The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-10-25
ENDOWMENT OF ASBURY.
A Definite Arrangement Made by
Which II Is To Be Consunmated.
The Formal Agreement Between Mr. w. G.
DePauw and the Trustees-Terms and
Conditions of the Proposed Gift.


street M. E. Church, yesterday, relative to the
proposed endowment of the institution, and,
after fully discussing the conditions of the gift,
the matter was referred to a committee to be
put into definite and tangible form. The
original conditions Of Mr.. DePauw's proposed
munificent gift were that II subscriptions to the
amount of $500 for the benefit of
the college should be raised i'll this
State before the 5th day of septem
ber, 1888, and the citizens of Putnam
county should give $50. 900, he would make
beQuest to the university of S35O,000. The re-
CURED $150,000 was not raised within the time
prescribed. The first report showed that the
subscriptions had reached only little more
than $1,000 The time was then extended
until the 4th Of this month, and soliciting COM
mittees were appointed in each conference dis
trict in the State TO make final strenuous eff
fort to raise the amount required. 1t
was found at the end of that
time that the subscriptions from all
sources aggregated $131 900, leaving de-
ficiency of $4,000. Again the time was ex-
tended, but the benevolent resources of the
friends of Asbury seemed to have been well
near exhausted. The hope OF securing the en-
dowment rested with the liberality of Mr.. De-
PAW. New conditions were asked by the
trustees and were granted by Mr.. DePauw. I'm
der these conditions Mr.. DePauw proposes to
make his gift to the institution at the
rate which he first promised upon
The amount of the subscription raised
among the friends of the institution in the
State. 1t was estimated that the subscriptions
which could be made available would aggregate
$12O, 600, and therefore the gift of Mr.. DePauw
would be $24O, 900. The committee to whom
th.,Y ttar of for T. in
last night reported the following agreement be-
tween the trustees of the University and Mr..
DePauw which, in addition to its binding con-
dltIons, gives very full statement of the work
OF raising the required subscriptions:
THE FORMAL AGREEMENT.
"This agreement, between the trustees of the
Indiana Asbury University, body corporate,
party of the first part, and Washington C. De-
PAW, party of the second part, witnesseth that
Whereas, On the Attn day of October. 1888.
the follow ing propositions were made and sub
United by said first party TO the party OF the
second part, to-wit:
"First-That the committee hereinafter
named be authorized ana instructed to take
necessary steps TO obtain a change of n anne from
Indiana Ashury University to DePauw Uni
versty, provided that all the trustees and visit
ors except Mr.. DePauw, sign the application
for such change.
"Second-That Mr.. McKinn he invited to pro-
coed with the erection and equipment of the OBJ
serva1ory proposed by him.
"Third-That the people of Greencastle and
Putnam county shall pay to the University, by
Jan. l. 1885. with per cent. interest from Jan.
l, 1884, $4,000, to be expended by the board
In the purchase of ground and che erection of
buildings for the University at Greencastle.
"Fourth-That Dr. Manners be respectfully re-
quested to reiinquish his annuity of $4OU in his
last gift of Sl5 600 to the University.
"Flfth-PrOvided That W C. DePauw agrees TO
pay So for each 81, principal and interest THAT
may he paid to the treasurer of said university
on the subscription this day reported the
board, aagregating 100000, as per schedule
made out by said treasurer.
t"SiXth-We recommend that q committee CON
sisting of A. c. DOwney. g. c. Binkley, Gran
vile c. Moore, William Newkirk and Glenn
Studebaker, be appointed TO complete and carry
out this programme as soon as the written con-
sent of Mr.. DePauw shall have been obtained d;
and whereas, the said subscriptions reported
TO the SAID board OF trustees by the said treas
urer, are as follows, tO-wit: Cash received by
treasurer to Oct. "a, 1888, $5,224.O6;
conditional notes in treasurer's hands,
$S,271; absolute notes in treasurer's
hands, S19,S07.50; matters embraced in esti-
mates made Oct 4, 1883. viz: John R. Good
wins heirs donation, $4,000; DR.. George Man
nerss donation, $4,000; DR.. George Manners's
donation when the university is released, So,
600 Meridian-street Methodist Episcopal
Church. %3375 Southeast Indiana conference,
$4,000; Northwest Indiana conference, 81 To-
000 Indiana conference, SI5, 900; Northern In
diana conference Sc, 500. 81; cash in hands of
treasurer of North Indiana conference 1928, O5;
notes in hands of same treasurer, $3.50; J. w
Emison, S., 50o Alpheus Smith, 5000; -Governo OF
A W. IOTttIy pow, rev JOuu D. ttlIe, $40;
Rev. R. p. Robinson. $500; John W. Ray 5000;
total, $l20,579 45: less error in report from La
porte district, $500, making the total $780,
I79 As; and,
"Whereas, The chairman of said committee
communicated the propositions of said trustee
and furnished him copy thereof to the party
of The second part; and, whereas, said party of
she second part accepted AMI agreed thereto as
follows:
"FNEw ALBANY, Ind, Oct. Is. 1888.
" Hon. A. g. Downey, LII. D., Chairman of Commit
tee of Trustees Of Indiana Asbury University:
"'Dear Sir-I nave your favor of the 9Th inst
and myself and family have gone the pro-
pOsals of the board of trustees very carefully,
The proposition to change the name now, to my
mind, is OF doubtful propriety. But, inasmuch
the entire board of trustees and visitors
backed by the 500 Methodist ministers of Indi-
ana, well leading laymen, and all the
bishops of the church that have spoken of the
matter are of one mind, and urge that the
change be made, perhaps L ought not to resist.
Therefore, hereby give my written acceptance
of the proposition of tho board of trustees,
formulated Oct. 4, and forwarded by you as i
understand them. Very respectfully yours,
"'W. c. DEPAUw.