Today marks 163 years since "the cherished design of the Republic and the State of Texas" was realized and The University of Texas, Texas A&M's parent institution, was established by the Texas Legislature.
Today also marks 163 years since the establishment of the Permanent University Fund, the endowment fund overseen by the University of Texas Board of Regents for the benefit of The University and its branch institutions.
The PUF was initially funded with $100,000 of the money given to Texas via the Compromise of 1850. During the Civil War, the Legislature raided the PUF leaving just $0.58 in cash and a handful of state warrants (IOUs) of dubious value as the fund's assets.
The Fourteenth Amendment stated "neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States." There was extensive discussion whether the warrants held in the PUF were worthless pursuant to this clause. It was left to the Legislature to determine how The University established in 1858 would be funded. This would be worked out and, in 1883, the first institution of higher education in Texas created "Of the people of Texas, by the people of Texas, and for the people of Texas" opened its doors.
"One star, one state, one University."
What started in 1858 "Changed the World."