University of Virginia Library

At a meeting of the Visitors of the University of Virginia at the
sd University, on monday 2d. of Octr. 1820, present Thomas Jefferson,
James Madison, Robert B. Taylor, John H. Cocke, and Joseph C. Cabell;

The Board proceeded to the consideration of the Annual Report,
and not having time to go through with the same, adjourned to tuesday
3d. October.

At an adjourned meeting of the Visitors of the University of Virginia,
held on 3d. October 1820, present Thomas Jefferson, James Madison,
Robert B. Taylor, John H. Cocke, and Joseph C. Cabell;

The Board approved the arrangement made by the Committee of Superintendence
relative to the annulment of the contract with Doctor Thomas
Cooper.

Resolved, That From & after the first day of October 1820, the
compensation to the Bursar of the University for his services, shall be
at the rate of one per cent on the amount of disbursements.

Resolved, that Joseph C. Cabell be the is hereby desired & authorized
to examine and verify the accounts of the preceding year, not already
examined and verified.

Resolved, That the Committee of Superintendence be authorized to
enter into negociations, with the following persons, with the view of
engaging them as Professors of the University, viz: Mr. Bowditch of Salem
           and Mr. Tichenor of Boston.

Resolved, That in the negociations with Mr. Bowditch & Mr. Tichenor,
the committee be authorized to offer the compensation hereinafter specified—viz:

• 1. Apartments.

• 2. A Salary of $2000 per annum.

• 3. A fee of $10. for each student engaged to attend the
  Lectures of the Professor.

• 4. If the aggregate amount of the Salary and of the fees
  of tuition, should fall short of $2500, in either the
  first, second, or third year, the deficiency to be paid
  out of the funds of the University.

The following report was agreed to           

To the President and Directors of the Literary fund.

In obedience to the act of the General assembly of Virginia, requiring
that the Rector & Visitors of the University of Virginia should
make report annually to the President & Directors of the Literary fund
(to be laid before the legislature at their next succeeding session) embracing
a full account of the disbursements, the funds on hand, & a general
statement of the condition of the sd University, the sd Visitors
make the following Report.

The General assembly at their last session of 1819. 20 having passed
an act authorising the sd Visitors, for the purpose of finishing the
buildings of the University, to borrow the sum of 60,000.D. and to pledge
for repayment of the sd sum and interest, and part of the annual appropriation
of 15,000.D. heretofore made by law, the board of Visitors at
their semi-annual meeting of April last proceeded to the consideration
of the sd act, and of the authorities therein permitted to them. they
were of opinion, in the first place, that it would be most expedient to
compleat all the buildings necessary for the accomodation of the Professors
& Students before opening the institution, as the maintenance
of that, when opened, by absorbing all it's funds, would

leave nothing
to compleat what might yet be requisite for the full establishment called
for by law.

On view of the accounts rendered by the Bursar and Proctor, they
found that with the aid of the loan authorised (if the commencement of
it's instalments for repaiment could be suspended four years) and of
their annuity during the same time, they might accomplish the whole of
the buildings of accomodation, for the Professors and students according

to the estimates heretofore made of their probable cost, of which the
following statement presents a summary view.

                             

1820. Apr.	The existing debts are		10,000
	To compleat the 7. pavilions & 31. Dormitories on hand		18,000
	To build 3. more pavilions & 24 Dormits. to compleat the lawn		27,600
	To build 3. Hotels & 25. Dormits. compleating the East back street		19,000
		74,600
1821	To build 2. Hotels & Proctor's house, & 25. Dormits. compleatg. West back street		19,000
			93,600
MEANS.
1820. Apr.	Loan from the Literary fund of		40,000
1821. Jan. 1.	Annuity of 15,000.D — 2400. int. of 40,000 D.		12,600
	Additional loan of		20,000
1822. Jan. 1.	Annuity of 15,000.D. — 3600.D. int. of 60,000		11,400
		84,000
1823. Jan. 1.	Annuity of 15,000 D. — 3600. int. of 60,000		11,400
			95,400

They therefore proceeded to negociate a loan of 40,000 D. from
the President and Directors of the Literary fund reimbursable by 5 instalments
of 14,244 D. a year beginning on the ___ day of April 1824.
and afterwards a 2d. loan of 20,000.D. reimbursable by like annual instalments,
commencing from the day when the others should end.

