No. From It's owner ship by Spain until the Texas Constitution of 1866 The Right to extract minerals from beneath the surface of Texas rested solely with the Sovereign, unless granted to the surface owner by an act of congress. The government sold surface rights, not mineral rights. The Constitution of 1866 abolished this complicated legislation and would eventually allow the oil millionaires to pop up from 1901 onward. While I don't doubt that UT is funded by the property tax like all Texas institutions of learning, I do doubt that it's funded by oil royalties owned by the State of Texas. Most likely, wealthy alumni (via Oil royalties) have donated money to the university in the past and have buildings named in their honor. I know that is the situation at my own University, Texas State, and is the reason why our "Albert B. Alkek" library bears the name of a wealth oil tycoon.The Republic of Texas generally made it's money selling land. And the mineral rights generally went with the land, otherwise how would Texas have had so many oil millionaires.
Also the Republic of Texas was pretty much selling land at a loss for $.02 per acre. $.02 x $640 acre tract equals a whopping $12.80 in the Republic coffers. The real money maker of the RoT was the Galveston customs house earning nearly $2,000,000 in Profit from 1837-1846. It's a drop in the Bucket, but still significant.
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