The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1883-05-10
The University Million Acres

1t will be remembered that the
eighteenth legislature donated one
million acres of land, out of the di-
minished public domain, to the uni
versity of Texas. Shortly after the
passage of the act making this dona-
ton an offer of 100000 cash was
made the board OF university regents
for this land, an average of So per
acre. 1t was tempting offer, for the
regents, in their efforts to put the in
stitution into operation, find them
selves sadly embarrassed for lack of
funds. Money is needed, not alone
to erect adequate buildings, but
to pay professors and all the other
expenses of conducting such an insti-
tuition. This 100000, added to the
funds already on hand, would have
made total fund of $8,250,0O0. There
is every reason to believe the entire
sum could be invested in securities
yielding five per centum net per an
mum, thus affording a yearly revenue
in round numbers of $164, 900. This
revenue would equip and operate the
university. 1t is stated. however, that
the regents have reached the determi
ton to hold this land-to lease
it rather than sell-on the ground
that it will surely appreciate
ia value and eventually realize a
much handsOmer sum than if sold
now. The hypothesis is tenable.
The plan, however, is met by the re-
Election that its virtual effect will be
to postpone, for several years longer,
the establishment of an institution
really deserving the name of a uni
yersity. A limited corps of profess
sors may be engaged and employed;
and in the rather limited buildings
that the regents have means to erect,
there may be operated an in
stitution termed by courtesy
a university. But it cannot be
one in fact, as it will lack professors,
apparatus and buildings. If the re-
gents can lease to advantage they will
have acted judicinusly. It is posi-
BILE. they nave offers, for such DISPOSE
tion of the land. as will ensure an ade-
quate revenue for equipment and
operation. 1t is to be hoped, at all
events. that such is the case, for otheI-
wise there will be dissatisfaction at the
delay,sor what is worse, the prema-
tilre opening of an institution that
in the very nature of things can
not merit the title it assumes. There
is much to be said on ca III side of the
question whether to sell or hold
and it would be unfair to make up an
opinion as to the wisdom of the decis-
ion reached by the regents until it is
known what they can do in the way
of leasing. 1t is to be hoped that
they can effect advantageous arrange
ments, for there is a general opinion
that Texas has waited about long
enough for the opening of this uni
Examiner.
The wisdom OF the regents in leas-
ing the lands will, we think, soon be
Four cents per acre has
been offered for some of the
university lands, and it is more than
probable that five or six cents may be
obtained for much. The old and the
new grant to the university make
little over two millions of acres
now belonging to the university.
Suppose that this can be
of at once for not over four
cents all around; the sum derivable
therefrom would be over eighty thou
sand dollars per annum, and at the
end of five years the lands would have
doubled in value. Then the univer-
sity will have really begun to grow
and the revenue from the lands could
be doubled, SO that the annual uni
versity revenue on land and bonds
would approximate two hundred
thousand dollars. The STATESMAN has
warmly advocated holding title to
these lands and the leasing them for |
term of years, believing that in not
over ten years the institution would
thus be possessed of real estate valued
at from seven to ten millions of dol
lars. The new capitol was contracted
for not two years ago, the state agree
ing to pay therefor three million acres
of land. It was thought then that
fifty cents per acre for these lands
was good price. and it was even
doubted whether the capitol syndi-
cate would hold to the contract. 1t
is reasonable suppo Etion that the
capitol lands are to-day worth ten |
of dollars, but no one dream
ed of the present boom in Texas dirt. |
The law at the time this contract |