On this view of their resources the Board proceeded to authorise

their Proctor to enter into contracts for the completion of the buildings
already begun & for the erection of those still wanting, so as to
provide in the whole, 10. Pavilions for the Professors required by law,
5. hotels for dieting the Students, & a 6th. for the use of the Proctor,
with 104 Dormitories, sufficient for lodging 208. students; and they instructed
him to make, in his contracts, effectual provision that the
whole shall be compleated in the autumn of the ensuing year 1821. at
that time therefore the buildings of accomodation for the Professors &
Students are expected to be all ready for their reception, and the institution
might then be opened, but that the remaining engagements for
the buildings & the reimbursement of the sums borrowed from the Literary
fund will require the whole revenue of the University for 7. years to
come that is to say until the ___ day of April 1828.

In the statement of expenditures & means of the University it will
be percieved that we have not taken the private subscriptions into account.
Of these 2079.33 D. of the 1st. instalment, 3914.13 D. of the 2d.
& 8217.09 of the 3d. are still due; & the last amounting to 10,666.50
will become due on the 1st. day of April next. but of these some loss
will be occasioned by the distresses of the times; & the residue, from
the same cause, will be so tardy & uncertain in the times of it's reciept,
that the Visitors have not thought it safe to found on it any
stipulations requiring punctuality in their fulfilment. they have
thought it more advisable to reserve it as a Supplementory & Contingent
fund, to aid the general revenue, as it shall be recieved, and to meet
casualties unforeseen, errors of estimate, and experiences other than
those of meer building.

In the Report of the Commissioners who met at Rockfish gap on the

1st. day of Aug. 1818. it was stated that `a building of somewhat more
size in the middle of the grounds may be called for in time, in which
may be rooms for religious worship under such impartial regulations as
the Visitors shall prescribe, for public examinations, for a Library,
for the schools of music, drawing and other associated purposes.' the
expences of this building are not embraced in the estimates herein before
stated. it's cost will probably be of about 40,000.D. and it's
want will be felt as soon as the University shall open. but this building
is beyond the reach of the present funds. nor are these indeed adequate
to the maintenance of the institution on the full scale enacted by
the legislature, that body, aware that Professors of desirable eminence
could not be expected to relinquish the situations in which they might
be found, for others, new, untried, and unknown, without a certainty of
adequate compensation, confided to the discretion of the Visitors the
salaries which should be stipulated to the Professors first employed.
but the annuity heretofore appropriated to the maintenance of the University
cannot furnish sufficient inducement to ten Profesors, of high
degree each in his respective line of science; and yet, to employ inferior
persons, would be to stand where we are in science, unavailed of
the higher advances alread made elsewhere, & of the advantages contemplated
by the statute under which we act.

If the legislature shall be of opinion that the annuity already
apportioned to the establishment and maintenance of an institution for
instruction in all the useful sciences, is it's proper part of the
whole fund the Visitors will faithfully see that it shall be punctually
applied to the remaining engagements for the buildings, and to the reimbursement
of the extra sum lately recieved from the general fund:

that during the term of it's exclusive application to these objects,
due care shall be taken to preserve the buildings erected from ruin or
injury, and at the end of that term, they will provide for opening the
institution in the partial degree to which it's present annuity shall
be adequate. If, on the other hand, the legislature shall be of opinion
that the sums so advanced in the name of a loan, from the general fund
of education, were legitimately applicable to the purposes of an University,
that it's early commencement will promote the public good by offering
to our youth now ready and waiting for it, an early and near resource
for instruction, and, by arresting the heavy tribute we are annually paying
to other states and counties for the article of education, and shall
think proper to liberate the present annuity from it's engagements, the
Visitors trust it will be in their power, by the autumn of the ensuing
year 1821. to engage and bring into place that portion of the Professors
designated by the law, to which the present annuity may be found competent;
or, by the same epoch, to carry into full execution the whole objects
of the law, if an enlargement be made of it's participation in the
general fund, adequate to the full establishment contemplated by the
law.

The accounts of reciepts, disbursements and funds on hand for the
year ending with the present date, as rendered by the Bursar and Proctor
of the University, are given with this report, as is required by law.

and the board adjourned without day.