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ceived, were transferred to the Literature Fund, subject to the control of the Regents.

This was done upon condition that the whole income arising from the fund then under their control, as well as that thus added, should be distributed among the incorporated Academies and seminaries of the State, other than Colleges, which were subject to the visitation of said Regents, or which might within one year, by a valid corporate act, place themselves under the visitation and control of the Regents, to the same extent as the Academies incorporated by them, which distribution was to be made in proportion to the number of pupils instructed for six months during the preceding year, who had pursued classical studies, or the higher branches of English education, or both. No pupil was to be deemed to have pursued classical studies, unless he had advanced as far at least as to have read the first book of the Eneid of Virgil in Latin; and in an English education, to beyond such knowledge of common, vulgar and decimal arithmetic, and such proficiency in English grammar and geography as are usually obtained in common schools.

To enable the Regents to make this distribution, they were empowered to require annual returns to be made annually on or before the 1st of February, to the Secretary of their Board, upon oath of the Principal, or of one of the Trustees, showing the names and ages of all pupils instructed during the year previous; the time instructed; a particular statement of the studies pursued by each pupil at the beginning of such instruction, and of the studies subsequently pursued up to the date of such report; the philosophical or chemical apparatus, mathematical or other scientific instruments, and the library belonging to the Academy; the names of instructors, with their pay; the funds and income; its debts and incumbrances, and the application of the moneys, if any, received during the year previous from the Regents.

An abstract of these returns was to be presented to the Legislature, before the 1st of March in each year, so as to present a general view of the particulars embraced in the returns, and an account of the distribution of the income of the Literature Fund. The Regents were to cause blank forms to be prepared by the State printer, for the making of these returns.

The Regents, in their report presented in February, 1834, made the following statement as to the effect which this increase in the capital of the Literature Fund had produced at that time upon the Academies of the State:

"In 1827, immediately previous to the great increase made by the Legislature of that year to the Literature Fund, the whole number of Academies from which reports were received by the Regents was 33; and the whole number of students belonging to them at the time the reports were made was 2,440; while the proportion of those students returned as classical scholars was only 709. Since that time, and during the short period of only seven years, the number of Academies making reports to the Regents, and receiving distributive shares of the income of the Literature Fund, has been doubled; and the whole number of students belonging to them has been considerably more than doubled; while the number of classical scholars, or scholars in the higher branches of English education, has become, in 1834, nearly five times greater than it was in 1827. Some part of this great increase is probably owing to the enlarged limits given to the classical or favored studies since 1827, whereby many students not formerly included in the grade of classical or favored students, have now become entitled to that rank; but it is believed that the chief cause of the increase will be, found in the new impulse given to academic studies by the increased endowment of the Literature Fund made by the Legislature in 1827."

The following transfer of funds was ordered by an act passed April 25, 1831:1

The Comptroller, under the direction of the Commissioners of the Canal Fund, was directed to transfer, as of January 1, preceding, the bonds and mortgages then in his office belonging to the Oswego Canal Fund, for five per cent canal stock, held by the Regents as a part of the Literature Fund; and the Regents were to transfer to the Commissioners of the Canal Fund, an amount of said canal stock equal to the amount of said bonds and mortgages.

The stock, when so transferred, was to be redeemed by the Commissioners with money belonging to the Erie and Champlain Canal Fund, and the amount credited to the Oswego Canal Fund, and the certificates of stock so redeemed were to be canceled. The interest due upon these bonds and mortgages at the time of the transfer were to be a part of the capital of the Literature Fund; and whenever an amount of interest equal to the amount due at the time of transfer should be paid upon them, it was to be invested as a part of the Literature Fund.

The reason for making this transfer may be inferred from the report of the Commissioners of the Canal Fund, made in 1831, which shows that there was then a large surplus of the Erie and Champlain Canal Fund on their hands which could not be invested. The amount of principal in this transfer was $8,752.07, and of interest, $900.93. A mistake was made in the canceling, which, however,

1 Chap 281, Laws of 1831.

did not affect the Literature Fund, and was remedied by subsequent legislation.

