 | Documentary History of the Construction of the Buildings at the University
of Virginia, 1817-1828 |  |
The President & Directors of the Literary Fund
Extract from the Minutes
At a Meeting of the President & Directors of the Literary Fund, on Monday the 28th. of
Feby. 1820.
A Letter having been laid before the Board from James Breckenridge, Joseph C. Cabell and
Chapman Johnson, requesting a loan of sixty thousand dollars, on behalf of the Visitors of
the University of Virginia, for the purpose of finishing the buildings;--[848]
Resolved, that the President be authorized to state, on behalf of this Board, their willingness
to make the loan required, should their funds enable them so to do;--upon condition that the
Visitors of the University shall repay the principal sum lent, in five years, in equal annual
instalments, the interest to be also annually paid, and shall pledge in legal and proper form
the annual appropriation made by law to the said University, for the payment of the Interest
and the redemption of the principal so lent.--The Board will engage positively to advance
the sum of ten thousand dollars on the first day of April next; and such farther sum on that
day, not exceeding in the whole twenty thousand dollars, as the state of their funds will
admit:--the residue to be advanced during the year in convenient instalments, provided their
resources to be derived from claims on the General Government, or from other sources, be
adequate.
(A true extract from the proceedings of the Board--)
Wm: Munford, Clerk of the Literary Fund.
ADS (extract), ViU:TJ, 2p [1775] with address "Thomas Jefferson" and TJ docket "Literary
board. Feb. 28. 20. Loan."
848. The Virginia General Assembly authorized the borrowing of this money on 24
February when it passed An Act Authorizing the Visitors to Borrow Money to Finish the
Buildings, a copy of which Cabell sent to TJ on the same day. After the Literary Fund
approved the $60,000 loan the Board of Visitors sought a change in its method of
dispersment (see TJ to Thomas Mann Randolph, Jr., 10 March, and Extract from the
Minutes of the President and Directors of the Literary Fund, 24 March 1820).
| Documentary History of the Construction of the Buildings at the University
of Virginia, 1817-1828 | |