Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1853-07-23

Yr,dsni aud Directors Of Literary Fund invest
further Of ten thousand dollars In the same man
tsuoo 10 the language the above acts The only
sr given Faculty Of the College ~ to the time
Of the Investment the selection OF the site and the 'nodei
Of the budnrs But there certain provtsos To these
scts and conditions the Investments made under them
ls IL IL provided that the Literary Fund shall retain
satisfactory lieu the land and buildings and other pro-
perty for The repayment Of the principal sum invested
nd the payment Of semi annual int rests thereon at the
rate Of sir per cent per annum.
Cd 4, " provided, that before such Investment Is
made the faculty. oths college shall give to the President
and OF the Literary Fund sufficient personal
cury for the payment Of the principal sum aud for the
punctua payment Of the ntercst-aso Tor all taxes on
the propcy-which shall be amply secured against risk
Of loss BY fire.
sd The President and Directors OF the Literary Fund
shall have power require additional security. and upon
failure Of the faculty give satisfactory security they
shall proceed to collect the whole amount due.
II IL these provisos seemingly stringent and
more particularly the end requiring lords with sui
fccnt personal security that the members OF the Faculty
bae their claim 10 personal rights and the exclusive
troll Of the institution Here twenty seven thousand
dollars ofpubc money invested, and six gentlemen
ccvc MI the personal honor and profits which accrue IL
20 be no very great hardship that they should be
pone for and pay for this trading fund capital furnish
cd them But let tu,n again to the Records-and We
speak only thcm-and how far these provisions
have been carried out and complied with
u l. obvious that these acts OF the General Assembly
contemplated the President and Directors of the Lit
erary Fund should take lien on the land buildings and
sona security But these provision have never been car
ried into effect The records OF the Hastings Court OF
City will prove the existence oil certain articles OF agree
mont entered into between the Faculty OF the College
and the President and Directors Of the Literary Fund
he.e parties agreed that the Literary Fund should hold
the entire property in fee simple instead OF their standing
In the relation of debtor aud creditor. Accordingly we
find the land on which the College buildings stand
conveyed by the parties of whom the common council
purchased directly and absolutely to the Literary Fund
The President and Directors of this fund.- with commenda
ed
ihe bonds All that they required was the naked bond OF
each member of the Faculty for his proportional share
OF the debt When a vacancy occurs, the bond OF the
ne xy elected member Is exchanged Tor that oil the rer
ING member aud ibis assured has been the uniform
habit Now If these bonds were looked upon as being
very necessary give security to the investment made
or a. entalng any heavy HAZARDOUS responsibility ON
the members the Faculty is it probable that the
President and Directors OF the Literary Fund would see
that they always strengthened by the ampest per
son al security We Furthermore Learn that 1t has never
b the custom ofthe Literary Board make any nves
tiration the solvency Of the parties giving bonds
Are We DOT justified in regarding these bonds as merely
nominal, and given pro lorna Did our LegiSa,urs
ever demand payment under similar circumstances; And
what responsibility have The members OF The Faculty ever
incurred
But the beraity of the Legislature did not stop here
On the 9Th Of March, 1880 hnd the Legislature pas
Fed all act releasing the Faculty from the payment OF
the which fell due ie st Of January 1880
aud annually heeafer-but not affecting the priuc'
pal sum- and reserrn itself the power W Gppcal or
modify the Of release II not be anss 10 mention
here the able and experienced Second Auditor, in
h- report subsequent 10 the passage OF the above
act considers the resources of e Literary Fund a PR
sansa,ly diminished m the amount OF ths RENTED III
terest
But it claimed at in addition to the investment by
the State the private means OF the Faculty have been
expended in the College buildinss. and fixtures We
derstsnd from most reliable source dat five thousand
dollars is the claimed to have been Lbus e1pen
hed We have means OF getting certain inform iOn
on this subject All that We know ia that the bill Of the
Contractor who did the whole work, with the exception OF
grading lencngs furnishing ADD the erection Of small
hack hous sfrom thousand 10 fifteen hundred less dian
the invested by the State. BY turning however to
tie records lind that by the articles of agreementen
tered into by the President and Directors OF the Literary
fund and the Faculty Of the College provision made
for such adYaneemenis la such cases the Ficny were
instructed to issue Certificates Of debt AID duplicates Of
such certificates be dlrd Ia the Office O, tie Lite
rary Fund and the completion OF the buildings and ap
purteuances the Faculty shall E's statement ui Tie
aivancements made and persons making these advance
Incni. shall have a lien the property These quota.
