The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-03-04
CORNELL,S ENDOWh EN-.
The University's Friends Resent tho Idea
That 1t Is In Deb to the State.

ITHACA, y. Y, March 3.-Friends OF Cornell
University have been stirred up recently because
II Is asserted that the head OF ono Of the educa-
tional insutu lons Of the State hos been circu-
lating attacks misrepresenung Cornell, The gist
OF which has even got into the editorial columns
OF New York nswspapers, The main Item Is that
Cornell Is hopclessly In debt 10 the State becauas
the land grant provided by Congress was used
" found the university. To CornsluAns u ap-
pears rather that ~gratitude Is due the national
legislature The national otter was about TO
lapse when Ezra Cornell came TO the rescue With
$500. OOJ, tho State tsing unwilling TO appropriate
It's own money 10 carry out the provisions Of The
act Necessary " Keep the grant
The value Of the national educational grant
to New York was 5000. 900 The Court Of Ap-
peal, deci'ed 50 IN a ruling which cost Cornell
more than a million dollars. II was an unas-
sal ahle announcement despite which It Is con-
stAnuy Ieasserted that tie value was in truth
several Millions Those who are hostile 10 Cor
nell say that this Is merely a legal decision
and that In reality the amount TO which the good
management OF Cornell has multiplied its prop
erty should DO credited 10 the original donor, or
father, " the trustee Of the donor. the State.
Its not disputed that the original scrip brought
only 5000, 900, although Ezra Cornell paid more
than the market prico for some Of IT, To this
he added $500, 900. Therefore nearly one-half
OF the multiplication Of values must be credited
10 him. stu further, Ezra Cornell. IN process
Of loca ing land for the university, spent 5, 5000
Of IDS own money. This was later repaid from
the profits OF the investment, but II was an indis-
p.nsabls part OF the original sum at the disposa-
Of the univ orsity. Lastly. in order TO keep the
land thus secured. while Waiting for higher prices.
Andrew ID White, John MoGrAw and other uus-
tees added from tine ~ time several hundred
thousand dollars. without which the Investment
and with II the prospective pronS mNs' inevitably
have gone by the board.
TO sum up, Cornell $ receipts from her Western
land speculation aIs the Ifo1S lron an invest
ment a which onequerter, S6Oo,UJO, was sup
phsd by the Congress grant, and Nree-quarterS,
about 81 800. 0OJ, was supplied by Liza ornsl
and other trustees Of the university. The total
profits from the Land Speculation are a tribe over
$1,000. 900, NJ which therefore about 1000 600
may, in q sentimental survey Of the matter, no
credited TO the State or 10 the nation always
provided that no recognition be accorded to the
time and thought given IN the course Of TIE specu-
latiOn by two Tilion-nIaSing hnanciers, EAa
Cornell and Henry ". Sage.
As tuition at Cornell Is 500, sl26 and $50 q
year sccoriing TO course VIA lowest financial
II has given the State cannot be less Than ooO,OoO
q year, which, 81 current interest rates, represents
tho income on a considerably larger sum man
can, even on sentimental grounds. be accredited
TO State, or national, beLeie tons. Figured any
way possible, Cornell has returned TO the State
dollar for dollar, MT has not made the State actual
~ It's debtor, and therefore the objection 10 com
pensating Cornell for the extra elGnty-eight schol-
arships demanded by the new Constitution VI the
State falls 10 TIE ground.
And II must bs remembered that 10 Comedians
II seems iairer 10 compute the value OF the free
scholarships on the basis 81 the actual cost OF
tuition, about $500 70 the individual, though ths
fees ara only from one-third 10 onehai hs much.
IN 'al,a iDfD ron SllPTatiDu that the coat OF atuCAt-