By the act of Congress of 1862 and the supplementary act of 1866, Texas received from the United States land scrip for 180,000 acres for the purpose of establishing an agricultural and mechanical college. This scrip was sold in 1871 at 87 cents an acre, the amount realized being $156,600. This was quite as well as other states did in the sale of their scrip, but representing as it did some of the best land of the national domain, it was unfortunate that it could not have been held for sale until a later date.1 The proceeds were invested in $174,000 7 per cent frontier defence bonds of the state and in $12,000 10 per cent bonds of Brazos County; $12,000 of the proceeds was drawn under the pretence that it was necessary to purchase the lands required for the location of the college, but the money was loaned and the comptroller held unpaid notes for it; $21,096 also was expended for a worthless foundation for the main building.2

1 Message of Governor Davis, August 6, 1870. 2Veto message of May 29, 1871.

1 The San Antonio Daily Herald, April 14, 1871. 2House Journal, 14th Leg., p. 119.