Page:History of Iowa From the Earliest Times to the Beginning of the Twentieth Century Volume 3.djvu/93

 the interest fund, had been used in erecting buildings and in the purchase of land deemed necessary by the trustees for the interest of the college and farm, without the authority of any existing legislative enactment. All of these irregularities had been reported to previous General Assemblies. In relation to the loss by defalcation of S. E. Rankin the committee found that the real estate deeded to the college to secure loss, was estimated to be worth $29,000 in addition to $2,000 paid by said Rankin heretofore. Of the amount of the defalcation, $11,400.70 was from the interest fund and a portion of this sum must be lost unless the lands turned over by Rankin be held for a better price than could then be obtained for them. As to similar sums charged to have been improperly paid out of the interest fund, for locating and looking after lands, the committee found that the items had been approved by the trustees, reported to the General Assembly and were correct. The committee was of the opinion that the endowment fund had been wisely, judiciously and honestly managed, so far as any evidence accessible showed and that the leasing of the lands was the best policy that could have been pursued to make them available and remunerative to the college. In conclusion, on this branch of the subject, the committee found no evidence tending to show that any officer or trustee of the college had speculated in or appropriated to his own use any of the funds of the college or acted in bad faith in the management of the same. The committee found no evidence to sustain the charge that the college was drifting away from its original intent, or that students had been unjustly treated.

The report of the committee was unanimous and as both political parties were represented the conclusions were accepted by the General Assembly. The dismissed professors were not reinstated, their assaults upon the college management utterly failed and were dismissed by the public as malicious and false.