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THE ANNUAL REPORT

TREASURER

FINANCIAL HISTORY AND GONDITION

THE INSTITUTION,

From its Organization in 1855, to the present date,

Prepared and made out for publication under Resolution of the
BOARD OF CURATORS, at their meetmg, June 6th, 1871.

LEXINGTON, KY.
OBSERVER AND REPORTER PRINT.

1871

 

 

 

 

 

 

 

  

 

 

 

 

  

 

 

 

 

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THE ANNUAL REPORT

OF THE

TREASURER

OF

WITH THE

FINANOIAL HISTORY AND CONDITION

OF.

THE INSTITUTION,
‘ From its Organizatiofi in 1855, to the present date,

Prepared and made out for publication under Resolution of the
BOARD OF CURATORS, at their meetlng, June 6th, 1871.

LEXINGTON, KY-
OBSERVER AND REPORTER PRINT.

1871

 

 

 

 

 

 

  

 

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FINANCIAL HISTORY

OF '

KENTUCKY UNIVERSITY.

_____.+y—.

The efforts of the Christians of Kentucky to establish a College for
the education of young men began in Georgetown about the year 1836;
and, after repeated failures to raise an endowment for their institution,
which was removed in 1840 to Harrodsburg, the enterprise was virtually
abandoned in 1850. An unsightly building, a small library of almost
worthless books, and a small fund of eight or ten thousand dollars, called
at that time an EJDOWMENTFUND—but which was, in fact, a loan and
incumbrancc—was all that remained of the results of thirteen years
of labor.

A few Alumni of Bacon College-as the institution at Harrodsburg
was called—watched the struggle and decline of their ALMA MATER
with concern and mortifieation, and a few brethren of liberal views and
some philanthrophy sympathized with them. But one only seemed to
to cherish the least hope of a resurrection of the College; he regarded
its failure as a sad bnt suggestive lesson, providentially given, and in
his heart resolved to profit by it in future. JOHN B. BOWMAN
conceived the idea of concentrating the distracted energies and means
of the brotherhood of Kentucky, and the influence of all the liberal eit—
izens of the Commonwealth, upon the great work of erecting a Univer~
sity, in the full sense of the term, upon the ruins of Bacon College.

His simple appeal to them was: Brethren, you have failed to build
up a College; now, then, let us establish a great University. The bold—
ness of his logic at first merely surprised them. He asked the eo—oper-
ation of some already distinguished for their zeal and patience in every
good work; they deemed the enterprise as the chimera of a young man,
and discouraged his dream as idle, if not dangerous to the Church. Al—
most alone, and in the face of every adverse circumstance, he began his
work. Sacrificing his professional aims, abandoning his farm, and forc—
going the comforts of a pleasant home, he started out in the dreary
winter to lay the foundation of a great University in the hearts of a
people already sick of College enterprises, hopeless by reason of past
failures,and suspicious of any new undertaking. The county of Mer—
cer, in which he lived, and in which Bacon College was located, having
at his instance and through the efforts of himself and of its leading

 

 

 

 

 

 

 

 

  

 

 

4

citizens, aised conditionally the sum of thirty thousand dollars, he
went abroad with this encouragement, to secure from other communities
the nucleus of his proposed endowment.

In many places he met the shrug of the cold shoulder, or received
the ,9; am admonition to return to his home and be wise. He met with
harsh criticisms upon the former management of the affairs of Bacon
College, and still harsher prohecies of mismanagement and failure in
future. But that which most discouraged him—if, indeed anything
could be said to have discouraged him—was the opinion, bitterly ex—
pressed by more than one sorrowful father whom he approached, that
(‘ollcges were unmitigated curses; and who pointed, in sad confir-
mation of the fact, to their sons whom some College had ruined—who
had been driven from its'halls in disgrace. He met with these' discour-
agements, and he dealt with them as with facts. He would sit down
and argue at the fireside, first with the father and then with the mother;
he would argue along the highway and in the field. Seated 011 a log
perhaps, in some sleety forest, with bridle in hand, he would unfold his
plan to some industrious farmer, in plain and earnest language, unmind-
ful of the freezing winds or inclement skies. Thus he went from house
to house, through the few central counties of Kentucky, disarming
prejudice, rekindling the hopes of his brethren, and enlarging their
ideas of eduzation. IN ONE HUNDRED AND FIFTY DAYS 11E OBTAINED
ONE HUNDRED AND FIFTY THOUSAND DOLLARS! Thus, without the use
of the press or the pulpit, he quietly laid the corner-stone of his
University.

