Litchfield enquirer., 1846-01-15
OLIVER SMITHS WILL.

OLIVER SMITHS WILL.
Since the death of Oliver Smith, ESQ.,, of
Hatfield, who died on the 22d of Dec, much
interest has been manifested to acertain what
disposal he made of his great property, the
largest undoubtedly in Hampshire Co., a.
mot1nting, probably to $4,000, or np-
wards. The interest to learn the provis-
ions Of his will has been greatly increased
by reports that Mr.. Smith has left much the
largest part of his property for the benefit of
the public, and c pecially of the community
among whom he lived. But many of these
reports in regard to the plan adopted for car
rying out his views have been very contra
dictory and incorrect.
The following synopsis Of the will we be-
lieve to be essentially correct, having OBJ
tanned the particulars from a reliable Sotitce.
1t appears to have been the intention of Mr..
Smith to give the public the benefit of most
of his property; and for the purpose of car
rying out his views, provision is made for
the creation of q Board of three Trustees,
who are to have the management of the
property left for the benefit of the public, and
are charged with carrying out the designs
of the testator. These Trustees are to be
chosen annually by eight agents to be chosen
annually also by the towns of Northampton,
Hatfield, Amherst, Hadley, Greenfield, Deer
field, Whately and Williamsburgh, one. by
each at their annual meeting in March or
April. These eight agents are to meet at
Northampton in the month of May and elect
three Trustees, as before mentioned, and de-
eide upon the amount of their compensation,
which is to be paid out Of the income ofthe
property. The Trustees are to report their
doings to them, and the agents also have
revisory power over their acts The agents
themselves arc to receive no pay from the
property.
Having constituted Board of Tsustees
Mr.. Smith directs his executors to pay over
to them the SUN of $500, 900, which is to be
an accumulating fund until it an ounts to
500, 900.
The 100000 islthen to be divided into
Ire separ; 70 unds, viz:
!. A fund of $4,000 Which is still to re-
main on interest for sixty years, and is then
to be applied to the establishment of an Ag-
ricnltural School at Northampton.
II. A permanent fund of 600, the in
come of which is to be applied to forward
the objectsof the Colonization Society !, aud
in certain contingencies the fund itsclft to fall
int" the Agricultural School Fund.
III. A permanent fund of $3.50, 600, the
income of which is to be applied to four char
tiles, as follows:
|. The income of $4,000 to be applied
for the beiieft of INDECENT boys, of good
character, orphans having the preference, to
be selected by the Trustees from the eight
towns named. The boys selected are not to
be under twelve years of age, and to be
bound out by the Trustees to respectable
families unit they arrive at the age of FL
years, EocK young man is then to be &C
commOdalcu Win loan OF $5UO, for which
he is to give his note on interest, payable in
five years. At the end of that time, if the
young man SustainS good character, the
note is to be given up, and principal and
interest becomes the property OF the individ-
| ual. A.
2. The income of 10000 to be applied in
a very similar manner for the benefit Of in
digent girls-$30O to constitute marriage
portion.
3. Theincomc Of $45, 900 to be applied for
the benefit Of INDECENT young women of good
character, over Fl years of age, each receiv-
ing $50 as marriage portion.
4. The income Of $4,000 to be applied
for the benefit of indigo widows, with one
or more children.
The residue Of the estate, after paying &
few small lcgacies, is made a contingent
fund to meet all expenses and pay all losses
which may occur in the management of the
funds above named; and if the income of
the same is moro than sufficient for that
purpose, the balance TO be applied in the
same manner as the income of the funds.
Should one or more of the eight towns re-
fuse or neglect to appoint the agent and ac-
cept the provisions named, the trusts and
benefits devolving upon the accepting towns.
The property is to be invested in loans Sc
cured by mortgage on real estate, though in
certain circumstances part maybe inves-
| ted in U. s. Stocks, and State Stocks of New
York and the New England States.
Hampshire Express.