already offer to the youth of Minnesota advantages and facilities superior to those of most colleges of the country. It is however to be remembered that we are competing not with the average colleges, but with the best. A journey of a few hours sets a Minnesota boy' down at the doors of the oldest and richest of American universities. There is no help for it, but that a new university, if it expects to grow, must offer all the essential advantages of a university. This requires large outlays. Unless there is a sure prospect of a great revenue it is questionable whether a new college should go into operation at all. Especially should there be caution about attempting the work of a university. This institution, but for causes apparently beyond the control of this Board, and perhaps of this generation, might have possessed an endowment of magnificent proportions. I would earnestly submit as the gravest subject for the consideration of the Board, the question: May it not yet be possible, through liberal and enlightened legislation, not compromising other interests, to provide for the University such an endowment as will ensure its perpetuity and prosperity and hand it down as a blessing, not a burden to the future?

All of which is respectfully submitted.

APPENDIX A.

A Tabular Statement of the amounts and kinds of work performed in the various departments of instruction of the University of Minne sota in the year 1874-5, exclusive of the examinations and the revision and correction of papers.

APPENDIX B.

Extract from the Minneapolis Daily Tribune of July 25, 1875:

"Hon. John S. Pillsbury, President of the Board of Regents, expressed the pleasant emotions of that body in being able to welcome the audience to the University, to present an increased number of graduates, and in behalf of the Board to direct President Folwell to confer the degrees of the institution upon those now about to take their departure from its fostering care.

"Prior to the ceremony of conferring the degrees, in accordance with the direction of Mr. Pillsbury, Mr. Folwell spoke as follows: "MR. PRESIDENT:-In proceeding to the duty with which you have officially charged me, permit me to notify your honorable Board that upon the graduation of these candidates we lose from our ranks the last remnants of that old guard' who rallied about the standard set up here at the first opening of scholastic work in this institution. We are parting, therefore, with some of the original founders of the University, for surely they must be reckoned such, who cast in their fortunes here, venturing their whole intellectual capital, at a time when the advantages of the University could only be seen by the eye of faith. At any rate, when our history shall be truly written, it will appear that these candidates and their predecessors were the pioneers who cleared the way and beat the path for all following classes and generations of students.

"Pioneers! The title suits them well. I trust our young friends will pardon me if I bring into too strong light passages of their career which they would modestly prefer to leave in shadow. I will only say that for a worthy purpose, I desire to have it known that the majority of these candidates have literally fought their way through college,' against poverty, against bodily infirmities, against the persuasions of friends who could not bear to witness the strug gle. To reach this day, some of them have suffered from cold and Lunger, and more than one has for a time succumbed beneath the double burden of scholastic duties, and the getting of daily bread. They have fought a good fight, they have kept that faith which bound them to an institution which as yet had no name among the colleges