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).