Thomas Jefferson’s Proposed Application of the Funds of the University of Virginia, [ca. 10 April 1820]
Thomas Jefferson’s Proposed Application of the Funds of the University of Virginia
[ca. 10 Apr. 1820]
| Application1 of the funds of the University | Means | |||||||||||
| D | D | |||||||||||
| 1820. | Apr. | Pay it’s2 debts amounting to about | 10,000 | . | 1820. | Apr. | Loan from the Literary fund of | 40,000 | . | |||
| Reserve to3 compleat the 7. Pavilions & 31. Dormitors on hand |
18,000 | 1821. | Jan. | 1. | Additional loan of | 20,000 | 4 | |||||
| undertake5 3. pavils6 & 24. dormits7 to compleat the Area |
27,600 | . | 1822. | Jan. | 1. | Annual donation8 of 15,000. D int. of 40,000. |
− 2400. D | 12,600 | ||||
| undertake9 3. Hotels10 & 25. dormits11 compleatg East backstreet |
19,000 | do int. of 60,000. |
− 3600. | 11,400 | ||||||||
| 74,600 | 1823. | Jan. | 1 | 84,000 | ||||||||
| 1821. | undertake12 2. Hotels & a Proctor’s house & 25. dorms13 W. backstr. |
19,000 | Annual donation14 of 15,000. D int. of 60,000 D |
− 3,600. D | 11,400 | |||||||
| 93,600 | 95,400 | |||||||||||
| This statement15 shews that the loan of 60,000. D with 3. years of the public annuity, would compleat the establishment (except the Library) to wit, the Central Area of 10. pavilions & 55. dormitories, & the East & West backstreets with 5. Hotels, a Proctor’s house & 50. dormitories, by the last day of the year 1822. but that this would require our annuity of Jan. 1st 1823. & consequently that we could not commence instalments until Jan. 1824. the securing then of this great16 object depends on the consent of the Literary board to postpone the commencement of instalments one year longer than they have proposed, to wit, to the 4th instead of the 3d year. if they consent, the extinguishment of the loan, at 5.17 annual instalments, will be effected, as stated on the next page by annual payments of 14,244.D. leaving 756.D. annually for the charges of preserving the works from destruction, until,18 by the liberation of the annuity, professors may be engaged & the institution be opened. | D | |||||||||||
| 1824. | Apr. | Principal borrowed19 | 60,000 | |||||||||
| Interest | 3,600 | |||||||||||
| 63,600 | ||||||||||||
| 1st instalment20 | 14,244 | |||||||||||
| 49,356 | ||||||||||||
| 1825. | Apr. | interest | 2,961. | |||||||||
| 52,317 | ||||||||||||
| 2d instalment | 14,244 | |||||||||||
| 38,073 | ||||||||||||
| 1826. | Apr. | Interest | 2,284 | |||||||||
| 40,357 | ||||||||||||
| 3d instalment | 14,244 | |||||||||||
| 26,113 | ||||||||||||
| 1827. | Apr. | Interest | 1,567. | |||||||||
| 27,680 | ||||||||||||
| 4th instalment | 14,244 | |||||||||||
| 13,436 | ||||||||||||
| 1828. | Apr. | Interest | 806 | |||||||||
| 14,242 | ||||||||||||
| 5th instalment | 14,242 | |||||||||||
| * | ||||||||||||
MS (Vi: RG 50, Office of the Second Auditor, Literary Fund, Letters Received); entirely in TJ’s hand; undated. MS (ViU: TJP); entirely in TJ’s hand; undated; endorsed by TJ: “Literary board. Apr. 10. 20.” MS (ViU: TJP); in TJ’s hand; undated; endorsed by Arthur S. Brockenbrough: “A Scheme of the Application of the funds of the U. Va by T. J—.” Enclosed in TJ to Thomas Mann Randolph, 10 Apr. 1820, and TJ to Robert Taylor and Chapman Johnson, 16 May 1820.
TJ based these figures for building costs on Brockenbrough’s Cost Estimates for University of Virginia Building Construction, 1 Oct. 1819, enclosure no. 7 in University of Virginia Board of Visitors Report to Literary Fund President and Directors, 4 Oct. 1819. Brockenbrough estimated the construction cost of a pavilion at $6,000, a hotel at $5,000, and a dormitory at $400.
1. 1st ViU MS: “Proposed application.” 2d ViU MS: “A scheme of application.”
2. 2d ViU MS: “our.”
3. Preceding two words not in 1st ViU MS.
4. This and line beneath reversed in both ViU MSs.
5. 1st ViU MS: “build.”
6. In 1st ViU MS TJ here added a bracketed “18,000.”
7. In 1st ViU MS TJ here added a bracketed “9600.”
8. Instead of preceding two words, 1st ViU MS reads “Annuity.”
9. 1st ViU MS: “build.”
10. In 1st ViU MS TJ here added a bracketed “9000.”
11. In 1st ViU MS TJ here added a bracketed “10,000.”
12. 1st ViU MS: “build.”
13. In both ViU MSs TJ here added “compleatg.”
14. Instead of preceding two words, both ViU MSs read “Annuity.”
15. 2d ViU MS: “scheme.”
16. Instead of preceding five words, 2d ViU MS reads “completion then of this most desirable.”
17. Instead of preceding two words, 2d ViU MS reads “in 5. equal and.”
18. Remainder of sentence in 2d ViU MS reads “the annuity shall be free.”
19. Instead of preceding two words, 2d ViU MS reads “Debt.”
20. Here and below, instead of numbered installments, 2d ViU MS reads “pay them.”
Index Entries
- Jefferson, Thomas; Writings; Proposed Application of the Funds of the University of Virginia search
- Literary Fund; and annuity for University of Virginia search
- Literary Fund; and loan for University of Virginia search
- Virginia, University of; Administration and Financial Affairs; funding for search
- Virginia, University of; Administration and Financial Affairs; TJ’s Proposed Application of the Funds of the University of Virginia search
- Virginia, University of; Construction and Grounds; building costs search
- Virginia, University of; Construction and Grounds; dormitory rooms search
- Virginia, University of; Construction and Grounds; hotels search
- Virginia, University of; Construction and Grounds; pavilions search
- Virginia, University of; Construction and Grounds; proctor’s house search