The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-07-05
WASHINGTON.
WASHINGTON, July 4, 1879.
The Howard University.

The Committee of the Board OF Trustees OF the
Howard University appointed last week TO prepare
reply to the statements lately published regard
ing its financial condition and the voting OF $1,000
to General Howard as back pay for services az
President, met to-day with the Board to submit
draft OF report ana it is understood that this will
be given to the public on Sunday by Hon. +. p.
Smith, Commissioner OF Indian Affairs, who is one OF
the most active members OF the Board. This is tho
third meeting for the consideration OF the finances
OF this institution. meeting was held lew weeks
since to arrange plan for obtaining money to
endow the University. The resolution calling ON
the trustees Tor q full financial statement was
voted down. One member Of the Board said that
II the resolution was passed it would simply serve
to attract attention to things not best to scru-
tlnize Appointment professor said that after care
full inspection Of the treasurers books he could say
that there were transactions recorded which, il
published would forever prevent the Howard Uni.
versity from obtaining dollar OF endowment.
These statements were followed by a discussion
which brought to light the main features OF great
real estate speculation, of which the Secretary OF
the Board of Trustees and also late professor Of
the University, are chief managers The operation
was denounced as one Of those by which
the present financial troubles had been brough,
about. 1t seems that early in the present
year fTOleSsOT bdrDeT, WHO was dCJlng PreSl0cne
during General Towards absence in Arizona, pre-
vailed upon the Committee OF Trustees one being
Commissioner of Indian Affairs, to recommend the
sale to him OF twenty acres OF University grounds
nearest the city for purposes OF speculation. The
statement was made in this meeting that the trus-
tees had SOLD Barber this property Tor 1885,, 900,
four small houses to be taken by the University in
part payment at $40 O0O and for the note for
sll5,0oO, bearing seven per cent, and running
ten years without the payment of any por-
ton Of it till the end of that time. The
sale was made ostensibly for the purpose OF
taking up a debt of $4,000 at the Freedmenss
Bank, bearing ten per cent and for which about
thirty-two acres Of the University property ia
mortgaged. No clear explanation OF this transac-
ton was made and the subject was passed over.
The speculation thus partially exposed has been
largely advertised in the city papers under the
name of "Le Droit Park" in which lots have been
selling since Spring. 1t has not heretofore been
known, however, as q Howard University opera
ton. At the second meeting held to consider tho
late publications regarding finances and back payia
resolution was offered and carried at the opening
or the meeting that the President should proceed
to ask each member Of the Board whether he was
in any manner responsible Tor the publicity gwen
to transactions Of the Board After the Board had
satisfied itself who had furnished transcripts from
the records and Commissioner Smith had in
formed them that he was ashamed to be q member
OF the same Board with man who could give Gus
such Information, the Board proceeded TO appoint
a committee to prepare such defence as circnm-
stances seem to require. 1t IL not believed that
any defence will be attempted OF the LIE Drois
Park speculation or OF several sales to officers and
professors of the University.