By virtue of an act approved April 1, 1854, entitled "An act to authorize a loan to the University of Wisconsin," the Commissioners have also loaned to that institution the sum of twelve thousand, seven hundred, and thirty-five dollars and thirty-three cents, ($12,735 33) out of the principal of the University Fund.

With the exception of the loan last mentioned, to the State University, it will be seen that these moneys have been loaned to Individuals in sums varying from five hundred dollars, the largest amount allowed to be loaned to any one person, to the least sum,

which is one hundred dollars. For these loans we have taken mortgage security in conformity with law, and the mortgages have all been recorded. These, together with the evidences of title in each case and of its freedom from incumbrance, are on file in the office of the Secretary of State, subject to the inspection and examination of the Legislature.

The law upon this subject requires, that all persons applying for a loan shall produce to the Commissioners, for their inspection, the title papers, showing a clear and valid title in fee simple, without incumbrance, to the property offered in pledge, and not derived through any executor or administrator's sale, or sale on execution. Sec. 65, Chap. 24, Revised Statutes. It is also provided in this section that the Commissioners shall duly inform themselves of the value of real estate offered in pledge as aforesaid, and shall judge of the validity of the title thereof.

Sections 74 and 71 provide that no greater sum than five hundred dollars, nor less than one hundred, shall be loaned to any one person, and that no loan shall be made for a longer period than five years.

Section 76 provides that the sum loaned shall not exceed one half of the appraised value clear of all perishable improvements, and the commissioners may reduce the amount to be loaned, &c.

Section 79 requires the persoa applying for a loan to produce a and file with the commissioners a complete chain of title to the land offered to be mortgaged, and the certificate of the clerk of the circuit court, and register of deeds of the county in which the land lies, showing that there is no conveyance of, nor incumbrance on, said land, in either of their offices.

By section 80, the applicant, before he receives the money to be loaned, must make oath to the truth of an abstract of title to his land, and that there is no incumbrance, or better claim in law or equity that he knows or believes, upon, or to said land.

These are the guards that the law has thrown around the loaning of the School and University Fund, and it is the duty of the commissioners to see that every provision of law above cited is