The Southwestern Historical Quarterly, Volume 54, July 1950 - April, 1951 Page: 394
544 p. : ill., ports., maps. (some col.) ; 23 cm.View a full description of this periodical.
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Southwestern Historical Quarterly
taught were selected, and the faculty chosen. Following the ex-
ample of the University of Virginia, as conceived by Thomas
Jefferson, there was to be no president, but the faculty, acting
through a chairman chosen by themselves, were to have control
under the regents.
The campus was to be College Hill, the outlot in Austin set
aside under the Republic for a university. On November 17,
1882, the cornerstone of the west wing of the Main Building
was laid with a great ceremony. The main address, delivered by
Dr. Ashbel G. Smith, was singularly noble in conception and
prophetic in outlook. "Smite the rocks with the rod of knowl-
edge," said he, "and fountains of unstinted wealth will gush
forth." (In 1923 oil was found on the University's own land.)
On the fifteenth of September, 1883, the University was formally
opened in the new building, but, as the building was still unfur-
nished, classes were held in the temporary capitol at the corner
of Congress Avenue and Eleventh Street until January, 1884.
Support. The financial support of the University is fourfold:
(1) the Permanent Fund; (2) the Available Fund; (3) Legis-
lative Appropriations; and (4) Gifts.
(1) The Permanent Fund is virtually endowment. It consists
of (a) the proceeds of the sale of the fifty leagues of land granted
in 1839 and (b) the million acres granted in the Constitution
of 1876 and the second million acres given by the legislature in
1883 together with the proceeds of sales of this land, including
oil and gas found thereon. These proceeds may not be spent but
must be invested in certain types of bonds. The widespread
impression that oil and gas money can be spent directly is en-
tirely erroneous. Until 1895 the University lands were handled
by the General Land Office, but in that year control was vested
by the legislature in the Board of Regents. Its management has
been most skillful. In August, 1950, the Permanent Fund, the
University's productive endowment, amounted to over $115,500,-
ooo, the income of which goes two-thirds to the University, one-
third to Texas A. and M. College. Its increase depends, of course,
on the amount of oil and gas that may be found.
(2) The Available Fund consists of the income of the Per-
manent Fund, student fees, rents, and all other receipts other
than gifts made for special purposes. The use of the Available394
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 54, July 1950 - April, 1951, periodical, 1951; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101133/m1/532/: accessed April 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.