The Chickasaw messenger. (Okolona, Miss.) 1880-1900, 1888-09-06

| appropriated hy the act Of ! $40 (see II.
lC. p. 800. for u,e erection Of the Tn
I iversiy buildings. The act Of July
/ %. lSl3. We. 50 Construed a, 81 mean
that Interest 40 eight per cent should
NE compounded. Feb. -. lSls an act
I was passed for the further endowment
|of the University On. C.p 23jl. BY
ithi. aet the sum ofS6,226.7j was 10 be
appropriated 60 the University foI
zach year. and the Treasurer was Iii
rr-ted also io credit the University
with SIX per cent interest per snnun
rpou TIE mm now Chem standing on
Ihi- books. and also upon al sums
thereafter paid into the Treasury. and
o.. tie University had commenced OPP
cfatiousas a school the sums were 70 be-
paid Co tBc Trustees. The interest was
.uot ,o calculated upon any balance Of
the sum orSs0,000, which had been
Appropriated by the act of Feb q.
IlSiG, l-ce II. G. p. 80 Art. 36 -ec. >.
General Gliflh 90 the performance Of
( hi, sworn official duty. prescribed BY
I fnc sa, Of February -. lSiS which
required him to credit interest ON the
fund as 10 WAS shown by the hooks IN
jhe Trasurv From this statement
on page "a Of Griilh's Ledger Il ap-
pears that Sl02.52l.4O was all the debt
/ ulcn iIe by ihe state 10 the Triver-
ity fund. General Grifllh. who had
assumed Che office as state Treasurer
iu November, 1917. then ON Feb -.
1913. the date 81 the last named act.
in ob,0lanre % rs mandate 10 asser-
tain the amount due by the state, and
CON which Lc WAS 10 allow interest
made thc examination and invesi'g ga
ZION necessary for that pWpo,e. aud
stated the account ia fall up "a that
date Och. -, lSlS) as the basis on
which 10 credit interest. In this
statcmcal ac reached the result, that
after paying ne whole OF the $4,000
appropriated under the act of 1876 tor
the erection Of buildings for the Uni
ver-i.v there then remained due bv
the Slate 20 the University fund the
sum OF S7S.5ll.j0 The Legislature
of 1915 made a further endowment 50
tha. the annual income Of the Vuver-
,ity would be near $1,000 March
8. l6Jt, an act was passed u, ing 3d.
900 more pei annum and also $1,000
IN addition out Of subsequent ronec-
lions from the Seminary fund (see Re-
yised odc 1857, p. l57) Then at the
no, session, Feb p, 1854, Csre code
1857 p. ij9) an act was passed giving
$1,000 more per annum for Law
lroics,orship The annual appropri-
siion- a. this time was 81 .226.TS
More thu, 30 5aieresi On -.--.--s.ss
Recognized indchteuffs .fnanielY u.s.
5ll50 The Legislature OF 1880 gave
it 10000 per year for live year. tsee
code 1851 p 1900. The whole amount
received by the University from the
State TO January LIST, 1865 "a shown
bv Trea,nrer's books Is $685., 720.30.
Amount received by the University
from the state from January lst. 1856,
to January lst. 1887. S735,976.l0
appropriation for 1887 S32.6i3.00,
making total receipts Of University
from the Treasury from the beginning
to January lst, 1888, $l.l64,339.40
Total amount received by State Sl29.-
74l2S paid by state more than re-
ceived sI.034,5945S. A statement
showing the fnantial standing of the
State and University if the State had
collected an the lands sold for includ-
1 ing rents 1881
Interest on same at 5 per
cent from Jan. l. 1896 10
February lsl, 1868 S4i4.OS0, -
Total then due Of principal
and interest on Jan. I. '6S S729.SI5.0O
/ Credits by all payments
up to that date sii6.7S7. 49
Balance then due 42S3,027. 81
Then calculating interest 10 Jan. Isl
Of each succeeding year at ) per cent,
aud crediting payments made during
the year prior thereto we reach the
result that on January lsi, 1879, the
whole debt, principal and interest.
was over paid by slS,5366S. Adding
TO this subsequent payments. includ-
ing the appropriation for the wear
1887, which Is s293, 5O5.76, we find
over paid on January lsi, 1888 S307,
l0l242.
With this financial history and fig
ures before Us, we must say the State
il not IN debt 70, nor under any legal
obligation 10 the State University At
! Oxford in any way.