COSTLY SPECULATIONS. 101 



best to dispose of it, it will realize a sum, say $150,000 at least; suf 

 ficient to pay off the mortgage of $50,000, to repay the Land Fund 

 the $34,315 51 borrowed, and leave a surplus of $65,684 49, yield 

 ing in the shape of profit a far larger interest upon the amount of 

 the Land Fund invested than could possibly have been derived from 

 any ordinary safe investment/ This statement was designed to lead 

 the Legislature of California to infer that the four blocks cost but 

 $84,000, and that $65,000 had been gained by the speculation, when 

 in fact these four blocks cost, years ago, $163,345 55, which was 

 $13,345 55 more than the Regents claim them now to be worth, 

 although in the heart of the growing city of Oakland. 



If this were all that the Regents have so adroitly attempted to 

 conceal, there would be less cause of complaint. The &quot;outside 

 property, valued at about $30,000, adjoining the University site at 

 Berkeley, which had been obtained from the College of Calif ornia,&quot; 

 transferred to Mrs. Brayton, in part payment for blocks Nos. 2 and 

 3, was worth to the Agricultural Department of the University for 

 experimental purposes, at least $200,000, which is probably not far 

 from its present commerical value. This indicates that the Brayton 

 job has cost the institution about $175,000, and robbed the experi 

 mental farm of nearly, if not quite, two hundred acres of ground 

 essential in making up the necessary varieties of soil and location. 

 The Regents estimate the remaining two hundred acres directly ad 

 joining, although less valuable, and sheltered for horticulture, at 

 one thousand dollars per acre, while the water rights parted with 

 are practically inestimable. 



Still further, your committee find that the Regents obtained 

 from the College of California and other sources, nearly four hun 

 dred acres of land entirely by donation. The liabilities of the Col 

 lege of California assumed by the Regents, amounted to $49,030 04, 

 a debt not equal to the amount realized on the College property, or 

 Block No. 1, in the growing city of Oakland, at the recent sale. 

 The Berkeley property was donated, and in some cases the terms of 

 the deed are explicit, for an Agricultural College, and yet the 

 choicest lands, those nearest the city of Oakland, lands rapidly ad 

 vancing in value since the removal of the University, have been sold 

 for a mere nominal sum, while of the two hundred acres remaining, 

 only about five have been set apart for agriculture and horticulture. 

 Not a spadeful of earth had been turned, or an agricultural experi 

 ment made, when the Committee appointed by the State Grange 

 commenced its labors. Yet the Professor of Agriculture had been 

 persistently and repeatedly calling attention to this, had submitted 

 plans for work and for instruction by experts, plans for farm build 

 ings, with estimates of cost, and such other information as was 

 needed to secure intelligent action. In their reply to the Memorial 

 of Grangers and Mechanics, of August 8th, 1874, the Regents, 

 under date of September 1st, 1874, state that &quot; within the past year 

 the Berkeley property has been surveyed and mapped, and the right 

 places marked out for agriculture, horticulture, botanical garden, 

 and forestry.&quot; &quot;We find that as early as May, 1870, the Professor 

 of Agriculture was asking to have these places marked out, and a 