The simple financial idea, in his endowment scheme, deserves
special mention. The notes for money subscribed were made payable
in easy installments, and, when collected, the principal was at once
safely invested. A certificate of stock V'as issued to each subscriber,
with coupons attached, bearing’value equal to one year‘s tuition, and
made transferable. The coupons were redeemable in tuition only, so that
the stock, without interest, would be gradually reftuided to the sub-
scriber. But by the scheme devised, while the capital subscribed was
refunded in the form of tuition, it remained in the form of cash as the
permanent, unincumbered endowment, the interest 011 which should
pay the expenses of the Institution. -

As soon as this amount O.f150,000 had been obtained, Mr. Bowman
called together the donors and friends of the movement, in a meeting
held at Harrodsburg in May, 1857. The meeting was numerously at;
tended, chiefly by the representatives from the seven or eight central
counties of Kentucky, which had been already appealed to in behalf of
the enterprise. It was a meeting harmonious in spirit, earnest in its
action, and most favorable in its results.

“Thus far, ” said Mr. Bowman, as reported in the published min-
utes Of the i’necting—“thus far have we progressed in the work up to
the present time, averaging about one thousand dollars for each day
that we have been engaged. We have by this effort partially laid the
pecuniary basis for an Institution which, we hope. is destined to be—
come the support of the Church and the ornament of the State, and

    

 

 

 

 

 

 

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which will meet the highest expectations of those who have so liberally
contributed to it. We beg leave, however, to say, that we regard this
as but the beginin g of a work, which, with the Divine blessing, we in-
tend to prosecute until perfected. In reference to the plan of organi—
zation, I would merely remark, in general, that there are some features
in our present collegiate system that should be discarded. The spirit of
the age, and the present state of society, call for colleges for young men,
rather than for boys. The Natural Sciences, in thei ' application to the
useful arts and to agriculture. should receive more attention. A high-
er gradc of scholarship should be established, as a condition both of
matriculation and of graduation. And, generally, we need a more
modern, American, and Christian basis for every department of our pro—
posed Institution.’

This meeting was impo1tant as having recognized the contemplated
Univeisity as the property of the people at laige who had subscribed
the money. They divested it of all local character; and suggested such
pl ovisions in the proposed Charter as would give the donors a proper
lepresentation in the Board of Curs.ator '

During the following winter the Legislature granted a liberal Chal—
ter, incorporating aboard of thirty, under the name of the CURATORS
OF KENTUCKY UNIVERSII‘Y, giving them full power, for the purpose of
pi omoting the cause of education 111 all its branches, and of extending
the sphere of science and Christian morality, to establish and endow
fully, in said University, any departments and professorships they may
deem necessary to carry out their objects. By the same organic instru~
ment, the Trustees of Bacon College consenting, the property of that
defunct Institution was transferred to the new Board, and Bacon College
ceased to exist, in name as well as in fact.

One of the early prejudices that had to be met in raising a sufficient
endowment for the University, was the notion that no institution of
learning ought to be largely endowed; that it was better to keep the Pro-
fessors dependent on tuition fees for their support. This it was fre—
quently argued, would make them more active in obtaining patronage
and more faithful in the discharge of their duties. In fact, the last at—
tempt that the Trustees of Bacon College had made to revive that
Institution was to elect a nominal President, and send him out to raise
a fund of thirty thousand dollars from the State at large! This
amount, it was supposed, would be sufiicient for all the purposes of a
first—class College.

When, therefore, Mr Bowman had obtained ONE HUNDRED AND FIFTY
THOUSAND DOLLARS, the general expression was that he had enough—-
that it was already a magnificent endowment, and many of the friends
of the enterprise seemed to be satisfied. But this view of the matter
seriously embarrassed his operations in two ways: FIRST, it made any
further appeals for money seem like extravagant and unreasonable de-
mands. SECOND, it led to an urgent request, which at last, amounted
almost to clamor, that the. Institution should be openend forthwith.
Mr. Bowman. and othe 's, saw that a premature opening of the College
would be ruinous; and yet the popular demand must be satisfied. It

 

 

 

 

 

 

  

 

 

 

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was accordingly agreed that a PREPARATORY SCHOOL should be opened
temporarily in the Old Bacon College building; and in September, 1858,
this school went into operation under the name of the TAYLOR ACADEMY,
with nearly one hundred students in attendance. At the same time,
it was agreed that in September, 1859. a College of Science and Arts
be Opened under the Presidency of R. Milligan, assisted by the proper
number of Professors.

