do do August 4, 1871, $64, 000 00 50,000 00 30, 000 00 440 00 $144, 440 00 NOTE.-By the act of Congress, approved July 2, 1862, it was provided that there should be distributed to the several States, out of the public lands, a quantity equal to 30,000 acres for each Senator and Representative in Congress, the income to be derived from its location and sale to be devoted to the maintenance and support of at least one Institution for the benefit of Agriculture and the Mechanic Arts. The portion to which each State was entitled, was represented by land scrip, of which the State of New York received for her share 6,187 pieces, each of 160 or 939,920 acres. By the act, chapter 511, Laws of 1883, the income and revenue to be derived from the proceeds of the sale of the lands thus granted, were directed to be paid over from time to time, to the trustees of the People's College, and appropriated for the benefit of that Institution, on the condition set forth in the act. The trustees of the People's College having failed to comply with the terms of the grant, it was transferred by the act, chapter 585, Laws of 1865, to the Cornell University. By the act, chapter 481, Laws of 1866, the Comptroller was authorized to dispose of the scrip then unsold, consisting of 5,087 certificates, to the trustees of the Cornell University, or if this should not be practicable, the Commissioners of the Land Office were empowered to dispose of it to any person or persons who would agree and give security for the performance of such agreement, that the net avails from sales of the lands, should, as they were realized, "be paid over and devoted to the purposes of such Institution or Institutions as have been or shall be created under the act, chapter 485, Laws of 1865." The trustees of the Cornell University having made no application for the purchase of the scrip, the Commissioners of the Land Office subsequently sold to Hon. Ezra Cornell, all that was then undisposed of, at the price limited in the act, 30 cents per acre, the purchaser agreeing to account for and pay over the profits as received into the treasury of the State, of which a portion, equal to 30 cents per acre, is to be added to the College Land Scrip Fund, and the balance is to form a distinct fund, to be called the Cornell Endowment Fund, to be kept and managed by the State, the principal to remain inviolate, and the income to be devoted to the support of the Cornell University. The security for the performance of the agreement on the part of Mr. Cornell, to be mortgages or assignments of the certificates of location, on the lands as located. There has been delivered to Mr. Cornell under the contract, to May 20, 1867, scrip representing 200,000 acres. This is irrespective of scrip representing 176,000 acres sold to Mr. Cornell and others, under the act, chapter 460, Laws of 1863. (H.) Expenditures and Earnings of Auburn Prison and the Asylum for the Insane Convicts at Auburn, in each fiscal year, from 1842 to 1866, inclusive, viz. : Expenditures and Earnings of the Clinton Prison in each fiscal year, from 1848 to 1866, inclusive, viz. : + Exclusive of receipts in September, 1863. Includes $76,473 85 on manufacturing account. Includes $13),729.35 on manufacturing account, and $8,070.00 for completion of road from prison to Forest Station. || Includes $182,003.65 stock on hand on manufacturing account, 30th September, 1866. penditures Excess of ex over earnings. |