Connecticut. School Fund Managers.

The state of Connecticut created a school fund from the proceeds of the sale of the state's Western Reserve land to the Connecticut Land Company in 1795. This company, a syndicate of 35 purchasing groups representing 58 individuals, paid $1.2 million on credit, with each purchasing group issuing personal securities. The Connecticut General Assembly empowered the school fund managers to take mortgages on lands in the Reserve as collateral security on personal bonds to the fund. Due to poor planning and company mismanagement, resale of Reserve lands was slow and few of the original proprietors made profits. An 1810 report on the school fund showed that $162,533 of interest on the company's debt was unpaid and that the collateral of the original debt was not safe. The school fund was managed throughout the 19th and 20th centuries and by 1957 had earned over $17 million since its founding in 1795.

From the description of Record books, 1801-1803, 1807-1810. (Rhinelander District Library). WorldCat record id: 23865313