Thomas Jefferson Papers
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Thomas Jefferson’s Proposed Application of the Funds of the University of Virginia, ca. 10 Apr. 1820, 10 April 1820

Application of the funds of the University Means
  D    D 
1820. Apr. Pay it’s debts amounting to about 10,000 . 1820. Apr.   Loan from the Literary fund of 40,000 .
Reserve to compleat the 7. Pavilions & 31. Dormitors on hand 18,000   Additional loan of 20,000
undertake 3. pavils & 24. dormits to compleat the Area 27,600 . 1821. Jan. 1. Annual donation of 15,000. D —2400. D int. of 40,000. 12,600
undertake 3. Hotels & 25. dormits compleatg East backstreet 19,000 1822. Jan. 1. do —3600. int. of 60,000. 11,400
  74,600     84,000  
1821. undertake 2. Hotels & a Proctor’s house & 25. dorms W. backstr. 19,000 1823. Jan. 1. Annual donation of 15,000. D —3,600. D int. of 60,000 D 11,400
  93,600     95,400  
This statement 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 great 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. 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, by the liberation of the annuity, professors may be engaged & the institution be opened.         D  
1824. Apr.   Principal borrowed 60,000
  Interest 3,600
  63,600
  1st instalment 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
  *

Vi.

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