most extended and important theoretical information. Means for educating young men to become teachers in our primary schools, have been devised; but by the acquirement of all that these means afford, they have only reached the threshold of the temple of knowledge, and are not fitted to work out the highest degree of good without the study of books, and the consequent information and instruction they afford. Too much value indeed can hardly be attached to the establishment of school libraries; and it is believed when once rightly established, they will be the means of effecting an equal amount of good, with the schools. themselves.

The following is an exhibit of the condition of the university and school fund:

UNIVERSITY FUND.

Of the university lands, 527 72-100 acres have been sold the past year, at an average price of $20 29 per acre, amounting to $10,704 40.

Received from purchasers on account of the ten per cent,

Received from purchasers on account of lands sold in eighteen hundred and thirty-seven, being instal

ment,

Received for use of improved lands,

$1,070 44

7,698 02

150 00

Amount of principal received,

$8,918 46

Received from purchasers on account of interest,
Received on account of interest, of moneys loaned,

Amount of interest received,

$9,171 42

Total amount of principal and interest received, $18,099 88
Estimated amount due from purchasers on account

of lands sold in eighteen hundred and thirty-seven, be-
ing instalment,
$7,300 00
Due on notes for use of improved lands, 1,910 00
Due from purchasers on account of in-

terest,

SCHOOL FUND.

5,228 00

Of the school lands, 8,502 acres, including 560 acres bid off the preceding year, have been sold at an average price of $8 11 per acre, amounting to $69,016 00

Received from purchasers on account of the ten

per cent,

Received from purchasers of lands sold in eighteen hundred and thirty-seven, being instalment,

Received for use of school lands,

On hand as per last report,

6,901 60

21,687 59

175 00

864 00

$29,623 19

Amount of principal received,

Received from purchasers on account of interest,
Received on account of interest on moneys loaned,

Amount of interest received,

Total amount of principal and interest received,
Add university principal and interest,

Total,

Estimated amount, due from purchasers, on account of lands sold in eighteen hundred and thirtyseven, being instalment, $18,544 88

Due on notes for use of improved lands, 359 75
Due from purchasers on account of int., 13,460 45
Payments have been made and loans effected, as
follows:

To Jackson county, on bond of supervisors,
Kent

18,776 28 2,684 71

$21,460 99

$51,089 68

18,089 88

$69,179 06

$4,000 00

5,000 00

7,000 00

7,000 00

8 000 00

5,000 00

10,000 00

600 00

9,171 42

21,817 60

To Penn township, as provided by an act of the legislature,

Expenses of sale, clerk hire, printing, maps, advertising, postage, blank certificates, surveys, &c. as per bills,

Refunded where lands sold subject to survey fell short of estimate,

Accounted in last report for lands which were not taken and paid for,

Uncurrent funds received,

$526 00

1,623 00

118 24

468 50

450 00

$80,774 76

Though this sum exceeds the receipts, no doubt is entertained that sufficient payments will soon be made to meet the balance. Since indeed the above account was drawn up, a considerable portion of this balance has been paid, and the remainder undoubtedly will be in a short time. It is proper to add that no part of this balance is due the State Treasurer, arrangements having been made by which the whole amount has been placed at his disposal.

The books of the office not having been fully written up and posted, the exact amount in the estimates of what is now due from purchasers of university and school lands, is not given,though they will not vary much from the amount actually due. In a short time, however, the exact balances can all be exhibited. By the operation of the extension law, payments were brought so near the close of the year, that more could not be done, without considerable additional help and expense.

Of the uncurrent money, it is proper to state that three hundred dollars of it, though not now available, will probably soon be redeemed; of the balance, twenty dollars are in counterfeit bills and the remainder in notes of fraudulent banks.

Document number one, is an account of lands sold, and prices per acre; number two, contains the returns of school inspectors: and number three, is the report of the regents of the university, which is herewith transmitted.

The duties of the regents being at present arduous, it is deemed to be due in justice to the gentlemen who compose that board, that their expenses during the time of the erection of the university buildings, should be paid.

All which is respectfully submitted,

JOHN D. PIERCE,

Superintendent of Public Instruction.