New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-04-22

lions stated IN the Dissent
Finance Compsitee's Repor. on The d" Dissent"
The Committee on Finance 20 whom was refer
red communication from the President Of the
Council, containing objections TO the annual Re.
turn TO the Regents, respectfully report.
The Endowment Of the Proiessorship Of the Z VI
dences OF Revealed Mediterranean 81 5, 0O0-is
not included IN the statement Of the debts Of the
Institution Nor is It in the Annual Returns Of previous
years which have been approved BY the Council and
certified officially by the President
II the amount had been invested for the Professorshp
in some other security-it would have appeared IS
part OF the property Of the University. Hamilton Col
ege has such endowment and II 10 classed with the
property in their Returns" 10 the Regents But the
principal sum having been received by the University IL
deemed proper give security to the Donors that
the intentions Of their benefsction should be fulfilled
This was done BY mortgage on the University proper
y. This mortgage will become coectabe in case the
University should fail for two years to sustain the Pro
fessorshp. 1t is not debt due the Donors or the
Trustees unless this failure should occur And 10 not
burden so long as the University pays to the Professor
salary equivalent the interest While there.
fore not 70 be ranked with the other debts Of the
Universiy-the Committee would recommend that in
future Returns 10 the Regents the Of the
dowmen Tor sustaining this Proiessorshp be mentioned
and that 10 secure the same mortgage has been given
TO Trustees for the amount upon the University pro
perty.
The Return TO the Regents states the debt at
$4,000 The Treasurer his report of lst OF October
last mentions that quarters salaries due al that date
were unpaid and would be charged the income Of
the succeeding year. Amount OF deficiency TO meet the
expenses of the year, $2l55. The communication Of
the President assumes it error that this amount
is not Included in the debt stated 10 the Regents he
reply ia very simple Our annual returns always ex
hbt the condition of the University the first OF July
of the year preceding The present Return makes up
its financial statement July l. lsi5. A, that date
there deficiency the Of salaries because
the salaries had all been paid At the time the Return
was made in like manner, there was nothing due for
salaries The Commute beg leave to suggest that here
after If there be objection the Return assume as
its date the 81 Of October which 10 the close OF the nj
yersity year In the accounts.
The amount now due c. Mason, for advances &c.
is s7}7 81 beside the 81 635 sscertsined sud reported
by committee the Council, In l6f3. Total $5372 81
There were few outstanding bills on the lst Ocio-
Der last which msy amount 10 500 or $500 But there
were co<ea5ls and fees from the two previous
years per Tressurers report amounting 10 <S7 6-
Excluding both these items and the accounts due the
University dating before October 1913, the debt ap
pears to be as foowstor the date OF October l-43
Due c. Mason. lst and % mortgages $4,000
John Johnston, Sd mortgage. e3o5
= Mason. --...--'- --..-.-.---.-.- So.S -