Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-04-01
THE VANDERBILT UNIVERSITY.

gold, no doubt.
THE VANDERBILT UNIVERSITY.
We are permitted to publish this morn
ng the full text of the offer of Commodore
Vanderbilt, through Bishop McTyeire, to
the corporation hitherto known IS the
Central University Of the Metho-
dist Episcopal Church, South,' The
muni6cence of this offer is il
deed princely, and was to the people of
the South not less gratifying than startling.
The conditions which accompany it do net
clog nor cucumber. The fact that Bishop
McTyeire is to accept the Presidency OF
the University is sure guaranty not only
that the funds will be honestly accounted
for, but also that they will be practically
and proftably managed.
This offer of Commodore Vanderbilt nat
urAny causes the mind to revert, with graf
itude, TO that other munifcent gift, from
Mr.. Peabody, fer educational purposes. If
comparisons be not odious on such an oc-
casion, we venture an expression Of the
opinion that the gift of the Commodore will
be more beneficial to the South than even
that of Mr.. Peabody. In the first place, it
is given for management and disbursement
solely into the hands of those of our Cwn
section, compliment which the people Of
the South are fully prepared to appreciate.
Secondly, it is solid gift, for single pur-
pose, which cannot be FILTERED away nor
so sparsely distributed as to be in some in
stances productive of but little good. 1t is
grand gift for grand and good purpose,
for which the whole South will ever be
thankful to that generous man Of the North,
who has thus, in his abundance, recog-
nized our needs and our worthiness.
What will Nashville now do to show her
appreciation of this tribute to her and her
distinguished fellow-citizen, Bishop Nc
Tyeire, through whose instrumentality
doubtless we are the fortunate recipients of
this favor? If the trustees Of the Nash
vile University refuse to give their grounds
and building TO secure the happy and speedy
accomplishment of this great work, then
the city and citizens must purchase the nee
essary grounds upon which TO locate the
University, and thus show to Commodore
Vanderbilt and the world that we are will
ing to aid in forwarding this, to Nashville
aud the South, all-important educational
enterprise.
Subjoined we give the offer of Mr.. Van
derbilt with the accompanying conditions,
followed by the action of the Board of
Trust accepting:
COMMODORE WANDER bits OFFER.
NEW YORK, March II, 1S73.-TO Bishop H. n.
McTyeire, of Nashville: Imake the following Of
fer, through you, to the corporation known as TIE
CENTRAL UNIVERSITY OF TIE METHODIST
EPISCOPAL CHURCH, SOUTH:
First. I authorize you to procure suitable
grounds, not less than from twenty to fifty acres,
properly located, for the erection of the follow
ing work:
Second. To erect thereon suitable buildings
for the uses of the University.
Tkird You to procure plans and specifications
for such buildings and submit them to me, and
when approved the money for the foregoing OBJ
jects to be FINISHED by me as it is needed
Fourth. The sum included in the foregoing
items, together with the Endowment Fund and
the Library Fund, shall not be less
in the aggregate than five hundred thou
sand dollars 1880, OOO); and these last
two funds shall be furnished to the corporation
so soon as the buildings for the University are
completed and ready to be used.
The foregoing being subject to the following
CONDITIONS:
First. That you accept the Presidency of the
Board of Trust, receiving therefor a salary of
three thousand dollars per annum and t he use of
dwelling house, free OF rent, on or near the
University grounds.
Second. Upon your death or resignation the
Board of Trust shall elect a President.
Third. To check hasty or injudicious appro-
priations or measures, the President shall have
authority, whenever he objects to any act of the
Board, to signify his objections in writing,
within ten days after its enactment, and no
such act is to be valid unless, upon reconsider
alton, it be passed by a three-fourth vote of the
Board.
Fourth. The amount set apart by me, as an
Endowment Fund. shall be forever inviolable,
and shall be kept safely invested, and the inter
est or revenue, only, used in carrying on the
University. The form of investment which 1
prefer, and in which reserve the privilege, TO
give the money for the said fund is in Seven per
cent. First Mortgage Bonds of the New York
Central and Hudson River Railroad Company,
to be registered" in the name of the Corpora
ton, and to be transferable only upon special
vote of the Board of Trust.
Fifth. The University is to be located in or
near Nashville, Tennessee.
Respectfully submitted
G. VANDERBILT.
ACCEPTANCE OF THE BOARD OF TRUST.
Action of the Board of Trust, taken at a meet
ing in Nashville, Tenn, March &c.
Whereas, MIR. C. Vanderbilt, OF New York,
has offered, through Bishop McTyeire, to the
Central University of the Methodist Episcopal
Church, South, the magnificent sum of five
hundred thousand dollars; and,
Whereas, The Bishop has this day presented to
this Board, duly convened. the offer of Mr.. Van
derbilt, in writing;
Therefore, Resolved
First. That we accept, with profound graft
tudeethe donation, with all the terms and condi-
lions specified in said proposition.
Second That as an appreciation of this liber-
atty, the Hon. Milton Brown, Judge Z. H. East
and Rev. DR.. Kelley, be and they are hereby au-
thorized and requested to ask the Honorable
ChaDcery court 10 CnanEe Ine name and StVle of
our Corporation from the Central TO the Vander-
6in University; and that the institution be hence
forth known and called by this name.
Third That we instruct the above named
committee to obtain such notifications of our
charter as win enable this BOardto conform its
future operations 10 the conditions aforesaid.
Fourth. That the Secretary is requested to
convey to Mr. Vanderbilt the sincere thanks of
this Board, with a copy of these resolutions.
In the afternoon session of the same day, the
Board adopted the following resolutions:
Resolved, That the munifcent contribution Of
MIR. Vanderbilt to the University ought TO stiinu-
late the liberality of our brethren and friends
throughout the Annual Conferences in its behalf
Resolved, Thst as Mr.. Vanderbilt's offer Of
S5OO,O9O accepted by the Board, contempates
the location Of the University in or near Nash
vile, we earnestly hope that the citizens here
will promptly signify their appreciation OF this
fact by giving largely to the University-as
largely as it is reasonable to suppose would be
given by any other city for the location.
Resolved, That our agents now in the field are
hereby urged to renewed diligence in their work,