46 THIRTY-FOURTH ANNUAL REPORT OF THE 



bursements side of the ledger. Vermont is not a cent poorer or richer 

 by the transaction.* 



Whence comes the money to run the college ? 



In round figures, 40 per cent, from United States appropriations, 7 

 per cent, from the State, 23 per cent, from student tuition bills, 20 

 per cent, from income from invested funds and 10 per cent, from 

 miscellaneous sources. 



Why not use some of the United States funds for buildings ? 



Such use is illegal and is expressly forbidden by the terms of the 

 Congressional acts. They can only be used for instruction and equip- 

 ment in a wide variety of subjects, of which agriculture is but one. 

 In other words, the United States endowments can buy brains, but not 

 bricks; apparatus, but not architecture. Even if a college wished to 

 evade the law it could not, as strict annual accounting is required 

 by the Government. 



Why not use other University funds ? 



They have been so used. The farm, the agricultural buildings, the 

 engineering buildings were all thus provided for. Indeed, the State 

 Agricultural College, Experiment Station and Dairy School have all 

 been given a lodging by the old classical college. It is strictly true to 

 say that these have a place to lay their heads solely by the grace of the 

 older institution. But university funds are already inadequate, expendi- 

 ture exceeds income, and no more buildings can be erected. 



If United States funds cannot be used for building, how have other 

 institutions founded solely on the National grants, like Maine, Massa- 

 chusetts. Rhode Island, Connecticut and thirty others, erected their 

 buildings ? 



Invariably by state appropriation, supplemented in rare instances 

 by private benefactions.! 



How did Congress expect the colleges would get buildings when it 

 restricted the use of the grants to maintenance only? 



It was the understanding that the individual States would supply the 



♦EXTRACT FROM THE STATEMENT ISSUED BY JOHN L. BACON, STATE TREAS- 

 URER, SHOWING THE REVENUE AND DISBURSEMENTS OF THE STATE 

 OF VERMONT FOR THE FISCAL YEAR ENDING JUNE 30, 1903: 



Receipts. 



Income Agricultural College Fund $ 8,130 00 



From United States Government, endowment of Agricultural College 25,000 00 



$33,130 00 

 Disbursements. 

 Paid U V. M. and State Agricultural College United States endowment of 



Agricultural College $25,000 00 



Interest on Registered Loan of 1910 8,130 00 



$33,130 00 



The "registered loan of 1910," which represents Vermont's only bonded indebtedness, 

 is in effect money ($135,000) loaned by the College to the State, on which the latter pays 

 the former, interest ($8,130). The original national grant of 1862 in aid of Agricultural 

 Colleges was invested by the then State Treasurer in State bonds. 



fAt this point some thirty or more stereopticon pictures were thrown by the lantern 

 upon the screen, illustrating some of the Agricultural buildings erected by State ap- 

 propriations in other States. 



