Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1821-04-20

il is admitted, will amount To $4,000.
The whole revenue of thai institution
mounts To but Sl5, 900. of which 81 200
will be rruuired To discharge the interest
OF her debt there will then be left, but
$500, tor the purpose oi disclIsrging The
principal Of her debt, aud To carry on the
institution itself. IL The whole OF The
surplus of The revenue of the University
alter discharging the interest oil her debts
be applied towards discharging the prin-
cipal, il cannot be done. even according
10 Tie calculation made by the gentleman
from Henrico, in shorter period than IL
years and As days; during which period
the University must OF course remain idle,
aud those splendid buildings which gen
tienen tel, you about, aud which have
cost us such an enormous sum, advance
rapidly to destruction. But. II il should
not be thought just or wise, 10 apply The
annuity of SIS, 900 towards paying The
deb,. but 10 apply il for the purpose at
carry ing The Institution into operation,
and every cent of which, TOO, will be re-
CURED, SAYS MIR. Jefferson. fer that pmr'
pose /; the inevitable consequence will be,
that so far from dsciiarg,ng The interest
even of the deb', tina, the principal will
be annually increased, p0, less than $1,000,
and IN the course Ci Il lew years, the
whole revenue OF Tie University would
u be sufficient 10 discharge the interest
even, much less the principal o' her debt.
trust, sir, thai have been fortunate
enough, TO prove To This house, Thai the
objection which urged against The pas.
s3ge OF this bill IS not an idle one.
iMr. Speaker--I have said HAT If this
bill passed, the Literary Fund was ulii
mately TO be sufferer aud il have sue
.l.,I ctai., oh
this will follow as a uect ssary conse-
quence. For il the University borrow of
tile Literary Fund S 100, 900, ami her re.
sources do not enable her To pay il, the
Literary Fund must lose il. And this,
sir, Is ilre evil which l have endeavurcd
10 prove, would be the result of the pas
sage OF IhlS bill, and this. sir. Is The evil
: which would warn This house, Ia guard
against. Mr.. Speaker. - pass this bill
viii tc directly 10 counterfeit the humane
i,iteniion OF The legislature thai created
and establi,h"d the Literary Fund. Sir,
IL pass this bill, will be 10 make an aris-
tocraticai appropriation al so much mo-
ney as by II Is proposed IL be borrow ed
II WIFI an aisi0cratica! appropriation,
moi that mean 10 SAY the establishment
oil University would he aris,ocralicai
but b cause II "Iii divert SO much mo"
hry from that channel, i'm which IL was
intended by those who established The
l. t'tafy Fund II should go, and by means
OF witch the bulk Of the people were 10
b. bYnrf ted; and converting IL into one
winch they never intended, and by which
comparatively speaking. bu, few can be
benefited. Sir, to pass This bull will be
doing ga act OF manifest Injustice TO a
mum rnus aud very respectable class OF
our cItIzcns. who may almost say, are
lie stay aud the snppori of our govern
ment, a class, SIN, who pay their lakes
willingly IN times ot peace, and Who in
times OF din Guilty, are always at their
psi, anG do Their duty without muir
mar. Bat pass this biii and you will be
principally aiding class OF oar ciiz ms,
vino though not equally numerous, are
certainly equally patriotic and respecIa
bic. bat who are prepared To all them
selves, and who do, not ask i, a, your
hands. For, sir. permit me 10 say, il,a,
whoever will br able TO cdaca,e his son
at the University of Virginia. will be able
80 educate him elsewhere. Mr.. Speaker,
since This subject has been under discus
sos, have Witnessed a display of much
eloquence aud ingenuity ; bur hope
shall be pardonrd when saw do not
think that have heard siugie sound
u
seems Ia NE that gentlemen have ingeni
Oh ly abandoned the merits Of the real
question, and lieis arguments have turn
Ell upon the prophecy of establishing a
University. They have addressed them
selves To The pride and ambition of Vir
gin aus, aud in reply, will only say, thatI
II no, one OF those who will ever consen,
20 sacrifice portion Of HE best interest of
che community al the affairs of pride aud
ambition. When | occupied The alien-
tion oil The house upon this subiect on
yesterday, Mr.. Speaker, addressed an
Aaqulry 10 The friends of this bill. which
81 uoi y Il been satisfied, and which |
pin repeat. Why make The Literary
q secondary creditor? as this bill
poses; why an odious distinction a,
Y creditors qualIy just know of
IncIple either oi law or equity, thai
ss IL. Aud Mr.. Speaker. ibis cir
Ance alone rs well calculated, aud
ifd sufflcIenl io excite suspicion,
,Tces upon ne the conclusion, that
The friends of The University must
NJ It's s0!vency if this bill pass. MIR
|'ke,, trust the biil may moi pass, for
|my nund ii Is clear tba, II il do we
III involve The University in debt be-.
'nd her meaOs; The consequence " i'll be.
Iat relative To HE University and her
redi'"rs, We shall hereafter have 10 pass
bankrupt law, and we ourselves will
Jbave 10 pay her debts, and 10 take The
'whole burtfien Of toe institution ON our
o"n shoulders ....Alr. Speaker, | a.
gam avow myself friend TO Iiiera-
,ure. trust demonstrate the fact
by opposing the passagc Of tbs bill.
Sir, we have already commenced a
brilliant scheme, (Which hos my hearty
approbai'on) Tor the promotion of lie
raiure; scheme, sir, which will in time.