New Deal Days: 1933-1934 by Eli Ginzberg

Author:Eli Ginzberg [Ginzberg, Eli]
Language: eng
Format: epub
Tags: History, General, Americas (North; Central; South; West Indies)
ISBN: 9781351291224
Google: xyBWDwAAQBAJ
Publisher: Routledge
Published: 2018-04-17T05:05:18+00:00

Men vs. Bricks

Several years ago the state of Texas ceded a large tract of land to the university in the hope that the income therefrom would help to meet a portion of the university’s annual budget. The land was of little value, and the income was inconsiderable. One day, oil was discovered. The university was on easy street. Unfortunately, someone reread the grant and discovered a clause which stated that the income could be used only for capital expenditures, not for operating expenses. The university’s physical plant was in poor condition, hence the administration was not disheartened. But the gods were in ill humor. The question was raised subsequently whether royalties were capital or income. The court decided that royalties were capital and could therefore not be touched; only the interest on the royalties could be spent.

Despite these extreme restrictions there were sufficient funds available to begin rebuilding the campus. No longer would a lecture on gravitation be interrupted by a professor flushing a nearby toilet; the wooden buildings were to be razed. But instructors might still be exposed to the rain, not on, but off the campus, for their salaries have just been reduced by 30 percent.

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