The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-08-14
THE LOUISIANA STATE UNIVERSITY

| The Convention declared the debt due the
Seminary fund to be $4,000, being the pro-
ceeds OF sales OF lands heretofore granted by
the United States to Louisiana for the use Of
seminary of learning, creating it per-
petual fund upon which the State should pay
| A per cent interest from January 1, 1880, and
directed that the State bonds now held for
| this fund be destroyed.
| The debt due the Agricultural and Mechan-
ical College fund was declared to be the SUM
OF Si82,313 Co. the proceeds of the sale OF
lands and land scrip heretofore granted by
the United States for the use of a college.
| This amount is to be placed to the credit OF
said fund on the books of the Auditor and
| Treasurer, and 5 per cent interest is to be
paid. The bonds now held for the college are
to be destroyed.
From the action OF the Board of Admins
traitors Tuesday we infer that the cause Of
dissatisfaction lies in the amount Of indebt-
edness or interest recognized, and not as to
the destruction OF the bonds or the method of
providing for the payments, jnasmuch as the
petition Of the management to the Conyen-
ton rected that
The Seminary. Tor University fund and the
Agricultural and Mechanical College fund do
not properly form part OF the bonded debt If
the state. and ought never to have been pracsi-
cally SO considered. The State bonds, In which
these United States educational moneys were
invested, the State OF Louisiana was never ex-
pected to redeem In money: only the inter est
on the face G the bonds was to be paid annual
Uniyersity) and the Agricultural and Mechan-
ical College. bond for 500 years would have
aerHad % yell as forty year bond. and one
drawn on eternity better Still! The interest. as
sure and certain as the sun. was all that was
needed. all that was required. A page in the
Auditors ledger was all the bonds that we're
have been issued.
i, For all the use they are or the good they do,
University and Agricultural and Mechanical
College funds might we'll be burned up; and
thus would disappear forever 30 much OF the
bonded debt of the State.
The Committee on Education reported the
amount due the Agricultural and Mechanical
fund S184.00o, and upon motion of Mr. Suthei-
lin, we believe, the amount was increased TO
s2o5,28o, but In this shape the section met
with such opposition that further investiga-
ton was made, and we believe Mr.. Lyons
and other delegates declared the proper
amount Of the indebtedness to be s1s2, 313.
which was adopted by the Convention, and we
presume that the point at issue is, in rzaIfty,
the interest accruing January /, 1880, upon
which the board has estimated, and probably
created Indebtedness.
The University is rapidly becoming popu-
lar institution, and already boasts of large
gathering of youth from every section of the
State Much embarrassment has grown out
of the limited accommodations, but the re-
moyal Of the deaf and dumb to their new
building affords comm odious quarters for the
University boys; in fact, makes room for sew
enty-fiye or one hundred more boys, in one Of
the largest and best located structures In the
South.
1t is to be hoped that no new embarrass-
ments will cripple the work OF this admirable
which is entitled to and should re-
eelye the aid and encouragement of every
citizen OF Louisiana.