University of Virginia Library

A meeting of the Rector & Visitors of the University of Virginia
was held at the University on the 6th.. Octr. 1823, at which were present
Thomas Jefferson, James Madison, James Breckenridge, John H. Cocke,
George Loyall, and Joseph C. Cabell.

Resolved that the board approves of the contract entered into
with Giacomo Raggi for furnishing bases of marble of Carrare for the
columns of the Rotunda.

Resolved that they recommend to the executive committee to procure
capitals of the same marble for the same columns if practicable
on terms not higher than those offered by Thos. Appleton.

Resolved that they recommend also to the said committee to procure
squares of marble for paving the Portico of the Rotunda if they
find that it can be done on terms preferable to what it will cost to
have the same paved with country stone.

Resolved, that it be an instruction to the collector of the University
to call once more on the subscribers who are in arrear for the
payment of their arrears, that from those not ready to make payment he
may receive instead thereof bonds

or notes from those who have not already
given them payable in ninety days, & if these be not given that
he institute suits in the proper court with instructions to the attorney
engaged to press the suits to execution with the least delay practicable.

Resolved that the board think it expedient to continue the collector
so long as the executive committee may deem his employment necessary to
finish the collection.

A Report to the President & Directors of the Literary Fund having
been proposed was agreed to.

To the President and Directors of the Literary fund.

In obedience to the law requiring that the Rector & Visitors of
the University of Virginia should make Report annually to the President
and 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, and a general statement of the condition
of the said University, the sd Rector & Visitors make the following Report.

In conformity with the act of the General assembly of Feb. 5. of
the present year, requiring that, out of the uninvested capital then
lying in the Literary fund, there should be loaned, by the President &
Directors of the sd fund, to the Rector and Visitors of the University
of Virginia, for the purpose of completing the buildings, and making
the necessary preparations for putting the sd University into operation,
any sum required by the said Rector and Visitors, not exceeding that of
60,000. Dollars, the Visitors at their meeting on the 7th. of April last,
deemed it necessary for the institution to require the whole of the sd
sum, but that it should be drawn in different portions and at different
times, as it should be wanting, so far as the Literary board should

think admissible. there was accordingly recieved by an order of the
sd board in the month of May last a sum of forty thousand Dollars
___ .. ___ .. ___ .. ___ in consequence hereof the larger building,
for a Library and other purposes was commenced, & has been carried
on with activity, insomuch that it's walls are now ready to recieve
their roof; but that being of hemispherical form, & pressing outwardly
in every direction, it has been thought not advisable to place it on
the walls, in their present green state; but rather to give them time
to settle and dry until the ensuing season, when the roof will be
ready, & the walls in a proper condition to recieve it. whether the
interior work of the building will be finished, within the ensuing year,
is doubtful.

The Report of the 7th. of October of the last year stated that the
buildings for the accomodation of the Professors and Students were in
readiness for occupation except as to some small articles of plaistering
then on hand, the garden walls and grounds, and some columns which
awaited their Capitels from abroad. these buildings are done, the
Capitels are recieved and put up; and the whole of these buildings are
now in perfect readiness for putting the institution into operation.
and this might be done (taking reasonable time for procuring Professors)
at the close of the ensuing year 1824, were it's funds liberated from
their present incumbrances. but these remove the epoch to a very distant
time. the several sums advanced from the Literary fund, as loans,
when the balance of the last shall have been recieved, will amount to
180,000. Dollars, bearing a present interest of 10,800.D. this, with
the cost of the necessary care and preservation of the establishment
will leave, of the annual endowment of the University a surplus of
between two and three thousand Dollars only, with it's compound increase
for the redemption of the principal. this being, as before-mentioned,
of 180,000.D. will be extinguished by the annual payment
of a constant sum of 2,500.D. at the end of 25. years, a term too distant
for the education of any person already born, or to be born, for
some time to come; and within that period a great expence will be incurred
in the mere preservation of the buildings & appurtenances.
these are views which it is the duty of the Visitors to present, and
to leave, to the wisdom and paternal consideration of the legislature,
to whose care are confided the instruction, and other interests of the
present, as well as of the future generations proceeding from us.

