92 



TRANSACTIONS OF THE 



EXPENSE. 



Value of farm, say 300 acres, and improvements, 



other than buildings $25,000 



Buildings, for all pur2:)0ses, to commence with 100,000 



Laborator}' and apparatus for chemical and assaying 



experiments and work 15,000 



Library 4,000 



Inci den tal expenses 5,000 



Original outlay before opening 



Average annual expenses for first five j^ears, or to 1872, 

 ($40,000 per year) 



Whole expense for organization, and five years' management, 



INCOME — SOURCES FROM WHICH DERIVED. 



Interest on Seminary Fund to date of opening col- 

 lege, say April, 1867 $32,256 



Appropriation for 1866 100,000 



Donation by place receiving location, including do- 

 nations of surrounding counties and individuals... 40,000 

 Annual interest on Seminary Fund from 1867 to 



1872, $4,032 20,160 



Interest from sale of college lands for first five years, 



say 35,000 



Income from metallurgical and assa^nng department, 



first five years 5,000 



Income for rent, or use of farm 4.000 



Annual appropriation of $20,000 100^000 



Private endowments 3,584 



"Whole income for organization and five years' management 

 to balance 



$140,000 

 200,000 



$340,000 



$340,000 



If the present Legislature were to establish or incorporate the college, 

 and incorporate a Board of Regents, consisting of good intelligent, busi- 

 ness men, who will be influenced by no political, sectarian, local or 

 personal considerations, to locate and organize the same, and place at 

 their disposal the interest of the Seminary and College Land Funds, as 

 above indicated, together with the appropriations from the State Treas- 

 ury, as above set forth, we have no doubt that in the year eighteen 

 hundred and seventy -two the State of California may be realizing all the 

 benefits to arise from the successful operation of an Industrial College 

 of a high cliaracter, and will be relieved from the necessity of appropri- 

 ating another dollar for its assistance. 



And now, in closing this report, we w\\\ say, with Mr. Flint of Massa- 

 chusetts, only changing the language to apply to our particular ease, 

 that the work of propei-ly establishing an Industrial College for Califor- 

 nia is one of great difficulty and responsibility, and one in which the 