Reports upon the condition of the Literature Fund in charge of the Regents were not made publicly until under a resolution of the Legislature, passed March 2, 1819, under which they were required to report this information annually, stating the mode of its investment, the revenue derived therefrom, and the amount distributed among Academies during the preceding year.

The unpublished reports of the treasurer of the Regents during the preceding period show the investment and income of this fund from year to year. The money was usually invested in the stock of banks and insurance companies, commonly yielding from eight to nine per cent, or upon city stocks, or bonds and mortgages, and in some instances to Academies at legal rates of interest, and there appears to have been no loss of principal in any of these investments. By an act passed January 25, 1832,' the management of the Literature Fund was directed to be transferred from the Regents to the Comptroller, who was thenceforth required to audit and settle annually the accounts for necessary incidental expenses and pay the sums apportioned by the Regents to the academies entitled to share in the Literature Fund. This transfer was to be made within sixty days, and was executed on the 20th of March, of that year, by a formal deed of assignment, which conveyed the following property: 1. Bank and Insurance Stocks.

New York State Bank, 579 shares of $50 (reduced
to $28) each; dated April 19, 1814. Dividend
paid to March 14, 1832..
Albany Insurance Co., 100 shares of $60 each;
dated November 15, 1828. Dividend paid to
March 16, 1832.

Canal Bank of Albany, 23 shares of $20 each
dated February 14, 1831 Dividend paid to
March 1, 1832...

2. New York State Stocks.

In four different items; in all...

3. Bonds, Mortgages and other evidences of Debt. In four different items; in all...

.....

4. Balance of account as audited and settled by the

Regents..

$46, 212 00

6, 000 00

460 00

16, 044 87

19, 828 43

862 21

$59, 407 51

1 Chap. 8, Laws of 1832.

Total of above.....

5. Property held by the Regents in Trust.

Six per cent State stock held in trust for Delaware
Academy, under an act passed April 12, 1819...
Balance of $10,000 apportioned to Academies, but
not paid...

$4, 825 00

5, 080 07

Since this transfer, a statement of the mode of investment, and of receipts and payments have been reported annually by the Comptroller. There has been no considerable variation in the amount of capital, which is required by the Constitution to be preserved inviolate, and its revenue applicable only to the support of Academies. Its mode of investment was reported in January, 1884 (referring to the 30th of September previous), as follows:

United States four and a half per cent registered
bonds......

United States four per cent registered bonds....
District of Columbia three and sixty-five-hundredths

per cent registered bonds....

Six per cent deficiency stock, 1887..

Six per cent deficiency stock, 1891..

One hundred shares of Albany Insurance Co. stock.....
Money in the treasury. .

Total...

$102,600 00

10, 000 00

25, 000 00 28,000 00

102, 000 00 4, 000 00 380 76

$271,980 76

The appropriations from the income of this fund have been made annually, and for specific objects. The amount appropriated in 1884 was 2,000 to Academies for dividends, and $3,000 for books and apparatus for Academies. The sum of $3,000 was also appropriated in 1884, from the income of the United States Deposit Fund, for this purpose

UNITED STATES DEPOSIT FUND.

Under an act of Congress approved June 15, 1836, the surplus moneys in the national treasury on the 1st of January, 1837, after deducting $5,000,000, were directed to be deposited among the States on the basis of representation in Congress. It was regarded as a deposit liable to be withdrawn and in February, 1861, when treason was fast ripening into open rebellion and the credit of the government was at lowest ebb, the Legislature of this State pledged itself to guarantee its repayment; but this emergency did not come

Article IX, Constitution of 1846. A like guarantee is applied to the Common School Fund, and the United States Deposit Fund.

and the fund has from the beginning been a rich legacy to the common schools and other educational institutions of the State. The surplus in the treasury supposed to be available for distribution under the above act was $37,468,859.97, to be paid in four quarterly installments, but when three of these were paid the surplus was exhausted, and but $28,101,644.96 was paid.

The following table' gives the amount received by the several States, and the disposition made of the funds by the first acts that were passed by the States, no account being taken of subsequent legislation:

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The principal of this deposit was in this State, $4,014,520.71, and from its income, $28,000 have been given annually to Academies, beginning with 1838.

This table was prepared for the present use by Secretary Murray, of the Board of Regents.

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