, 1862-05-29

IN accordancc Will The requirement. IN the
Constitution, the Board would state to the
friends and patrons Of the Chicago Theologi-
cal Seminary its present condition During
the last financial year, closing with Mnrch 31st,
1859, the receipts, according to the Treasur-
ers report, were s., 7,41O,54 OF this amount
q ,569.4T were collected from the subscrip-
lions to the General Fund 81, ,724 we're paid
In specially for the support Of the Professors;
$3T.65 were contributed to Scholarships;
24oS.16 were received as interest on notes
$50 were on subscriptions to Seminary site;
and Sell. 81 were miscellaneous donations
The expenses Of the year ove1ran this sum
about s., 900, including the salaries Of three
Professors, the salary and expenses Of the
Agent, the charge Of Keeping the books aud
securing collections in the Treasurer 6 depart
me0t, the current expenses OF the Seminary
building, for insurance, fuel, ]anitor, Sc, aud
the interest due for indebtedness on Seminary
building and site And the deficit of So, coo
has occurred notwithstanding saving Of
$l5Q0 by the reduction Of the salaries OF the
Professors, and the most vigorous use Of col
lection agencies.
For the coming year the Board have pro-
<ided for the utmost economy Of expenditure.
They have ordered the sale Of the Seminary.
location in part or whole, as opportunity may
Er inan ue ou1oened with SO large an annual
interest This viii entail great loss in view
Of the amount paid for the site In good times;
but as the subscriptions in reliance upon
which the debt was incurred, have remained
to q great extent unpaid, no other course
seems possible; though business men are de-
claring it TO lie folly 70 part With one Of the
most valuable pieces OF real estate in the city,
just Us real estate is coming into demand and
promises in Rhort time to resume its former
r1t1frt tt.skf fSet-
inability to pay sGe interest should bring our
creditors upon us : Even now the arrears Of
Interest place portion Of the land legally at
their merry.
Our late Treasurer, L. D. Olmsted, Esq,
having died just before the annual meeting
the Board ycntured to try the experiment Of
economy still 1urther, By uniting the Offices
OF Treasurer and General Agent To this
double duty they have called Rev. Il. L. Ham
mond, widely and favorably kneFn through
the West as the Office editor Of the congrega-
ziondl Hera1d, who has accepted the appoint
1nent and may be found at Tomllnson Broth
e1s' Sunday School Depository, Lake street,
uearly opposite our old office.
In REV of lie threatening condition Of the
treasury plan was devised year ago and
approved by the various General Associations,
by which each church In the Northwest
should take up Il collection for the Professors
fund. So far IS this plan has been carried
out in good faith by the pastors, and the cast
presented to the people, the churches have re
eponded; but owing to the neglect OF many
pastors to attend to the work, the amount
received from the churches In this way, up Il
April first, was only s, COO, instead Of tn
$1,000 desired II is believed that th
present year will show marked improve
nent, especially as the merits of the plan ar
better understood and the mind Of the peopl
is now hopeful.
The property Of the Seminary, in additio,
to The rca1 estate, which at the present tim
- 411oy1
consists of q block Of ground In the city Q
Quincy, the gift Of Willard Keyes, Esq, sup
xsosed to be worth Somewhere from IS ,090 t
$4,000, sundry pieces Of land in varlou
States, worth q few hundred dollars, th
pprporting 11ps Ga to b. S4,550, but worth pcrhap
half that sum, end general fund notes nom1r
allv amounting to about $4,000 some {
which are no: yet due, bu: the principal pa.
being much past due With but sma
End perhaps only 80, Goo.
The Agent has labored during the ps:
gear principally in obtaining notes for th
support Of the Professors, and has succeede
n securing them to the amount Of ~, 400, b.
sides donations OF lands and the promise I
The donor,
II view Of the exigfucy nov upon the inst
11hoa and to prevent its failure before OF
pans @ conla 60 INTO successful operation, tt
3oa1a Ieqnssieo he Professors to visit Il
Eastern churches this summer, and Law befo1
them our condition, hoping that God Won
open their hearts 10 sid Us literally In Ii
dark hour.
From the foregoing statement It vii
seen that our Seminary, which has had md
the instruction Of the admirable Pro{csso
during the 5ear, twenty-five young men. 81
has alresdy sent Into the ministry fwentY-fi
graduates, eau be saved from suspension
even extinction only by the -self-deny1l
exertions CT its friends. We caunot belle
that they will let it die. The West needs !
the World needs it.
Y = By order Of the Board
VIM. ". PATTON.
Chairman OF Committee On Stateme]