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their way to New England.
Relations of the University with the Literacy Fund.
The first movement towards the formation of a Literacy Fund was made in 1870. It was to be derived from escheats, forfeiters, confiscations, personal property derelict, certain fines, and the [?] of personal estates of interstates, where there was no distribute, all of which by that and subsequent acts were solemnly dedicated to the [?] of learning, but soley through the medium of schools for the poor. (Acts 1809-10, c 14 [?] 1 & 3; Acts 1810-11, c 9. [d?]2.).
In 1815 a very large addition was made to the Fund, out of moneys received from the United States, in re-inbursement of expenses increased in the war, and to this portion of the fund, constituting immensely the larger part, no condition was ever annexed of undivertible application to the poor, (Acts 1815-16, c3, [s?]5), and by the Act of February 1818, which appropriated $45,000 to primary schools, and $15,000 to an University, the distinction between the fund, as originally constituted, and the accession then recently derived from the United States, is very prominently marked, (Acts 1817-18, C11, [s?]4, 8, 9.); as indeed, it also is in the Revised Code of 1819, (IR, C, 1819, p 82 [?], C 33. [?]12, 20 [?].).
In February [1876?], a resolution was adopted instructing the President & Directors of the Literary Fund to digest and report to the next General Assembly, a system of Public Education calculat3ed to give effect to the appropriations mmade to that object, during that session, and therefore, and to comprehend in such system, the establishment of an University to be called "the University of Virginia", and such additional Colleges, Academies & Schools as shall diffuse the benefits of education throughout the Commonwealth. (Acts 1815-16, p 266.)
This Resolution owned its inspiration, at least indirectly, to Mr Jefferson. A Seminary called "The Albe
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marle Academy", had subsisted in Charlottesville since 1803, but having fallen into a declining condition, an attempt was made in 1814 to revive it, and the board of trustees being in session with that view, Mr Jefferson was seen to side past, when same one proposed to invoke his counsel. It was done accordingly, and his suggestion to convert the languishing academy into a college was, after some demur, and many misgivings, acce ded to. Agents were dispatched into the adjacent Counties, & subscriptions obtained to the extent of about $60,000 (of which on ly somewhat over $40,000 [?] ultimately available), and at the Session of the General Assembly in 1815-16, a charter was obtained by the name of the "Central College" (Acts 1815-16, c 76.), which seems to have given rise to the Resolution [?] stated, which was adopted ten day afterwards.
The Resolution elicited a report, (founded upon a very extended consultation with prominent men of thought and learning of this and other States), recommending a plan of education not dissimilar to that proposer by Mr Jefferson in 1889, and a bill to carry it into effort, was passed, I believe, by the House of Delegates, but lost in the Senate.
The next year, the Act of February 1818 appropriated from the revenues of the Literacy Fund, $45,000 [Wannum?], to the primary education of the poor, and $15,000 to endow and support an University. (Acts 1817-18, C11 [S?]4, 8 to 11), and the Institution having been located in the course of that year, by Commissioners, on the site of the Central College, (which was merged in it), an Act of [?] 25, 1819, organized it substantially upon its present basis. (IRC (1819), p 90, c 34.)
The Literacy Fund has subsequently been increa sed, not only by annual accretions, but also by certain seems paid to the State by Act of Congress. Act of March 5, 1846 (Acts 1845-6, C 40. [?] 8), and of March 19, 1847, (Acts 1846-'7, c 28. [?] 18). So that the principal amounted in 1861, to no less a sum the $2,344,714.81, and the annual income to upwards of $114,000, of which by Acts
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of 1850-'57, e41 [?]9, and of 1853-4, c33, [?]1, $80,000 was set apart for pri= mary schools, $15000 to the Univerisym and $1500 to the Military Institute, VaCode (1860), C 79. [?]4,5.
During the war, an Act was passed by the Richmond Legislature appropriating $37,500, instead of $15,000, from the revenues of the Literary Fund, to the University, (Acts 1863-4, C20), of which three half yearly instalments it is believed, were paid. And one of the last acts of that government was a Statute increasing the appropriation to $75,000, of which of course nothing was received.
Present Condition of the Literary Fund. The Literary Fund has been diminished, but not destroyed by the events of the war. On the 30 September 1863, it appears from Auditor Thomas' Report, to have consisted of the following investments; viz
Bank of Virginia Stock, 2121 shares, at cost, less $30 W share, under act of 4 March 1846 $146,832.57
Farmer's Bank of Virginia Stock, 1054 shares, at cost 102,305.75 Northwestern Bank of Virginia 500 shares, at cost 50,000.00 Bank of the Valley 92 shares, at cost 10,134.00 [Fairmont?] Bank 1000 shares, at cost 50,000.00 Old James River Company 225 shares, at cost 96,950.00 Certificates of State, [viz?]
Old Military debt, 6pr cent, par value, [recognized & confirmed by [?] 1824-5, c29, & 1852-3, C17] $24,039.17 Bank loan 1814, (war of 1812, i.e money originally lent by the Banks for war purposes, and refunded by U States), [recognized & confd. by Statutes as above], 7pr cent 319,000.00 [?] Commonwealth, (Act 18 March 1856) 50.562.00 393,607,72 Internal Improvement debt, 5 pr ct., par value $155,200.00 cost 155,750.00
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{Forward Total of Literary Fund $2,344,714.} {Stock of Bank of [?], Farmer's Bank & $293,607.72} {Confederate-States Stock 454,923.44 748,52} {Balance of investments, not apparently bad- $1,596,189.65}
These remaining securities which, all still, on hand, appear to be the identical ones in which the fund was invested in 1860, having been inchanged for {more than [80?]}many years, and it would seem that these can be regarded as unavailable, only upon the supposition that the State of Virginia does not propose to redeem her ob- jections! The annual revenue derived from them, will amount to about $112,000.
Necessary Annual Expenditures of the University.
The budget of necessary expenses, in the present status of the Institution, (which is reduced by two professors, & several Assistant Institutions, from what it was in 1860), may be thus summed up; viz.
For Instruction,- Professor's Salaries, (11 in number) $11,000. Demonstrator of Anatomy 500. $11,500. For Officer's Salaries,- Chairman $500. Porter & Superintendent of grounds 1,800. Librarian 600. Secretary of Faculty 200. Janitor 300. Secretary of Visitors 200. 3,000.
For Repairs of Improvements 5,000. For Labour employed, including attendance on Lect. Rooms &c. 500. For advertising & Printing 600. For Insurance $650; Fuel 7 Lights for Public Rooms, say $400 1,050. For Library, including General, Scientific, Medical & Law Depart. 2,000. For Schools of Chemistry, Nat. Philos. & Anat. Apparat. 400. For Interest on Debt of University (Say $38,500), say 2,300. For Expenses of Visitors, say 200. For Miscellaneous Expenses, say 1,000. $28,200.
Several of these items, it may be observed, are advanced