No. 4.] AGRICULTURAL COLLEGE. 307 



at ion, Amherst was selected. The college was opened for 

 students Oct. 2, 1867, and forty-six young men were ad- 

 mitted as students before the close of the first term. 



The Endowment Fund. 



The Legislature, in accepting the grant of the United 

 States, directed that all moneys received by virtue of this 

 act should be immediately deposited with the treasurer of 

 the Commonwealth, who should invest and hold the same, 

 in accordance with the act of Congress, in perpetual fund. 

 The amount received and invested by the treasurer was 

 $219,000. In 1871 a legislative resolve added a further 

 sum of $141, 57;*). of) (see annual report of trustees, of Jan- 

 uary, 1893, page 43). 



By law two-thirds of the income of these funds is paid to 

 the treasurer of the college and one-third to the Institute of 

 Technology. The Institute of Technology teaches of course 

 those branches of science which are of directly industrial 

 importance, such as are properly included within the mean- 

 ing and intent of the land grant, as a part of the work of 

 the college, but the institute, or school, is located at Boston 

 instead of at Amherst, and receives what is supposed to be 

 its proper share of the endowment income. 



Other Funds. 



There have been from time to time various gifts, both 

 from the State and from individuals, towards the endowment 

 and support of the college. 



One important gift was made by L. M. and II. F. Hills 

 of Amherst, which now amounts to $8,542. The income 

 from this gift is to be applied towards the maintenance of a 

 botanic garden. 



There is also the Mary Robinson fund of $858, without 

 conditions. The income is used for scholarships to worthy 

 and needy students. 



The sum of $1,000 was given by the Hon. Henry Gassetl 

 as a scholarship fund. 



There is a library fund for the benefit of the library, 

 amounting now to $9,420.47. 



