James Madison Papers
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James Madison to [Thomas Cooper], 31 December 1828

1828

This statement shews that the loan of 60000 with 3 years of the pub: any. wd. compleat ye. estabt. {ye. library excepd.} viz the lawn of 10 pavns. & 55 dorms. & the E. & W. back streets, wth. 5 hotels, a Proctor’s house & 50 dorms. by the last day of 1822, but that this wd. require ye any. of Jany. 1. 1823 & consequently yt. we cd. not commence instalts. until Jany. 1824. The securing then this great object depends on the consent of the Lity. board to postpone the comencemt. of instalts one year longer yn. the board has proposed viz. to ye. 4th instead of 3d. year. If they consent to this, the extinguisht. of the loan at 5 annual instalts. will be effected as stated on next page, by annual payts. of 14 244. leaving 756 Dol annually for the charges of preservg the works from destruction, until by the liberation of the any. professors may be engaged & the institution be opened.

Proposed application of the funds of the Univy.

1820
Apl: pay debts say.........$10,000
compleat the 7 pavillns & 31. dor. on lawn 18000
build 3 pavs. (18000) & 24 dorm. (9600) complg lawn 27.600
do. 3 Hotels (9000) & 25. dorm. complg. E. back street
   19,000
1821. do. 2 Hotels, & Proctors House & 25 dorm. W Back St.
   74.600
   19.000
   93.000

Means
1820
Apl. loan from Lity. fund of..................$40.000
1821 Jany. 1. Any. of 15000.—2400 intst. of 40.000....12.600
addl. loan of...............................20,000
1822. Any. of 15000—3600 intst. of 60,000.........11.400
    84000
1823. Any. of 15000—3600 intst. of 60,000......... 11,400
    95,400

1824. Principal borrowed...........................60,000
interst..........................................3,600
  63,600
1st instalt........14,244
 49,356
1825. interst................2.961
 52.317
2d. instalt. 14,244
 38,073
1826. intst.................2,284
  40, 357
3d. instalt.14, 244
  26. 113
1827. intst...............1.567
  27.680
4th. instalt.14.244
  13.436
1828. intst...........806
5th instalt.14.242
  14,242

FC (DLC).

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