Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1845-02-15
MEMORIAL
CONVENTION OF COLLEGES,
RECENTLY ASSEMBLED IN THE CRY or RICHMOND,
Asxxo ARTICULATION


AsErse ArrsorsiXros
frsu the Literary Fund.
10 the heRssSsSle fhs Gsnsrsl Asssnsty
Of the Commonwealth Of Vtginis.
The trustees and authorities Of the colleges in the
oe Virginia, Impressed with the importance OF those
institutions TO the educational Of the county, and
convinced OF tho business OF their claims the
anee and support OF the General Assembly
"on ey their respective delegations in the city Of Rich.
mond on Thursday the 4h day Of January le44 the
purpose OF taking into consideration tho propety VI
JOINT epreaon to your honorable body, for the
~ns'ou TO them OF ouch pecunary aid your Judgment
nay be afforded without dcimcnt the public welfare.
Alter having maurely considered the whole subject the
ssd Convention appointed the undersigned committee to
pressive OF their Views.
In discharge Of this duty beg leave to reprcsen, tina,
th's nme when the state Is embarrassed with debt and
me people are the least able 10 bear additional
an application Tor pecunsry aid would have made
oy the convention OF colleges your honorable body to
AFFORD they believed that the legislature would be under
the necessity OF increasing by the Of single dol
lar the burthen Of taxation IL the opinion Of your
morasis that tho desired aid may be afforded from the Ii
erary und OF the state, without prejudice any Of tho
interests dependent upon IL.
And TO tins end, your memoalsu pray the passage Of
an act which shall provide:
Is. For appropriation of the annual capital Of the
Literary fund aceruug after tho year lSi3 creation
OF fund to be apart exclusively for the support of the
colleges OF the state until the magnitude Of fund
created shall be sufficient yield annual revenue
800.
and. For the distribution Of this annual income among
the several colleges in the following proportions wit:
William & Mary College, 500
Hampton Sydney College, 1900
Washington College, 1900
Randolph Macon College, 1900
Henry and Emory College, 2lOO
Richmond College, 2lO0
Richmond Medical College l6DO
The College OF William and Mary voluntarily relinqush.
Is all claim upon the fund Of 10 years
IL there be any other College chartered and existing
within the limits OF the State and in
Convention of Colleges, which desires share the
nehts OF this act would respectfully suggest
OF the capital Of the proposed fund.- pay annually
such institution that the judgment Of your
honorable body shall be deemed sufficient and equitable
3D. For an appropriation Of much Of the suTplu.
venue OF the Literary Fund shall be necessary make
up the annual deficiency of the of the proposed
college fund. with the view Of meeting the present
sites Of the colleges
Alb. For the education Of sixty young men BY the COL
eges. free OF ell charges, be selected the legislature
shall Direct and distributed in the following proportion
Wit
William and Mary, 3
Hsmpden Sydney, IL
Washington,
Randolph Macon, Is
Henry ana Emory, IL
Richmond, IL
t. the first provision Of this act does not 30
affect the Literary fund be detrimental To any Of the
interests now depending upon IL, iists beg
leave To present the following statement respect
condition II that fund.- which they made do.
euu'eas aud papers tie in the office OF the second
altur.
81
81 cents From hles forfures. &c this cdpai
cd annually by an average amount al SluUuO From
cheat redemption Vt lands, &c. st
by Of S3JU0; making total average IN.
crease OF l3UO0 annum Ii this annual decrease
the capital which your orsss pray may be vested
fund tor the support OF the coeges that devotion
TINS object will not reader the Literary fund inadequate
meet any OF the demands now existing against IT, is evident
tom the following statements:
Tne revenue accrung from the Literary fund the
cal ending September 81, l543. SCI, $50 O6.
OF this amount, that portion alone which derived from
dividends On bank stocks is subject TO variation.
These stocks yielded follows for the year 1913:
Bank OF Virginia stock, 80 IS per share.
Farmers Bank Of Virginia stock, rs
Bank OF Valley l21
Northwestern Bank, 0OO
From the best information which your memonaisis have
been able to obtain, they OF the opinion these
stocks will! average, divide follows: TO wit:
Bank OF Virginia. 81 SO per share.
Farmers Bank, 6 90
Bank OF Valley, q 90
Northwestern, g 90
AT these average rates, the annual revenue Of
the Literary fund will exceed the annual rev.
venue for ls43. By 6s96 IS
Estimate Of lS43 81 $50 O6
Average annual revenue, ssss75 ell
The charges and appropriations existing asan.,
the fund follows:
Contingent expenses, 1000 90
Ftr,d dppTopTiHfi0ns:
For primary schools, $4,000 90
To University, $4,000 90
To Margaret academy, 100 90
- 6o.loO 90
Annual appropriations:
To military institute, 500 90
For primary schools, $4,000 60
-- 26,500 90