In the meantime, in order to present the plan of a University more
plainly to the people on whom he relied for the material aid, Mr. Bow—
man began to discuss earnestly the great question of collegiate and pro—
fessional education, and to insist that he needed not less than ONE HALF
A MILLION OF DOLLARS in order to lay the foundation of his enterprise.
He says:

“Why should we not be as progressive in the cause of education as
in our industrial and commercial enterprises, and why should we be de-
pendent upon New England or Old England for our best educational
facilities, when our wants, in this respect, are so varied and press-
ing? It is true that we have, scattered all over the West, scores of un-
endowed, half-starved, sickly, puny Institutions, called Colleges and
Universities, many, indeed, of which, have their piles of bricks, stone,
and mortar, making an imposing show. But how many of them, in the
way of Endowments, Scholarships, Libraries, Instruments, and LITERARY
AND SCIENTIFIC MEN—the TRUE apparatus of an education——are prepar—
ed to furnish to our young men such a liberal education as the times,
and the peculiar circumstances of our age and country, demand? And,
above all, how few secure and enforce that elfeetive discipline which, at
the same time, is conservative of good morals and productive of good
scholars? It is to be confessed and regretted, that while our march has
been onward and upward in other respects, we have been lacking in
this, and have, as yet, to be considered as empirics; so much so, that
it is a problem not solved, whether Colleges area curse or a blessing.
While, then, we have no spirit of antagonism to other Institutions,
but are kind and catholic in feeling to all, we would not be deemed
arrogant in proposing to build, upon a modern basis, an Institution
equal to any in America—an Institution for young MEN instead of BOYS»
with a high grade of scholarship, and which, especially in its Ministe—
rial, Normal, Scientific, and Agricultural Departments, will meet the
wants of our young giant West. For it does seem, that as the ‘Star of
Empire’ is moving onward and westward, there is opened up a special
missionary field for the Minister, Teacher, and intelligently educated
Farmer.

“We only propose, in our day and generation, to lay the FOUNDATION
of such an Institution, with the full hope and confidence that others to
come will build upon and perfect the superstructure.”T

Such views he sought perseveringly to impress on the minds of the
people, and it was gratifying to see that his appeals found a ready re-
sponse in the hearts of many. .

The College of Science and Arts was opened, according to promise
in the autumn of 1859, with nearly two hundred students in attendance.

 

 

 

 

 

 

 

   
   

 
     

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At once the Institution was in need of an extensive Chemical and Phi—
losopical Apparatus The interest on the endowment fund was already
pledged to the P1 ofcss01s and the College had no oth‘e1 resou1ees. Mr.
Bowman appealed, once more, to the citizens of the county, and, in a
few days, having raised 5,000 he \‘ilS able to buy the apparatus that
was Wanted. But the most serious want, that had been created by the
premature opening of this College, was that of adequate buildings.
The old edifice of Bacon College had been repaired; but it was found
to be insufficient for the wants of a single College then in session. In
the midst of his labors for the University endowment, therefOIe, M1.
Bowman found himself called on to provide all the neeessa1y buildings,
not only fer the College of Arts, but 111 anticipation, for the University,
with all its contemplated Schools and Colleges. The funds already
raised could not be used for this purpose, and the amount required
would, necessarily be large. To this part of the work lie/now
addressed himself with renewed energy.

One of the most beautiful and healthful sites for an institution of
learning, in the State of Kentucky, was the famous Har rodsbur 0: aSpr 111gs,
for many years one of the most popular 1eso1ts in the West. These
grounds, with their elegant and extensive buildings, had been pur-
chased by the United States Government as the site of the ll este1n
Military Asylum; but they were now abandoned, and fi1e had consumed
the edifice. This place, containing about two hundied acres of land,
Mr. Bowman determined, if possible, to secure.- After repeated visits
to Washington City, he finally obtained the passage of a bill ordering it
to be sold at public sale. 111 anticipation of the day of sale, he went
to work and raised the sum of FIFTY THOUSAND DOLLARS for the spe-
cific purpose of buying it. But, through the inte1fercnce of parties
who desired to secure the property as a fashionable summer resort, his
efforts to purchase it were defeated, and the notes of the subsoiibeis
were surrendered. He thus had the mortification to see the spacious
eligible grounds and buildings, on which he had long set his heart as
the site of a great University, pass by means of an opposing and infe—
rior interest, forever from his hands.

