New law authorizes sale of state land to finance education
On this day in 1879, the state of Texas authorized selling state land for fifty cents an acre. Half the proceeds were to go for reduction of the public debt and half to pay into the Permanent School Fund, established in 1876. The state sold 3,201,283 for $1,600,641.55 in fifty-two West Texas counties. On January 22, 1883, the Fifty Cent Act was repealed as a public necessity resulting from fraudulent speculation in the land.