New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-18

To the Commissioners OF the Land Office.
fuh Whenever the party OF the second part shall
sell dispose Of any section Of land acquired by him.
under this agreement and into the Treasury OF the
State the net profits resulting from such sale, after the
deductions herenbetore mentioned and provided for,
the party OF the first part shall execute and deliver 10
party OF the second part full and sufficient release OF
the portion sold from the lien OF the mortgage so thai
clear title be vested In the purchaser or purchaser
Srh That OF the moneys arising from sales or leases
made by the party of the second part paid into the
state Treasury herein provided proportion ean ~
the fund known and designated the records OF me
Controllers office as the college Land SCRIP d d.
aud the remainder shal constitute separate ana u,s
tnct fund.- which shall be the property OF the
University" TO be known as the Cornell a,n un
Find the principal of which shall forever remain u
Impaired the income to he annually Appropriated py
the Legislature aud paid over from time 10 , tbe% d
voted TO the purposes Of the institution -.
Seren That the said party OF tne n seC anresad
scrip and select and locate lands under and oy WILL
thereof and execute MORTGAGES thereon a. heof and
provided within four years from Ine ua'e and
mat he will sell the lands within 20 years from ,n
pay the net profits arising from sn9n m, age shall he
sold aud the net profits so paid. he WIZ pay d nan
which may assessed thereon and prese,SSe ns ere
| tain a title thereto unimpaired, 10 winch '''' N'
ated by said mortgages shall attaoh oa,r, FOR Tho
Ana IL any event she'll occur making " rvn nm, t
peope of this state expense 10 Iesut 70 me
len ~ said mortgages the shall bepaid out OF tne
And N after the expiration OF the perou Oh Io y,b
berenbefore fixed any of said scrip shall remain wi1
state and not have eee ha Pd be released
from the conditions and spulatoDs OF tns
ResoIrCd That in facilitate the location OF tne
land scrip contracted TO be sold 10 lne lo go With
nell reference being had 10 the agreement inauo WIZ
biml tbe Controller is authorized 10 receive an asse
ment of land certificates mentoneh IN hid e4porarIy
in leu Of mortgage thereon and as sna Tor and fe
gage until patents can pc ootaou m "a Inv
hi Is, ag gre an rms resolution was adopted
weetng OF the Commissioners OF the Land Once,
ACKNOWLEDGEMENTS. Secretary Of State,
lfaV Ipa4g
The Controller offered the following resolution:
Re0ired, That TIE resolution offered by the Attorney
General, on the application Of the Hon. Ezra Cornell,
and adopted by the Board the 18Th day of September
Cornell land scrip representing 100000 acres,
ing from him assignment OF an equal amount OF GER
uOna 100000 acres for the purpose and on the cOnd
lions set forth In said resolution.
on this resolution the roll called. and all present
adopted.
AT meeting of the Commissioners OF tho Land Office,
Present Secretary of State, Controller Treasurer,
Attorney General state Engineer and Surveyor Speaker
OF Assembly. 80.
The Secretary Of state offered the following resou-
ton
lied to receive the personal bonds OF the Hon. Ezra
Cornell for the iaud scrip contracted TO be sold to hun
by virtue OF Chapter 4 OF the laws OF 1885, the
shall hereafter be Issued to him. TO the amount OF thirty
cents per acre, drawing not less than per cent inter
est; such bonds TO be secured by the nment OF all
land scrip issued to him and heretofore located and all
scrip to be hereafter issued located, by
mortgage OF the lana so located whenever patents shall
be obtained Therefore such ass g1ments to he held also
in lieu OF the mortgages provided for In the agreement
between the Commissioners of the Land ONCE and said
Cornell being dated the ith day of August, 1866.