To increase his embarrassments as the founder and financier of
the University, the war with all its social and commercial distractions
came on. The work— of increasing the endowment was necessarily sus-
pended; but his labors as Treaurer were more delicate and onerous.
He continued to collect and invest the funds subscribed; he received
and disbursed the interest thereon; and kept all the accounts of the
Institution. He watched with a vigilant eye every pecuniary interest
through all the eiushing storm of the wa1. Not a dollar was lost,
and not a week7 s suspension of College exercises occur1ed during this
period, although opposing armies were encamped around, and the
buildings were finally taken as hospitals for the sick and the wounded.
It 18 proper to add, that all this labor was performed by him, as indeed,
all other labor fiom the begining, not only without charge, but at the
sacrifice of his pecuniary intei ests.

But the necessity for buildings grew daily more and more urgent.

 

 

 

 

 

 

 
   
  
  
   

 

 

  

 

 

 

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The failure to obtain those at Harrodsburg created a lively sympathy
abroad, and, all the necessary grounds and buildings were offered, if the
Institution could be removed. But it was suggested that the old edifice
of Bacon College could be repaired and enlarged, and made to meet all
the reasonable wants of the University. This idea the friends at
Harrodsburg generally favored, when a. spark from a defective flue fell
on the roof of the building, and, fanned by a February gale, it soon
wrapped" the pile in flames,» and all that remained of the building,
apparatus and library, was a heap‘ of smouldering ruins. This disaster
pressed upon the Board of Curators the necessity for immediate action.
They Were forthwith convened,- and all eyes were turned to Mr. Bow-
man.

The Trustees of Transylvania University at Lexington, at this
juncture, intimated a willingness to convey the grounds and buildings
of that InstitutiOn to the Curators of Kentucky University, on the condi—
tion of its removal to Lexington. Citizens of Louisville and Covington
also manifested adesire to have the Institution located in those cities.
The board, however, not agreeing in this exigency, resolved to leave the
whole question of removal and location to a Committee, of whom Mr.
Bowman was Chairman. It was ordered, that if the Committee should
locate the Institution at any other point than Harrodsburg, an act au-
thorizing the removal should be first passed by the Legislature, that
every thing might be done legally. The Board in the meantime, ex-
pressed it as a judgement that the Institution should be removed from
Harrodsburg. ~

Accordingly, Mr. Bowman called the committee to meet at Frank-
fort in January, 1865; but an unexpected denoument followed. While
there the proposition of Congress to donate to Kentucky 330,000 acres
of land, for the purpose of agricultural and mechanical education, came
up for consideration. The State was not prepared to accept the grant
with the conditions imposed, and the munifieent provision of Congress
seemed likely to be lost to the State. Mr. Bowman proposed to make
the State Agricultural College a Department of Kentucky University,
and to consolidate into the great Institution the University of Harrods-
burg, Transylvania, and the Agricultural College, and the whole. to be
located at Lexington. He proposed, further if this should be done, to
provide an experimental farm, and all the requisite buildings, and to
give gratuitous instruction to three hundred students, to be selected by
the State; and he furthermore pledged, that the Board of Curators
would carry out, in the Agricultural Department. the spirit and intent
of the act of Congress encouraging the education of the industrial
classes. .

A bill to this effect was accordingly drawn up, and, aftera long
and animated discussion in the General Assembly, it was passed by a
large majority, and Kentucky University was removed from Harrods-
burg, the grounds and buildings and endowment of Transylvania were
tranSrfered, and the State Agricultural College was made a part of the
University, with an aggregate capital of more than one half a million

 

 

 

 

 

 

 

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of dollars. Thus he accomplished by one act what he had allowed him-
self many years to bring about.

But he had obliged himself by this scheme to raise ONE HUNDRED
THOUSAND DOLLARS with which to purchase an experimental farm and
a site for all the buildings requisite for the Colleges of the Univer—
sity. He at once removed to Lexington and began his work, and, before
the Legislature adjourned, he reported to that body that he had secured
from the citizens of Lexington over one hundred thousand dollars.