That Report, with the letter of the 23d. accompanying it, stated
also that the buildings of accomodation for the Professors and Students
were so far paid for as that the arrearages of subscriptions still due,
being 18,343.43½ would, when recieved, compleat their payment to within
the sum of 8,658.19½. while there were other funds to which present
recourse could be had, it had been deemed reasonable to in

dulge the
convenience of such subscribers as found difficulties in paying their
instalments rigorously at the periods prescribed. but that these arrears
having then become urgently necessary, an active collector had
been employed to settle and call for them, in the course of the year
he has collected, of these arrearages, the sum of 4,826.77½ he has obtained
bonds, or promises, verbal or written, for prompt payment, deemed
good, to the amount of 10,107.93-3/4; and as to the remainder, some of
the subscribers have not yet been called on, some have removed out of
the state, and some become insolvent. Of this remainder, he considers
932.25 as sperate, and the residue, between 2,500. and 2,600.D. as
desperate; which on 43,808.D. the whole sum subscribed, will be an ultimate
loss of nearly 6. per cent. this will so far increase the deficit
of 8,658.19½ before stated as falling short of paying for the four
rows of buildings, and so far add to the charge on the funds on hand
or still to accrue. this state of things obliges a call for peremptory
and prompt payment of these arrearages, which cannot be thought unreasonable
by the subscribers who have been so far indulged already, when it is
considered that these works were engaged on the faith of the sums subscribed,
so far as their amount, that those who undertook them have accordingly
executed them, and are now justly entitled to the compensation
stipulated. we trust therefore that, in the course of the ensuing twelve
months, these arrearages will be paid up, except such as intervening circumstances
may have rendered desperate.

A general statement of the Reciepts and Expenditures, from all funds
& for all purposes, from the beginning of the establishment to the 1st. of
October of the last year, was communicated for the legislature, at their
last session. those of the Bursar and Proctor, for the year ending the
1st. day of this present October are herewith rendered. they have been
duly settled, and tested by their vouchers, by the same Accountant, and
Committee, employed on the former occasion, and will be duly submitted
by those officers, for Audit by the Accountant of the Literary board.

According to the requisitions of the law, I now transmit to the
President and Directors of the Literary fund, for communication to the
legislature, the annual Report of the Visitors of the University of
Virginia, bearing date the 7th. of October last. at that date the regular
books were not yet compleated which were under preparation for the
purpose of exhibiting a clear and methodical view of the application of
all the monies which have been received and employed on this institution.
from the best view which, before that time, had been taken of the affairs
of the University it was expected, as is stated in this Report, that the
buildings now prepared would be compleatly paid for by the subscriptions
still due. these books have been since compleated, and the result (as
appears by the certificates herewith inclosed) is that the institution
has received from the beginning

     

to the 23d. of the last month, in the whole, & from all funds, the sum of	199,159.98½
and is still to receive of subscriptions unpaid	18,343.43½
	217,503.42

       

and there has been paid, within the same period for the purposes of the institution the same sum of	199,159.98½
and there remains to be paid of debts settled & unsettled about	27,001.63
	226,161.61½
being more than the arrearages of subscription will pay by	8,658.19½

which sum must therefore necessarily come from the annuity of the ensuing
year. some finishings, of small amount, to the garden walls & pavements
also are still wanting, and there will be some loss of subscriptions
by bankruptcies and removals, though not considerable in pro

portion
to the whole sum subscribed. a Collector, employed some time since,
gives reason to believe that the arrearages which are sperate will be
generally paid up in the course of the ensuing spring.

The accounts of the Bursar and Proctors have been examined, from
the beginning to the same date of November 23. by a member of the board
of Visitors, appointed a Committee for that purpose, have been tested
by their vouchers, and the result certified in the books by the Committee,
as is shewn by the certificates, copies of which accompany this
Report. from these it will appear that, in a course of so great expenditure,
every article (a single one excepted of 75. cents only) has been
satisfactorily vouched as faithfully applied to the purposes of the institution,
with the sanction of the Visitors. the Bursar and Proctor
will proceed without delay, with their accounts and vouchers, to settle
with the public accountant the trust which they have so far and so correctly
executed. The Proctor's last semi-annual account, not ready at
the date of the Report, is now transmitted.

An estimate made by the Proctor at an early period, supposed that
the last building called for by the Report of 1818. and not yet executed,
would probably cost the sum of 46,847.D. but this did not include two

considerable appendages necessary to connect it with the other
buildings. an estimate, including these, now recently made by the
principal undertakers and executors of the other buildings raise
it's amount to about one third more.

It is by instruction from the Visitors that I communicate facts
which resulting from investigations not concluded at the date of their
Report, and consequently not known to them, constitute an important
supplement to the matter of their report; to which I add the
assurance of my high consideration.