SEC. 3. And be it further enacted, That all the expenses of 

 management, superintendence, and taxes from date of selection of 

 said lands, previous to their sales, and all expenses incurred in the 

 management and disbursement of the moneys which may be re- 

 ceived therefrom, shall be paid by the States to which they may 

 belong, out of the treasury of said States, so that the entire pro- 

 ceeds of the sale of said lands shall be applied without any di- 

 minution whatever to the purposes hereinafter mentioned. 



SEC. 4. And be it further enacted, That all moneys derived 

 from the sale of the lands aforesaid by the States to which the 

 lands are apportioned, and from the sales of land scrip hereinbe- 

 fore provided for, shall be invested in stocks of the United States, 

 or of the States, or some other safe stocks, yielding not less than 

 five per centum upon the par value of said stocks ; and that the 

 moneys so invested shall constitute a perpetual fund, the capital 

 of which shall remain for ever undiminished, (except so far as 

 may be provided in section fifth of this act,) and the interest of 

 which shall be inviolably appropriated, by each State which may 

 take and claim the benefit of this act, to the endowment, support, 

 and maintenance of at least one college where the leading object 

 shall be, without excluding other scientific and classical studies, 

 and including military tactics, to teach such branches of learning 

 as are related to agriculture and the mechanic arts, in such man- 

 ner as the Legislatures of the States may respectively prescribe, 

 in order to promote the liberal and practical education of the 

 industrial classes in the several pursuits and professions in life. 



SBC. 5. And be it further enacted, That the grant of land and 

 land scrip hereby authorized shall be made on the following con- 

 ditions, to which, as well as to the provisions hereinbefore con- 

 tained, the previous assent of the several States shall be signified 

 by legislative acts : 



First. If any portion of the fund invested, as provided by the 

 foregoing section, or any portion of the interest thereon, shall, by 

 any action or contingency, be diminished or lost, it shall be re- 

 placed by the State to which it belongs, so that the capital of the 

 fund shall remain forever undiminished ; and the annual interest 

 shall be regularly applied without diminution to the purposes 

 mentioned in the fourth section of this act, except that a sum, not 

 exceeding ten per centum upon the amount received by any State 

 under the provisions of this act, may be expended for the pur- 

 chase of lands for sites or experimental farms, whenever author- 

 ized by the respective Legislatures of said States. 



