Civil servants, who were paid in this depreciated scrip, suffered considerable distress.
In the case of all quasi-public corporations rigid laws exist prohibiting the issue of stock or bonds unless the par value is first paid in; prohibiting the declaration of any stock or scrip dividend, and requiring that new stock shall be offered to stockholders at not less than its market value, to be determined by the proper state officials, any shares not so subscribed for to be sold by public auction.
" And so, literally with " neither bread nor scrip," they went forth on their pilgrimage, and, incredible as it sounds, within ten years they had established missions in the islands of the West Indies, in South America, Surinam, Greenland, among the North American tribes, in Lapland, Tartary, Algiers, Guinea, the Cape of Good Hope and Ceylon.
In 1885, after interest had been unpaid for i i years on bonds amounting to £1,505,400, an agreement was made for the issue of new scrip to the value of £850,000 in quittance of all claims for capital and arrears of interest, certain public lands being also ceded to the bondholders as compensation.
Much has also been done in Prussia, in Brandenburg, in Bavaria, in Hanover, in Wurttemberg and in Baden, and collections of authorities have been made by competent scholars, of which the Geschichtsquellen der Provinz Sachsen und angrenzender Gebiete (Halle, 1870, f 01.), which extends to forty volumes, the smaller Scrip/ores rerum Prussicarum (Leipzig, 1861-1874), and the seventy-seven volumes of the Publikationen aus den koniglichen preussischen Slaatsarchiven, veranlasst und unterstutzt durch die konigliche Archivverwaltung (Leipzig, 1878, fol.), may be cited as examples.
But Ezra Cornell himself paid many salaries during early years, and provided much valuable equipment solely at his own expense; and because the state's land scrip was selling too low to secure an adequate endowment for the University, in 1866 he bought the land scrip yet unsold ' Ezra Cornell (2807-2874) was born in Westchester county, New York, on the i ith of January 1807.