Chapter AGO of the laws of 1868 of our State, following
very closely the act Of Congress- authorizes the sale OF
the said land part thereof for cash for
stocks of the United States, OF the States,
other safe stocks yielding not less than five per
upon the par value OF said stocks statute be
emphatic adds that no such scrip shall be trans
same shall have been fully paid for. until payment
thereof shall be fully secured by colaterals OF such
stocks as above specified"
The Controller in selling scrip for 100 900 acres IN 1865
TO Mr. Cornell for his bond at ten years and the State
with the directions OF the act OF the Legislature as to tho
kind of payments to be made for the scrip.
The question raised in the Controllers report OF
1863 and earlier whether this agreement 4th Of Au
gust 1866 was a sale OF the scrip to Mr. Cornell whether
title for the purpose of facilitating the object view"
We OF opinion that the agreement was an actual
lands part of the purchase money and go sub
iect to the restrictions Of the act OF Congress- Every
nng that forms part Of the consideration for the sale
property by the State belongs TO the trust
fund created by Congress
value OF the scrip at least 50 cents TINS
proved by the sales OF other States and admitted
sales OF other States reported TO of scrip amount
ing in all to 6G9o 600 acres range from so to % cents
nent secures to the only all else is de-
pendent contingent profits for the realizing OF which
In the legislative session just previous this agree
men Chapter 4sl Of the Laws OF 1866 bad been passed
l. authorizes the COntrOe: To fix the price OF the scrip
at not less than 80 cents per acre, and dehOes 10
whom only all remaining on hand, being more than
fourhfths of the whole grant, be sOd FIRST TO the
Trustees Cornell University; and if they do not buy,
then to such persons as will give all the profits
made out Of the purchase to the institution or instt-
ons created by Chapter 585 OF the Laws Of 1861 such
chapter being tho charter Of Cornell University. The
act the scrip out OF the general market and shut
out competition for its purchase The Trustees OF the
University notice that they could not buy, and Mr.
Cornell applied for the scrip at 80 cents an acre. The
Controller refused 10 sell at less than 30 cents.
DISPOSITION OF THE SCRIP.
This act authorize the sale delivery Of the
scrip for securities other than those prescribed in the
act OF Congress- and by chapter AGO Of law of
1863 Negotiations between the State officers and Mr..
Cornell resulted in the agreement already set forth
The proyisiop in the agreement for filing descriptions
OF the land with the Commissioners OF the Land Office
has not complied with; these officers seem, by the
record have once asked TO fix minimum price
on the lands but refused to do so because description
Of the land had been given.
have shown, scrip for 10000 acres was sold be-
1865 for cash. The proceeds are in the stocks pre-
scrbed Congress All the rest OF the scrip represent
ing sl3 900 acres, has been sold 10 Mr. Cornell.
OF this quantity scrip for 100000 sold to him
at so cents an acre in 1866 payment being secured by his
The condition OF the provides that the collateral
security therefor shall be 1000 SHARES OF the western
ceived ops shares of the stock security There was
provision also in the bond that Mr. Cornell should pay
described remained with the State until Oct 80 1873,
when IL gwen back as reported TO US by the Con-
troer, the written authority OF the Commissioners
named In Chapter OF the Laws OF 1863 and the writ
opinion of the Attorney aud 100000 OF the
were substituted The Attorney declines to de-
eide this opinion upon the expediency of this
change; he afirms the power to make it.
The residue OF the scrip representing acres
sold by the agreement of 4th August, 1866.
nder this agreement the State holds bond of Mr.
Cornell, as follows: .---..- .. ..... $4,000
Due in Asgu 1877 $50 900 Due in August 900
due Sa9tember ISL 10000 Due in OsiOber lo72. 1900
Due in June, 1S72..... 10000
having given 80 cents scrip for $4,000
acres delivered him in 1866 and 1863 OF this quantity
he has resod scrip for 60S0 acres for cash. the money
being IN his agents hands awaiting settlement OF ac
counts The residue representing AS 20 acres he has
invested in lands making, with that representing 100000
sold him IN 1855, total OF 625920 acres OF land
taken up by him.