From sale of lands, From leases (made by former regents) From stumpage (permits given ") From interest and stumpage, Total, 52,412 49 765 36 4,093 06 550 00 545 71 $59,579 83 We have taken up and cancelled 12 of the 15 bonds bearing date on the 30th day of June, 1857, $1000 each, interest at 12 per cent. All of the issue known as 10 per cent. bonds, 40 in number, $1000 each, bearing date on the 1st day of June 1858. Of the notes (many of which had been put in judgment), 10,000 in amount of the principal sum; of principal sum of floating debt about $10,400. By casting the interest upon the principal sum of each of the above mentioned classes of debts, at the contract rate, from date of debt until June 1866, we have a total in round numbers of $120,000. Appendix " A," consisting of the annual statements made by the Treasurer to the Board of Regents, exhibits these matters in detail, and shows also each item of expense incurred in transacting the business. We have sold of the lands placed in our hands 10,750 85100 acres, the description, name of purchaser, price per acre, and amount received for each parcel of which will be found in appendix "B." There still remain unpaid three of the 12 per cent. bonds, which we have arranged to take up, at a price agreed upon, one by one, as funds shall be obtained. There is also a mortgage debt of $3000 and interest, the title or ownership of which is in litigation, in regard to which we have thus far been unable satisfactorily to negotiate. Of the notes there remains unpaid an amount of principal equivalent to $1000 or thereabouts. This comparatively small amount of remaining debt we hope to be able to pay during the present year, and that without disposing of a greater quantity of land than was placed in our hands by the act of 1864. And we trust that we shall be pardoned for indulging the hope that this so long "unfortunate institution," will not, after the last debt shall have been cancelled, be reduced in its possessions to the pitiable condition described a few years ago, and that, even but faintly hoped for-"the buildings and adjacent lans"-but will still retain of the lands already set apart and confirmed to the state for its benefit at least 34,000 acres, which within the next score of years, we doubt not, will be worth the respectable sum of $340,000. Having been appointed, as before remarked, to perform certain specific duties, we ought, perhaps, to close our report with the statement of facts already made. Yet it may not be altogether improper for us to call attention to the fact that very many of our fellow citizens have expressed to us a deep anxiety that immediate steps should be taken with a view to the early opening of a school of a high grade at the University. We consider this subject one of the highest importance to the educational interests of the people, and we are of opinion that in view of all the circumstances of the case, a beginning ought now to be made; and would therefore respectfully recommend that an appropriation of such sum as may be deemed reasonable, be made at the present session of the legislature for that purpose. All of which is respectfully submitted, O. C. MERRIMAN. ST. PAUL, MINNESOTA, February 15, 1867. Regents. APPENDIX "A." Treasurer's Statements for 1864, 1865, 1866, and part of 1867. ST. PAUL, MINN., December 31, 1864. 66 notices, Cash exchange and stamps at Fari- Cash for entering satisfaction of judg ment in cases of Hart & Munson June 29. Cash, entering 40 acres land, July 1. Cash for bonds No. 21, 22, 27, 10 per 12 00 2 50 2.00 100 00 Sept. 6. Cash R. B. Graves 11 per cent. bonds 40 Gould, Cash express chgs. from Northfield, Oct. 6. Cash in satisfaction of notes held by S. W. Smith, $1500 and interest to date, Cash exchange at Faribault, Oct. 13. 66 L. P. Langford, 7 coupons 12 per cent. bonds, 927 22 10 00 245 00 |