Massachusetts spy and Worcester advertiser. [volume] ([Worcester, Mass.]) 1823-1825, 1824-10-06

| Concluded.
But they speak of fifty thousand dolla
fund, and their Financier certiies thus &C o
the fifty thousand dollar fund, the BASIS o.
THIS INSTITUTION, there appears to be secured
oy deeds ofreal estate, in bonds for the pay
ment of money, and by notes of hand, to tn,
amount Of forty-four thousand, eight hundred
and torty-three dollars the residue rests on thu
original subscriptions"
The first thing that astonishes us, on exam
ming, this matter is, that these gentlemen
| should venture to call this fund the BASIS O
their Institution, when in a part of their owr
document, an extract from the original paper
they have furnished evidence, that the origi
nal subscribers never designed it for any
such purpose, and it would be a fragrant
breach OF trust TO Appropriate this fund to the
support of a new College. The subscribers, in
their original paper say, it is to be the Z" char.
table fund ofthe Classical Institution at Am
herst, and is CoNsEcRATED to the education
Of INDECENT young men of piety and talents, for
the Christian ministry, in said Institution -
that Classical Institution was to be connected
with Amherst Academy, and "with Williams
College, should it be removed to Amherst. y
BY what night, legal or moral, these persons
presume 10 divert these funds from the purpose
to which they were so selemnly I" conSecrated''
by the subscribers, they do not tell us. But it
would seem that we have right to require a
little explanation upon this point, before we
grant charter.
But why do they call this fifty thousand
dollar fund? Such language is calculated to
mlslead, as to the real condition of this case.
When fund.- is spoken of, it usually imports a
sum really paid, and invested in some safe
and certain stock, equal at any moment to
cash. What is the fact here If we look to
the tinancier's certificate, who seems to un-
derstand his office very well, Git being usually
the duty OF such an officer to make funds,
when there are none) he talks of" S44, 843 be-
ing secured by bonds and notes." sc. But
when we press this matter little we find, as
our own committee report, that what this ad-
rolt Financier calls security, is merely the
note or bond of the original individual sub
scriber without any security of any sort. Thus
this MIGHTY FUND rests, where it originally
did Except the part secured on land, which
we shall consider by and by) it has never been
paid and invested, but the mere promise Of
subscribers, in the shape of bonds and notes of
individuals scattered all over New England,
and some out of it, is its sole foundation. A
part of the original subscriptions was paid in
lands, some in Maine, some in Ohio, and
whether any in the moon, we are not told, al
though land in the latter place would, on
some accounts, be more valuable than in the
two former it would probably be more easily
found, and would not be so soon forfeited fol-
taxes. The land thus subscribed was called
By the subscribers worth 5000 dollars, as your
committee inform us. We also learn, that il
was proved before them, that about 5000 dol.
lars OF this whole $4,000 dollars has been actu'
ally paid in, and invested with mortgage Sc.
curities. Thus, Sir, this Mighty Fund, the
BASIS Of this Institution, which made such g
figure, when we viewed it a distance, has
! melted down to 5000 dollars only, actually
! funded, and 5000 dollars more in land origi
nally subscribed, hut which nobody ever saw
I either before or since il was subscribed. AL
the rest remains in mere promises, made at The
earnest solicitation of circulars and importu
nate agents +; how many of the original sub
scrlbers, out of the thousand or more who
make up the list, are dead, missing, canno.
4 be found, or if found refuse to pay or are un
A able opay, no one seems prepared to tell us
Il What is such fund worth Is it so good a
\ common moon shine? In attempting to col
lect it, you would pursue shadow, which
h would cost you more than it would be wortl
when oYertaken. Set this whole fund up a
auction, at Northampton, where its valu
might be well ascertained, and it would no
sell for 10000 dollars. What then shall W,
say of the BASIS? Four-ffths of it, at least
seem to be annihilated, and how the Colleg
can stand on the remaining fifth, shall no
Il predict.
\ Again, we are told of a thirty thousand dol
lar fund; on examination it comes out, tina
only about 5000, Of subscription amountin
to $4,000, has been actually paid in, and al
that 5000 has been expended in part paymen
for the College buildings, still leaving the Pc
titioners in debt between $4,000 and 5000
dollars for these buildings. Now, Sir, what
+ such subscription paper worth ? True, $24
900 remain nominally due, but not cent ca
be collected by any legal process, because tn
4 law decides such promise as subscription
to be void promise, without legal consid
GRAFTON to support it and make it valid. Be
! sides, this subscription is made up of dolla
and half'dollar subscriptions, from individual
generally in moderate circumstances, who's
monied ability does not correspond with thei
zeal for this College project. These subscrib
ers are scattered all over the United States
il would be impossible to find half Of them
and probably more than half of the half VIII
can be found, have changed their mind, 10.
their zeal, or become unable to pay. If thos
gentlemen realize 5000 dollars more from thi
subscription, they will be very fortunate in
deed : such scattered concern seems scarce
ly worth the trouble of collecting. 1t is moth
ing in the nature of fund as that word
generally used.-Thus, sir, five consider the
$4,000 dollar fund worth 5000 dollars, thu
being the amount secured, making no allow
ance for what they will probably expend
searching for their lands in Maine and Ohit
which they will never find, and call this $3t
: 900 fund on a liberal estimation, 5,000-an
the debts ofthe College 10000 dollars, ther
/ remains balance of mine thousand dollars
be paid by these petitioners, before they al
free from debt. | do sincerely believe 81
that no practical man, acquainted with the III
certainty and wOrihlessness Of subscription p
pers would estimate the probable proceed
more favourably than have done, and ! CT
i.