sions taken from the original copy O te articles OF
increment sB5 their mandates quite imperative
Nov on enquiry find such certificates OF al
filed IL tLs Office Of the Literary Fund. But
Let grant that these gentlemen did To some extent,
invest their private funds. fheg completed and furnished
the first floor OF the College bud.as spacious mfr
rary-nota Charity pal, as i well know h,rebut
a enterprise in the preseot slsts oil popuC pro-
missing such good returns that Other medical nave
n AIDE large investments in similar Way. But let args
snentatively allow that tncy have invested S5ptj I phi
gate means They have paid incTes; The stat ia.
vcstment since the LIST July 1919. This would have
amounted to $4,000 They have sought aud Obtained
empton from and city lakes, which, at the
pgesr rate Of assessment, would aInpt 900
a. Add The interests the e.ty donation
at - 600 AID MI these itchs together will present ir
snng Of between s., 900 and $4,000, which these
gentlemen of tie Faculty tsve enjoyed ia tic Of u
snuiiie Thus they fully clearly indennfcd for
all their private Adyancemcnts.
We need scarcely mention the tuition !eaS from the
foundation OF College the present time, te ais,u
uf
your College has secured them, and other of
profit 10 show TINT this connection has not been furious
or detrimental TO their private Interests and since the
year 1912 we believe they have been required - pay
nothing but insurance ;he buildings against risk by
fire.
Put fprivatc fund.- invested in the buildings,
tie Investment must have been 10y the first corps Of lio
rs-ors Three Of these longer connected with the
school Wil It be conceded that eir Representatives
have a rigIt 20 claim indemnity?
We have bee forced upon these details lsee
ourselves from the charge at seeking % iHtermtdde with
private institution and wit an individual enterprise.
From this exhibit il clear THAI the Medical Depart
Of ITampden Sidney Cocg, Is public Institution,
nusei aud reared from it, infancy upoI plOs nuis i'm
muuities privileges aud beneihctiOus. As suci gYuiy
taxpayer has right TO enquire ntO its nasenent, and
Jhs interest aud influence in lis conduct aud control
Vc have argued THE question AZ some length, that yOuI
Bolrd and the public may understand il fully aud that i;
NAV be dvcsed Of all doubt aud nystBciOn But there
s. certain important and yoluminou, d1cucH: iu the Of.
flee Of the Literary Fund, bearing the impress Of high
tatNe manuscript ought IL appears to ~, to silence
I'll cayilabout indvidgL rights. This document
pressy shpHlst,s nor shall it he iu the power oil t
embera of the Faculty aforesaid ia ihcir iacidli
1hts either jointly severally redeem said property
require such conveyance. Baf the right Of red.YJ
t"n hcreby ne secured Is rc'erTed 10 said fcuty
organized body having their existcncss Faculty
al ilamPien Sidney college
Bat IL public funds had invested in ti, insitu.
to, and public bcnciactiJns extended IT, We would
euH deem it duty 70 ourselves and the profession as
lnr", 20 resist the establishment Of sdch school our
d under the exclusive management Of any six gentle.
they JcnE being it, Faculty, aud perpctnatng their
oTH bldv. The conduct Of medical -chssi Immediately
"is The Interests Of every physician from tue L'hr.'
4" tue lowest They tx the standard Of education. uH
ranks aud stamp character whole profession.
illegal eulcimeuts ds-Ociate aud dseOnacct orr in
tofe-ts irnm them.
oar Sst' l"gsitirc has heretofore refused a giant
nalct charter O. hu institution asking npu0pol, ui such
exclusive piivh,Rs Can t be exIe-t.d that ro are 90
st silently, When sa0. rsWs up 10y Institution
in wic already ius s.iT1 more than ity-Gyc thous
ant dollars " pulhc iunjsY Why should those lis gen
ucrn b. elevated above tho heads af an the ul tc
prof ssiony WHY sioIld w. have a uf,yiler.d c',al
snuuTt us, witt the poser 81 pcrpetuitug pritrgr ~
MI.v eittutI floa4