Page:United States Statutes at Large Volume 12.djvu/534

 504 THIRTY—SEVENTH CONGRESS. Sess. II. Ch. 130. 1862. Where there of the States in which there is not the quantity of public lands subject to
 * t‘€i;‘l;“§l:l““d’· sale at private entry at one dollar and twenty-five cents per acre, to which

issued_ said State may be entitled under the provisions of this act, land scrip to the amount in acres for the deficiency of its distributive share: said scrip Scrlp may to be sold by said States and the proceeds thereof applied to the uses b° "I ‘ and purposes prescribed in this act, and for no other use or purpose what- P¤‘¤Vi$¤· soever: Provided, That in no case shall any State to which land scrip may thus be issued be allowed to locate the same within the limits of any other State, or of any Territory of the United States, but their assignees may thus locate said land scrip upon any of the unappropriated lands of the United States subject to sale at private entry at one dollar and twenty- tive cents, or less, per acre: And provided, further, That not more than one million acres shall be located by such assignees in any one of the States: And pr¢widcd,_furthr:r, That no such location shall be made before one year from the passage of this act. EXp€,,,€,°f Sec. 3. And be it further enacted, That all the expenses of manageman¤gernent,8¤c. ment, superintendence, and taxes from date of selection of said lands, g’b;’t‘;£“‘d by previous to their sales, and all expenses incurred in the management and disbursement of the moneys which may be received therefrom, shall be paid by the States to which they may belong, out of the treasury of said States, so that the entire proceeds of the sale of said lands shall be applied without any diminution whatever to the purposes hereinafter mentioned. Moueys from Sec. 4. And be it further enacted, That all moneys derived from the f:Lz‘;L°§:h sale of the lands aforesaid by the States to which the lands are apporinvested; tioned, and from the sales of land scrip hereinbefore provided for, shall be invested in stocks of the United States, or of the States, or some other safe stocks, yielding not less than live per centum upon the par value of to  ¤ said stocks; and that the moneys so invested shall constitute a perpetual mlm “° ’ fund, the capital of which shall remain forever undiminishecl, (except so interest to be far as may be provided in section fifth of this act,) and the interest of °l;f:‘§"%°°‘;5‘;;" which shall be inviolably appropriated, by each State which may take and ii, ,,,2,-;c,,im,§° claim the benefit of this act, to the endowment, support, and maintenance =\¤d¢l¤¤m¢¢h¤¤i¢ of at least one college where the leading object shall be, without exclud- ""' ing other scientific and classical studies, and including military tactics, to teach such branches of learning as are related to agriculture and the mechanic arts, in such manner as the legislatures of the States may respectively prescribe, in order to promote the liberal and practical education of the industrial classes in the several pursuits and professions in life. (·(,,,d;t;,,¤, of Sec. 5. And be it further enacted, That the grant of land and land this grant. scrip hereby authorized shall be made on the following conditions, to Assent or which, as well as to the provisions hereinbefore contained, the previous S*“°*- assent of the several States shall be signified by legislative acts: mgjxpgrpzdlznlpf l First: If any portion of the fund invested, as provided by the foregoup by Sum. mg QSGEIOI1, or any portion of the interest thereon, shall, by any action 01* contingency, be diminished or lost, it shall be replaced by the State to which it belongs, so that the capital of the fund shall remain forever unt°·°;)‘;”:‘;}l§:(g°”¤* diminished; and the annual interest shall be regularly applied without ,€,g,,;,s),_ diminution to the purposes mentioned in the fourth section of this act, entcept that a sum, not exceeding ten per centum upon the amount received by any State under the provisions of this act, may be expended for the purchase of lands for sites or experimental farms, whenever authorized by the respective legislatures of said States. wig; xpoqtiopt 'S€C0l1d· No portion of said fund, nor the interest thereon, shall be npbundi¤g1g.1¤ 0 plied, directly or indirectly, under any pretence whatever, to the p¤1‘0l19·S6» Any stm erection, preservation, or repair of any building or buildings. claiming the _ Third. Any State which may take and claim the benefit of the pt‘0ViS· b°“°£’;;£g; 10118 of this act shall provide, within five years, at least not less than 0¤¤ ggiloepgaiphiu college, as described in the fourth section of this act, or the grant to Slwh