The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911 Page: 18
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Texas Historical Association Quarterly.
School and University Funds
The amount due the school fund at the close of the wax was
$1,137,406.65; $766,700 of this was for United States bonds and
interest coupons transferred to the Military Board in August and
November of 1862; $331,604.84 for state treasury warrants re-
ceived; $26,927 for specie used, and $12,173.93 for interest on
Receipts of the school fund from taxes, land sales, and interest
on securities amounted during the four years 1862-1865 to $643,-
525.81, while expenditures, exclusive of investments, amounted to
only $114,544.26. In 1862, $185,520 was loaned to railroad com-
panies. The railroad companies made no interest payments in spe-
cie during this period, but in accordance with the act of December
16, 1863, and November 15, 1864, paid in state treasury warrants
a total of $320,367.13 for interest and principal of bonds. The
state funded the warrants in 6 per cent bonds, and the latter re-
mained of doubtful validity until 1883 when they were paid. The
legality of the payments of the companies in warrants was subse-
quently contested on the ground (1) that the warrants were issued
for the purpose of being circulated as money and so were in viola-
tion of the State Constitution; (2) that they were bills of credit
emitted by the state and were therefore in violation of the Constitu-
tion of the United States; and (3) that the acts under which they
were issued and paid were in aid of the Rebellion and were there-
fore void. The decision of the Supreme Court of the United
States was against the state on all three points.
In 1876, $297,758.22, out of a total of $357,175 in United States
bonds and coupons originally transferred, was recovered by the
state and returned to the school fund.
The indebtedness to the university fund at the close of the war
was $283,514.22. This was for United States bonds to the amount
of $100,000 and specie from interest and land sales transferred to
state revenue account in 1860-1862, and for treasury warrants and
Confederate notes received in payment of ]and sales. Receipts of
this fund from land sales during the four years 1862-1865 amounted
to $134,183.39. There were no disbursements other than transfers.
H. & T. C. R. R. Co. v. Texas, 177 U. S., 66-103.
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Texas State Historical Association. The Quarterly of the Texas State Historical Association, Volume 14, July 1910 - April, 1911, periodical, 1911; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth101054/m1/26/: accessed April 29, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.