In June following, the Curators formally ratified his action, and
ordered that Kentucky University be opened in Lexington in October
following, and three Colleges, to-wit: that of Law, that of the Bible,
and of the Arts and Sciences, went into operation accordingly. It
was further resolved by the Board, on the recommendation of Mr. Bow-
man, that, as soon as practicable, a College of Medicine, a N ormal
College, and the Agricultural College, be added, making in all six dis—
,5 tinct departments, each under its own Faculty of Instructors and

 

Tutors.
In October nearly three hundred students assembled from several
:5} ~ different States, and were admitted into the several Colleges, so far as

they had been organized; and the Institution has been, thus far pros-
perous. During the present year, 1866, Mr. Bowman has purchased, for
the use of the Agricultural College, the splendid home of the departed
statesman,_HENRY CLAY. “Ashland” is now the property of Kentucky
University. But, in addition to this, he has added a highly cultivated
farm adjoining, some four hundred and fifty acres in all, so that the
Agricultural College of Kentucky University may be ready early for
the reception of students, on the most splendid farm in Kentucky.

,, On reporting these purchases to the General Assembly at its late
if": session, they at once voted an appropriation of twenty thosand dollars
to aid in securing the opening of the College next fall; and Mr. Bow-
man is now bending every energy to the work of putting the Institu-
tion into full operation. ’ ‘

5 A few remarks, from his address to the Curators, will close this
i, sketch of the origin and prOgress of one of the most remarkable educa-
1* ‘ tional and benevolent enterprises in America:

 

 

“I have but one desire in all this matter; I want to see accomplish-
ed through this institution the greatest good to the greatest number of
1, our poor fallen race, thus giving the greatest glory to God. I want to
a; _ cheapen this whole matter of education, so that, under the broad expan—
sive influences of our Republican Institutions, and our advancing civi-
lization, it may run free as our great rivers, and bless the coming mil-
lions. Hitherto, our Colleges and Universities have been accessible only
to the few, such are the expenses attending them. We therefore want
a University with all the Colleges attached, giving education of the
highest order to all classes. We want ample grounds and buildings,
and libraries, and apparatus, and museums, and endowments, and prize-
Iunds, and professors of great hearts and heads, men of faith and
energy. Indeed, we want everything which will make this Institution
eventually2 equal to any on this continent. Why should we not have

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them? I think we can. I believe there are noble men enough all over
this land who will give us the means which God has given them, if We
will only move forward to the work before us like true men.

"In conclusion, I wish to submit for your consideration a PLAN of
just such a University as is contemplated above. I do not claim that it
is perfect, but it is the embodiment of much thought on the subject;
nor do I claim that it is all practicable now; but let us have before
us a complete scheme, and let us work to it by detail. I think it prac-
ticable to open by next fall several of the proposed Colleges of this
scheme. I therefore recommend it for your adoption, with such modi-
fications as may be found necessary, and I herewith submit it, asking
for a committee of conference for its perfection.”

The committee of Conference was at once appointed, with Mr. Bow—
man as Chairman, and, in accordance with these liberal and comprehen—
sive views of a great University, and after a careful examinatiOn of the
best Institutions of the country, they submitted a Plan of Organization
and Code of General Statutes, which, in some of the details of Govern-
ment and Study, are peculiar to thss Institution, and which, after a
thorough discussion by the Board of Curators, was unanimously adopted
as the permanent Scheme of the University.

Under this regime it now enters upon its career of usefulness, with
greatly increased facilities, and with the assurance that its Founder,
now the Regent of the University, vill labor on for the full develop—
ment and perfection of his ultimate plans. It is confidently believed,
that, with its superior advantages of location, with its splendid basis
in the way of Endowment and Real Estate, and with its moral and
social surrOundings, it is destined to exert a mighty influence upon the
educational interests of the great Mississippi Valley.

 

 

 

 

 

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THE ANNUAL REPORT

0 14‘ THE

TRERRURER RF KENTURKY UNIVERSITY,

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Curators of Kentucky University:

  

GENTLEMEN :

I beg leave to present to you a detailed
statement of the receipts of the Treasury from all sources, and the dis—
bursement of the same, with accompanying vouchers for each item of
expenditure during the past fiscal year. This account embraces the
amounts received and paid out for salaries of the officers and instruc-
tors, the general expenses of five distinct Colleges, for the last payment
0n Ashland, for the erection of buildings, for the purchase of stock and
material for the Mechanical Department, for expenditures on the farm,
including the purchase of stock for the establishment of the Dairy De—
partment, expenses for the Horticultural Department, for the labor of
students, and for the general repairs and improvements on the grounds
and buildings. The books, and accounts and‘vouchers have been ex—
amined, item by item, by the Executive Committee, and approved, as
shown by their certificate hereunto appended.

