The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1877-08-10

state University and Agricultural and
Mechanical College.
The following gentlemen compose
the Board OF Supervisors Of the IAouisi-
ana State University and Agricultural
aud Mechanical College, viz: Gov.
Nichols, Superintendent Lusher, A.
w. Roundtree and w. H. Harris, of
New Orleans; Gen. Brent, of Ascension;
DIR. Ryland, of West Feliciana /; DIR.
Williams, OF Baton Rouge; DR.. Taylor,
OF st. Landry; w. HI. Sanford, Of
Rapides Gen. Sparrow, of Carroll; T.
l.. Grimes, of Avoyelles E. w. Suth-
erlin, of DeSoto, and A. A. Gunby, OF
Ouachita. These gentlemen, with one
or two exceptions, met In New Orleans
last week for the purpose of organizing
the University aud College in accord
ance with the Acts Of Congress and OF
our own Legislature. The Board was
thoroughly organized, and transacted
some important business in the way Of
arrangements and proceedings for the
preservation, management and profit
able disposition of property belonging
to the Institution, but we regret to say
that the election of a faculty was post
poned until the next meeting OF the
Board. We can see no sufficient mo
tive or reasonable excuse for this delay.
The extraordinary representation and
isnbeciiity of the authorities of LOUISE
ana In availing themselves of the mu-
nificent donation of Congress, has long
been public shame and reprOach. All
right-thinking people were gratitied at
the Act of the Legislature which conn
bined the old Seminary and Agricul-
tural College, both Of which were en-
doWed by Congress. 1t was reasonably
expected that this union of the two
funds, granted for cognate, if not iden-
teal, purposes, would give such strength
aud independence to the new institu-
ton as would enable it to enter at once
upon career of permanent usefulness.
The endowment is ample. The old
Seminary and Military Academy fund
consists of 1876 State bonds for 81, 900
each, issued in 1867 and now ON deposit
in the vaults of the State treasury. On
these bonds, some $50, 900 of interest
has already accrued. There is some
question as to the propriety or neces-
sity Of passing these bonds through
Keliogg's funding mill. This money
was entrusted to the State of Louisiana
by Congress to be inviolably preserved
for educational purposes. 1t cannot be
diverted. 1t cannot be scaled without
actual robbery, or, at least, embezzle-
ment.
The same remarks apply to the
Agricultural College fund. Under the
Act OF Congress of July 2, 1862, the
State of Louisiana received into her
treasury in cash about 1884 900. By
Kellogg's grinding process, this trust
fund has been discounted and reduced
to $l96, 900 in Funding Board warrants.
We do not know by whom nor by what
authority this funding was done, and
wa hope the Board of Supervisors will
inquire into the matter at its next
meeting, but the salient fact to which
we now call attention is the disgraceful
position Of the State it this fund is
allowed to be scaled. Congress makes
her the depository Of sum of money
donated to the cause of education. She
invests that money in her own bonds,
and then scales and reduces those
bonds to the extent of $l3s 900! Is
there Il Louisianian vino does not
blush at the idea of such crime? II
the money belonging to the Agricul-
tural College be ii debt of the State, it is
OF that character OF debts from which
no bankrupt can ever obtain a dis
charge. We hope this matter will be
agitated by the Supervisors, by the
people, and by Congress, if need be,
until the Legislature makes restitution
of the stolen money.
But taking the Agricultural college
fund as it Is, it affords enough revenue
to justify starting the school. BY the
LIST July 1873, in time to pay the sala-