Editing Leland Stanford (section)

==Stanford University==
{{main|Stanford University}}
With his wife Jane, Stanford founded [[Stanford University|Leland Stanford Junior University]] as a memorial for their only child, [[Leland Stanford Jr.]], who died as a teenager of [[typhoid fever]] in [[Florence]], Italy, in 1884 while on a trip to Europe. The university was established by the Endowment Act of the California Assembly and Senate of March 9, 1885, and the Grant of Endowment from Leland and Jane Stanford signed at the first meeting of the board of trustees on November 14, 1885.<ref>{{cite web| url=https://archive.org/details/lelandstanfordju00stanrich| title=The Leland Stanford, Junior, University| website=Internet Archive| year=1885}} The Act of the Legislature of California. The Grant of Endowment. Address of Leland Stanford to the Trustees. Minutes of the First Meeting of Board of Trustees.</ref>

The Stanfords donated approximately $40 million<ref>{{cite news| url=https://news.google.com/newspapers?id=UhhKAAAAIBAJ&pg=1757%2C3477578| title=Stanford Estate Worth Seven Millions| newspaper=The Evening News| date=April 5, 1905 |via=Google News Archive Search |url-status=live |archive-url=https://web.archive.org/web/20230731085331/https://news.google.com/newspapers?id=UhhKAAAAIBAJ&pg=1757%2C3477578 |archive-date= Jul 31, 2023 }}</ref> (equivalent to approximately ${{formatnum:{{Inflation|US|40000000|1905|r=-6}}}} today) to develop the university, which held its opening exercises on October 1, 1891, and was intended for agricultural studies. Its first student, admitted to Encina Hall that day, was [[Herbert Hoover]], who went on to become the 31st US president. The wealth of the Stanford family during the late 19th century is estimated at $50&nbsp;million (equivalent to approximately ${{formatnum:{{Inflation|US|50000000|1900|r=-6}}}} today).

Stanford had ideas of Stanford University employee ownership for more than thirty years before giving them expression in his plans for the university, proposals as a senator, and in interviews with the news media.<ref>{{cite magazine| last=Altenberg| first=Lee| title=Beyond Capitalism: Leland Stanford's Forgotten Vision| magazine=Sandstone and Tile| volume=14| issue=1| pages=8–20| date=Winter 1990| publisher=Stanford Historical Society| location=Stanford, California| url=http://dynamics.org/Altenberg/PAPERS/BCLSFV/| access-date=June 9, 2016}}</ref>