For the information of the Board and Donors, I will also present a
detailed history of the various funds of the University, substantially the
same as reported to you, and published two years ago. These funds
have been created either by stock subscriptions, raised from individuals,
or by consolidation with the funds of Bacon College, Transylvania Uni-
versity, and the State Agricultural and Mechanical College, the most of
which have been gathered together by my personal efforts, in the last
fifteen years.

THE ENDOWMENT FUND.

In the year 1855, I voluntarily dedicated my life to the establishment
ofa University in Kentucky. Bacon College, my alma mater, had been
established in the year 1836 by leading members of Christian Church,
but after a series of successes and reverses for a number of years, I
found it a wreck, with only nine thousand five hundred dollars, nominal
value, of Bank and Turnpike road stocks as Endowment. With this
amount as a nucleus, I began my work, and in a few years increased it
to the sum of $203,200 of subscriptions; add to this the fund derived
from Transylvania University, 336$,500, and the State Agricultural and

 

 

 

   

  

 

 

  

 

 

12

Mechanical College fund of $I65,000, and we have the aggregate amount
of $433,700; deduct from this sum amount of subscriptions unpaid, and
part of it due, $39,710 56, and the amount which has been refunded to
citizens of Mercer county, $12,735 91, and we have the present available
Endowment Fund amounting to $381,253 53. The interest upon this
amount, averaging about seven per centum, together with the fees of the
students, constitute the General Expense Fund for all the departments,
except the Law College and Commercial College, which are sustained

by the fees of the same.

THE AGRICULTURAL %%1§]MECIIANICAL COLLEGE

This fund, accrued from the sale of three hundred and thirty thousand
acres of land scrip, donated by the Congress of the United States to
Kentucky for the establishment of this College. At the time we accept-
ed it, at the hands of the Legislature, as one of the Colleges of Kentucky
University, and agreed to raise $100,000 for the purchase of grounds and
erection of buildings for its use, and to carry out all the conditions of
the Act of Congress, the scrip was worth one dollar per acre in the mar-
ket, and the income arising from the fund would have been about
$20,000 per annum. The authorities of the State, however, who had the
entire control and disposition of the scrip, witheld it from the market
until the price depreciated one half, when they sold it, realizing only
$165,000 dollars for it, which yields only $9,600 per annum income for the
support of this College. Notwithstanding this, we were held to our
part of the contract, are still obliged to educate three hundred young
men for the State, and to make the Institution a success in every re-
spect. This we are endeavoring to do in good faith.

REAL ESTATE AND BUILDING FUND.

This is a fund which I secured for the purchase of the Estate, and the
erection of buildings for the Agricultural and Mechanical College, in
accordance with the Act of the Legislature, as well as for the use of the
other Colleges of the University. The fund consists in snb5eriptions
made by liberal-hearted citizens of Fayette, of all parties, who gave me
in about sixty days over $100,000 for that purpose; sixty-five persons
giving me $1,000 each, and about ninety persons giving $500 each. I
have since increased the amount to the sum of $207,012 16.

Upon the basis of these subscriptions, 1 purchased the Ashland and
Woodland estates. I have paid for " Woodland” the entire cost, prin—
cial and interest, amounting to $41,650 91. and have perfected the title
for the same to the Curators of the University. I have also completed
the payments on Ashland, principal and interest, amounting to $101,868
04, and the deed for the same has been made to the University in the
name of the generous donors who subscribed to this fund. In addition
to this, upwards of $30,000 has been expended for the erection of build-
ings and other improvements on the Estate.

 

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THE LIBRARY AND APPARUTUS FUND.

This fund consists in subscriptions to the amount of $7,965, which I
have raised from time to time for the purposes of the Library, Appara—
tus and Museums. The larger portion of this fund was collected and
appropriated some years ago for the purchase of the valuable Chemical
and Philosophical Apparatus of P. S. FALL, the most of which, how—
ever, was unfortunately destroyed by the fire which consumed the Col—
lege building at Harrodsburg in the year 1864. There is a small balance
of this fund in the Treasury, and a few subscriptions yet outstanding,
which may be collected.

There is also a small annual income arising from the