" The adoption of
this order was the incipient measure that led to the establishment of
the Massachusetts School Fund. On the twenty-third of the same month,
Mr. Marsh submitted the report of the committee. The committee acted
upon the expectation that all moneys then in the treasury derived from
the sale of public lands, and the entire proceeds of all subsequent
sales, were to be set apart as a fund for the encouragement of common
schools; but, as blanks were left in the bill reported, they seem not to
have been sanguine of the liberality of the Legislature. The cash and
notes on hand amounted to $234,418.32, and three and a half millions of
acres of land unsold amounted, at the estimated price of forty cents per
acre, to $1,400,000 more; making together a fund with a capital of
$1,634,418.32. The income was estimated at $98,065.09. It was also
stated that there were 140,000 children in the state between the ages of
five and fifteen years, and it was therefore expected that the income of
the fund would permit a distribution to the towns of seventy cents for
each child between the afore-named ages. This certainly was a liberal
expectation, compared with the results that have been attained. The
distributive share of each child has amounted to only about one-third of
the sum then contemplated. The committee were careful to say, "It is not
intended, in establishing a school fund, to relieve towns and parents
from the principal expense of education; but to manifest our interest
in, and to give direction, energy, and stability to, institutions
essential to individual happiness and the public welfare.
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