It may be observed that the committee of 1833 contemplated the

establishment of a fund, with a capital of $1,634,418
It may be observed that the committee of 1833 contemplated the
establishment of a fund, with a capital of $1,634,418.32, and yet, after
twenty-five years, the Massachusetts School Fund amounts to only
$1,522,898.41. Its present means of increase are limited to the excess
of one-half of the annual income over the current educational expenses.
The increase for the year 1856-7 was $4,142.90; and for the year 1857-8,
$1,843.68. With this resource only, and at this rate of increase, about
one hundred and sixty years will be required for the augmentation of the
capital to the maximum contemplated by existing laws. But the
educational wants of the state are such that even this scanty supply
must soon cease. It is then due to the magnitude of the proposition for
the considerable and speedy increase of the school fund, that its
necessity, if possible, or its utility, at least, should be
satisfactorily demonstrated; and it is for this purpose that I have
already presented a brief sketch of its history in connection with the
legislation of the commonwealth, and that I now proceed to set forth its
relations to the practical work of public instruction.