But the Legislature had a different idea as to the sacredness of the trust. Various measures were passed, lengthening the time of deferred payment, successively lowering the minimum price at which the lands were to be sold and eventually in 1841 making the minimum price of $12 retroactive. Under this measure, $35,651 were actually returned or credited to purchasers. When the lands were all sold the average price realized was not quite $12 an acre, resulting in a fund of some $547,000 from which the University now derives an annual income of $38,433.44. While this amount is by no means as large as was hoped for in those early days, this income, if it had been available in the first years, would have helped the struggling institution materially. To most of us this dissipation of what might have been, with more careful and conservative management, a magnificent endowment seems almost a tragedy. But there is another side. Michigan was far more fortunate in her disposal of these public lands than any of her contemporaries and obtained more than twice the amount realized from any other state lands in the Northwest. For example, Wisconsin only realized $150,000 from her 72 sections, while others fared worse instead of better. Michigan is regarded in this respect as a model, instead of a horrible example. Then, too, the early sale of the land was imperative if the University was to live. The income from this source was almost its sole support except the exceedingly slender student fees. We must conclude, therefore, that the Government grants performed their function; thanks to them we still have a University and still receive a respectable income from the fund which represents their sale.