The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-05-01
THE land Scrip sale To- Day.

the several states Oh bnG sOttoh aH "o'r
nublic land equal to thirty thousand acres 'of
each of their senators and REPRESENTATIVES ~
CONGRESS. which, under certain RESTRICTIONS,
they were authorized to sell, anu 10 invest
the proceeds In stocks, to constitute per-
petual fund. the interest of which shotl'd DC
appropriated to the support of at least one
coI,eo,. in each State where those branches oil
learning relating to agriculture and the me-
cbanic arts were to be especially taught.
virgina's share of this grant, now worth
in the market nearly three hundred thou
sand dollars, is to be sold to-day in this city.
The Board of Education, consisting of the
Governor, the Attorney-Gcncral, and the
Superintendent Of Public Instruction, is
charged with the important responsibility OF
both selling this land scrip i'll the manner
that shall seem to them most advantageous
aud of investing the proceeds of sale i'll The
bonds of the United States, or any other
safe bonus or stocks not bearing less than
Eve per cent. interest.
Congress, we see, has imposed a severe
condition on this investment of the proceeds
of sale. 1t provides that if any portion OF
the fund or of the interest thereon shall, by
action or contingency, be lost OF diminished,
it shall be replaced by the State. Therefore,
the duty of the Board becomes still more inn
portant.
Virginia will realize in the sale of her
share of the land nearly double rs much rs
PENNSYLVANIA and other States got for theirs.
This Is the result of the delay caused hy war
and reconstruction. This Is one good flow
ing from her Affections. Pennsylvania, Ohio,
indiana Illinois, Massachusetts,, and other
States, got only fifty to tifiy-four cents per
acre for their land. Nirgnia's will sell GER
t,inly for ninety, and she may get more.
The high character Of the States rcprescn-
tativcs in this matter leaves no room to doubt
that practical saglcity and honor will mark
the negotiation rs conducted by them. But
the bidders, who are strangers, who may i'll
part he reckless spectators or mere "shy-
sters.' should be watched. In any contract
the purchase money or the undoubted cquiya-
lent thereof should be secured for the scrip.
The Beard should look to the reliability Of
the bidder as well as to his bid. The best
proof of reliability is the securing Of cash or
its equivalent lis Il guarantee for its payment
The necessity Of this caution is Obvious.
Should IL decline occur in the price Of land
scrip after the sale, and should it fall into the
hands OF a dishonest man. he might, as to all
undclivered and, unpaid for scrip, repudiatc
his contract, and thus would the educational
fund bc diminished by rl>cality, and the in
tcrcsts of education, possibly, made seriously
to suffer. 1t Is matter Of doubt rs to whe-
thcr such decline may not take place.
Should Congress pass some of the numerous
land grant bills now pending Gmong which
is one offered by General CHIrMAN appro-
printing S2.50O,000 for education in Columbia
Tcrritory-i. G., "the District" rs formerly
stylcdD large bodies Of land may be thrown
upon the market, and prices be consequently
lowered. This would at once Dring about
the cXiSency above alluded to in case Nir
gini;t's quota fell into INSCRIPTIONS hands.
1t is therefore matter Of very great mo-
mcnt that the Board should exercise the
utmost caution as to the reliability of the
bidder as well as his bid.