New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-10-05
THE ART AND SCIENCE OF Alb
SORTING TRUST FUNDS.

ences, because our articles in regard to them
some few weeks since have excited attention
aud inquiry in many quarters Without hppar-
emily meeting the eye of the parties for whom
they were more particularly designed. 1t has
been suggested that we might go a little more
into detail with advantage, and that few
names and figures would add to the effect and
interest of our exposition. Many people are
SO uniformed as to inquire what the Amerl'
can Academy is; and others, whose mathemati-
cal education has been neglected wish to know
the amount of the Rumiord fund in 1861,
though they are told that it was just $4,000
in the American three per cents in 1916, and
that just ono years interest has been literally
appropriated by the Academy during some.
thing more than half q century in gratifying
the whims Of the donor.
The American Academy of Arts and Sciences
was Incorporated by the Legislature of Mnssa-
chusetts so long ago as 1880, with very great
name and, we apprchend, with very little means.
Saving bequest Of one hundred pounds lawful
money, we have not noticed any considerable
acquisition to its capital stock from any quarter
until il resOrted to the ingenious process Of alb
ssrbing trust fund into its academical exche-
quer. We say absorbing, because the word
| is harmless word, and conveys our idea with
out connecting il with any language to which
usage attaches an exceptionable import. A law
yer might say that they had converted trust
fund TO their own use-a laymsn, that they had
appropriated it--but we charge them neither
with conversion nor appropriation; we simply
say that, by some inexplicable and mysterious
absorption, the fund which Count Rumford gave
to them for very different purposes, has, to all
appearances, 80 far lost its original character,
as to be enjoyed, Invested of the trust, as a
part Of the ordinary revenues OF the Academy.
We do not deny that this absorption has been
very much to the advantage Of the Academy, as
is manifest in its printed transactions and pro-
ceedings-now quite ponderous and formidable
volumes, when compared with the thin bro
chures which they had previously issued. But
in consulting the interests Of the Academy, we
must say that its Directors have been guilty OF
the grossest injustice to the intentions aud to
the memory Of Count Rumford. They have
gone through the form Of appointing annually
Committee on the Rumford medals, and once
in ,i1ty-fye years they have bestowed the
medals. Early in the present century, DIR.
Hare invented his famous compound blow-piPe
and some twenty-five or thirty years after
ward the Academy gave him the Rumford medals.
This is the only instance in which the Academy
has diverted the fund from its own uses to
tho uses contemplated by the donor.
The original donation was $4,000, in the
three per cents. Count RumfOrd, in a very po-
lite note begged the Academy 10 do him the
honor 10 accept Of it, to the end that the in
terest Of the same might be received " for
ever" and the amount Of it applied and given
once every second year as premium to the
author Of the most important discovery or use
full improvement on heat and on light" But
if during any term Of two years no new dis
oovery or improvement should be made in the
premises, of sufficient importance to deserve the
premium, in that case he desired that the
premium should not be given, but that the value
of it should be reserved and laid out in Gov
eminent stock TO augment the capital, aud the
interest Of this augmented capital should be
given " IN money" with the two medals, as
an addition to the original premium. "And
it is further" he adds, "my particular request
" that these additions to the value Of the pre-
" MUM, arising from its occasional non.adju-
" dicaton, may be suffered TO iHerea" piltOnt
" limitation" Now, supPo,ng the $4,000 TO
have remained thirty-seven years in the three
per cents, aud then to have been transferred to
the six per cents, how much ought the fund
to be, increased according to tie intent of the
donor Among the papers Of prime import
anco given to the world by the philosophers
and mathematicans Of the American Academy
of Arts and Sciences is "a new and concise
" method of computing interest at six per cent.
Awaiting ourselves of this facility, we find that
with the liberal superstition that the money re-
manned thirty-seven years in the three per cents,
and twenty-eight years in the six per cents,
the Rumford fund should now amount TO about
SIli, 900. The recipient Of the premium should
now be entitled TO his medals and about So, $40
in money, according to the new and concise
method of computing interest at six per cent,
with which the world has been favored by the
American Academy Of Arts and Sciences.
Whether the fund amounts to $4,000 or
not, and if not why not we suppose the Com
mittee of the Academy on the Rumford Medals
may be able to tell. The printed Transactions
of tho Academy inform us that this Committee
Ia noyv composed of five members to wit: