HEARINGS BEFORE COMMITTEE ON AGRICULTURE. 463. 
President ScuurMaNn. Yes; it had to be sold under the provisions of 
the act of Congress. 
Mr. Avams. I can see that in the State of Wisconsin where Cornell 
University has lands how we have always supposed that they had con- 
served their lands there and made a profit out of them when we went 
on and sold our lands, and what we got for them did not amount to 
anything. Can you tell us how much that has amounted to? 
President ScuurmMann. Yes; I have the report of the treasurer in my 
hands. In our books we use specific names for these different funds. 
We call that under the second Morrill Act the ‘‘ Congressional industrial 
fund,” for instance. ; 
Mr. Bowir. That is the bookkeeping name? 
President ScourmMann. Yes; the fund to which you refer, Mr. Adams, 
is included in what we call the Cornell endowment fund. Mr. Cornell’s 
original gift was $500,000; to this he later added more. His latest 
gift, in the form of profits from his lands, was over $4,000,000. The 
Cornell endowment fund amounted on the 1st of August last to 
$4,928,568—practically $5,000,000. 
Mr. Avams. All the lands have been sold? 
President Scourmawn. All except a few odds and ends which may 
bring us in money enough, in view of the decline of interest, to keep 
the income from the fund where it is for the next five or ten years; 
and instead of treating the residue of our western lands as ordinary 
capital we are using it as a reserve fund to keep the income where it 
is in view of the decline in interest. 
Mr. Scotr. That is the Federal endowment fund? 
President ScuurMann. I must protest against Mr. Cornell’s gifts 
being called the Federal endowment fund. That is money that Ezra 
Cornell made by guing into the open market and buying of the State 
the scrip which any other man in the country could have bought; and 
there was only this difference, that if any other man had bought it and 
made money on it he would have put the money in his own pocket, 
whereas Mr. Cornell donated the profits which he made by holding the 
scrip to the university as a personal gift. 
A Memper. Does this include the actual amount received for the. 
scrip by the State of New York? 
President Scuurmann. No; the actual amount received by the State 
of New York for the sale of its land scrip was $688,000, and that 
amount is held by the State of New York in trust for Cornell Univer- 
sity. The State pays the university 5 per cent interest on this land- 
scrip fund. ; 
Mr. Scorr. And the difference between that amout and this $5,000,000 
is the amount that was turned over to the university as a private gift. 
by Ezra Cornell? 
President Scuurmann. No; the $5,000,000 represents Ezra Cornell’s. 
ift to the university, and the land-scrip fund of $688,000 (which is 
held by the State) is additional thereto. 
Mr. Scott. I understood your first statement. ; 
President ScHurmaANN. I am glad to have these questions asked, 
because we have critics in New York who say that we have had mil- 
lions from the Federal Government, and they say, ‘‘ Here you are now 
asking for something from the State of New York.” — ; : 
Mr. Burveson. The secretary mentions first the soil physics, and in 
