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

my ntict land oiioe is sent direct to the General
INC .or ~ whom the patent IA to be ssued AZ
the same time short memorenuu, I'm m a. certain
aupnsac rs mn by him lie may assign the Ioca
on on the back of this so-caiieu ~ a. ~ Wash
hs Ue the patent is mae out In the regular
course 1t will be issued TO the Tstens are
nsd in the exact order Of date 9 location ana ,nem
the district Land oie reduestsd she patents
70 he issued 10 Cornell the 6e s9 opn acres
were lever e long since issued 70 Ezra Cornell ms
title il OF record aud he nds no I'm NJ ana with
without producing or deh yer af,t ,a' P'''
ont asking the consent OF tue otso; ,,, An Fan Clair,
Mr. Corne entered III, 900 acres vi a I eo usso Tor
het,yeen February 1861, and July so lsoy lo
WISCONSIN, .oon alter issued and transmitted
In the District Office. Patents or tooovS N of Mr.
WNodwerd who was until recently MI. C9rnels pini
cnal agent Woodward tesuhes nnas no 20 on,er,na
them from ns IN he Land gser Of the University
mat he entered many OF them IN suen D3ohs ~
& that no held them by agreement Win the COntroei
o. Tho theory that so long not delivered, the eertn
Gates of location would be security The Land OIces
the other hand, repor. thoSe p"''n'' 40 N'N'''"
the rule of the Land Office is that the so-called dnp
cafes shall be- surrendered when the patents are dey
ed r. IL easy 10 see however, that this surrender
when the duplicates have lost their iorce Is OF no prae
the anrrender of the duplicate afidayt or loss
The certificates in the Controllers hands belong 10
the United States Land Office and we do not see on
what grounds he could refuse to surrender them by 1t
demanded. .,. 3, ..- 49,, ,,,.,,. -,
Mr. Cornell knew that patents for these lands were
being made out and unsuccessful effort was made to
Mr. Cornell testified that he told the succeeding Con-
troler all about the matter; and MI woodward testi
patents were in his OIr. woodwards) hands refer
ence the law aud the rules OF the Land ONCE would
have revealed to these officers that the duplicate cer1
Gates held by them were no security Whatever doubts
may have been raised in their minds they were not
made known in their official reports, so as to put their
successors on their guard Tue present Conu a
found certificates OF this kind for $4,000 acres on ME ~
his office taken by his predecessors and no doubt acted
upon the assum pton that preliminary questions about
their force and effect had been examined lie was not
90 900 acres exchange for other securities OF the pat
in Mr. Woodward's hands, or OF any having Deen
The condition Of the College land grant, so much Of 1t
came TO this State, Is this; . - .r
The state received scrip for e89s20 acres IL mas al
been sold For scrip representing 1920 acres the state
has paid in full The proceeds Of ms portion are
invested United States stocks state stocks, city
socks and in balances in the Treasury except sum OF
s2 OO0 secured by mortgage on land IN ONO FOR Iu
aI payment on scrip representing $4,000 it holds
Mr. Cornesib0nds for $4,000 with collateral security,
most OF which collateral security 70 wit much az Is
the residue interest In contingent profits on
lands of which Mr. Cornell holds the le iIee on any
lien to secure the State.
INVESTMENTS OF RECEIPTS.
The first and second subdivisions OF the resolution re-
outo us to ascertain "whether the act OF Congress,
Chapter 1870 the Laws Of 1862 and the act OF the Leg
lature of this State Chapter 400 OF the Laws oe3 have
been complied with la the sale and disposition OF the
College lands and also what securities the State IL
obligated to receive for the sale OF said lands also
whether the state has the securities required by the
forsaid anoctments and whether securities than
those therein mentioned be taken or received by
the State" The language OF the act OF Congress IL
that the proceeds shall I've invested in stocks Of the
United states or the State other safe stocks
yielding not less than I'VE per centum on the par value
said stocks. From the connection, and from the low
rate of interest mentioned hold thar by other safe
stock" meant public stocks, representing public
debt of Kind. Any other construction would leave
IN very "A discretion
private stocks. discretion without limit whereas, the
purpose OF the provision Is TO impose limit.
