The enclosed bill, “An Act authorizing the Visitors of the University of Virginia to borrow money for finishing the buildings thereof,” stated that “the Visitors of the University of Virginia shall be and they are hereby authorized, for the purpose of finishing the buildings thereof, to borrow from any of the Banks of this Commonwealth, or from any other person, body politic or corporate any sum of money not exceeding sixty thousand dollars, at a rate of interest not exceeding six per centum per annum, and to pledge for the payment of the interest, and redemption of the principal, of the money so borrowed, any part of the annual appropriation of fifteen thousand dollars heretofore made by law to the said University. Provided that the aforesaid pledge shall not extend to the Commonwealth or beyond the aforesaid annual appropriation of fifteen thousand dollars” (Tr in ViU: TJP, in Cabell’s hand, endorsed by TJ: “Act for loan of 60,000,D.”; printed in Acts of Assembly description begins Acts of the General Assembly of Virginia (cited by session; title varies over time) description ends [1819–20 sess.], 14).

On 21 Feb. 1820 the Virginia house of delegates resumed debating “an act to amend an act, entitled, an act to reduce into one act the several acts concerning the Literary Fund,” along with the amendment to that bill proposed by the Senate. The House returned the bill to the Senate that same day with further amendments that reduced the allocation for the University of Virginia from $80,000 to $42,531.19 and provided that any surplus in the Literary Fund be used to educate the poor. The following day the Senate sent the bill back to the House of Delegates, agreeing to the reduction of funds for the university but not to the amendment disbursing funds for the education of the poor, at which point the House of Delegates tabled the bill until after the close of the session (JHD description begins Journal of the House of Delegates of the Commonwealth of Virginia description ends [1819–20 sess.], 199, 200, 203).

Following Delegate James Breckinridge’s introduction of the subject of authorizing the University of Virginia to borrow money on 23 Feb. 1820, a House committee to draft a bill to this effect was created, consisting of Breckenridge, George William Crump, of Cumberland County, Richard Graves, of New Kent County, William Byrd Chamberlayne, of Henrico County, William F. Gordon and Charles Everette, of Albemarle County, William C. Rives, of Nelson County, Branch T. Archer and Thomas Miller, of Powhatan County, and Charles Yancey, of Buckingham County (JHD description begins Journal of the House of Delegates of the Commonwealth of Virginia description ends [1819–20 sess.], 206; Leonard, General Assembly description begins Cynthia Miller Leonard, comp., The General Assembly of Virginia, July 30, 1619–January 11, 1978: A Bicentennial Register of Members, 1978 description ends , 298–300). The bill cleared both the House of Delegates and the Senate a day later (JHD description begins Journal of the House of Delegates of the Commonwealth of Virginia description ends [1819–20 sess.], 207, 209).