Ailthe money that has been received by the Con-
trOers office has been invested 10 the stocks prescribed
by the act of Congress and OF own State
except $4,000 secured by mortgage of g. f. Lewis on
lands Ohio and except the balance reported as being
In the treasury. For the scrip sold credit TO Mr. Cor
nell the State the securities prescribed by our
statute; and IT, thls transaction the state has de
parted from the directions or the act OF Congress
il is responsible for any loss resulting from this
effort, Its part to make more out OF the property
and at the time Is bound TO see that any Increase
resulting in consequence of such departure TO the
trust fund in its charge by Congress. The third
subdivision requires Us " to ascertain the quantity OF
land sold by Ezra Cornell under his contract with the
state OF August iseeas well as contract prior % that
date; the prices Tor which he sold said lands; the
amount received 10y HIM the amount unpaid OF the
ssered and aSpis much
paid into tine M 81 e n Wisconsin M
in Kansas 1000 acres; in Minnesota. 5000 acres
in some instances only tue privilege OF cutting tue tu
Der passing the purchaser The prices range from
81 rs to sl2 so per acre the quantity OF land taken 3y
proceeds of the land thus reported by Mr. Cornell az
sold s66417 80, average of IS 81 per acre On
account of these sales and moneys recoy cred for
trespaSses and for the sale of timber blown down. MT
Cornell acknowledges the receipt by himself,
of $40 o6Si72 what has been received by his former
agent Mr.. Woodward IL i'll the latters hands await
a s IN tbe conrfs No parf of This pnrsbae nonev
has paid into the Treasury the lands being indebted
TO MIR Cornell IN largo SUM- as claimed in his account
which will be found below. The fourth subdivision re-
quires inquire into the value OF certain timbered
lands located in the States OF WISCONSIN, Minnesota and
Kansas said to contain abont 100000 and whether
said Cornell has made any contract with any person or
whom and the contract prices, ana how such contract
prices compare with the real value OF me lands
The report then sets forth Mr. Cornes relationship 10
lands, and gives history OF his efforts 10 sell the
lands during the years from 1869 to the close OF
1873 In reference TO the Sage and McGraw contracts the
Commissioners say the Stats had large Interest the
contracts and that they better for the Uni
yersty fund tnan the last. The exchange they think
was unwise. The report is continued as follows:
The fifth subdivision requires TO inquire into the
of charges OF said Ezra Cornell the sales
OF said lands chat Is, the whole quantity embraced In
his contract with the 5atel for the cost aud expenses
attending the location management and sale OF said
lands and the taxes assessed aud paid thereon also
whether such charges csn under the aforesaid OF
Congress, be lawfully deducted from the proceeds OF
sales"
THE SAGE AND M'GRAw CONTRACTS.
The act Congress provides that each shall pay
out Of treasury all costs and expenses attend
ing the management Of lands taken up by it, our State
took no lands The provision does not apply to ths
transaction. The Of the moneys when received,
must be at the States expense Mr.. Cornes account
OF these charges, and OF receipts OF money by him.
made up to the SOh Of september last, will be found
below. There are two clerical errors in it
$1,000 credited on the Gath June. 1871, aud like
credited the 23d December 1879. received from
Sage and McGraw, should be credited received from
MoGraw and Dwight. There is also a mistake in charg-
ing against these lands two items In 1861 wit 5000
and 81 900 paid to William A. Woodward on the 9th
February aud 2lst March. These belong 10 purchase
OF about 1000 near Brunette Falls
for Mr. Cornells private account. The amount
to be deducted il, with interest. about
S,sS5 "; not counting any proportion OF
probably included in the account. This account Is
claim against the State, but shows how lands stand
with Mr.. Cornell Ii includes not only his actual dis
burse ments but also the bonds, still unpaid which he