Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-03-11
A Correction or Explanation.
LEXINGTON. VA, March 9, 1888.


yoDe EHiior of the Dispatch:
Iask a short space in your columns to
correct Nm unaccountable II not mex
cnsable error in the report OF the
Joint committee of the General AS
semhly appointed to investigate the
condition of til Virginia Military In
stitute. which was published IN yonr
issue of the 9th OF March. The error is
contained in the following extract from
the renort. in which the committee are
speakinr Of the endOwments made to
the Virginia Military Institute IN past
wears by philantbropic friends Inc
manner IN which the trust funds OF tho
institution. amounting in the aggregate
TO s39. zoo. have been recklessly absorbed
in the general expense fund Of the in
stitute have been dissipated and their
very existence compromised, cannot De
too severely censured."
The natural and indeed only Inference
TO be drawn from this statement IS that
the whole amount Of SO, zoo composing
these "trust funds has been disslpated
by being absorbed into the general eX-
penses OF the institute.
The following are the facts lnduolta-
blv establishod before the committee and
not even controycrted by anybody. Inc
.'trust funds consisted OF
az ?. 81. George Cocso donation n eadov
n chair OF agriculture aud support t"o
cadets in bonds o. the University Of Nir-
giuia, me'ling ia lsif............s.'.'''f-l W.
% Dr. Me-cers donation. ...... ...... 1919 io'
an Donation O. Mrs. Clayton, ofLynchOurs. 3UJ
"a T~rI D1-ll
Total .fi97OO
II WAS established before the commit
tee and controycrted 10y nobody that OF
these "trust funds there remain intact
to-day in the hands of the treasurer OF
the Virsinia Military Institute in tho
shape OF Virginia registered 6 per cent
bonds, on which interest Is regularly
paid-the Mercer fund SO, goo, the Jack
SON HOPE Medal fund $500, and OF tue
Cooke fund 5,3)0-in all $50, 600. The
Clavtor donation OF s 900 was shown 10
hive been Invested by order of the Board
of Visitors in q bond Of the James River
and Kanawha Company, guaranteed by
the State, now in tho hands Of the tree
surer. on which interest was regularly
paid until January !, 1868, but which
was regulated under the decision OF the
Court OF Appeals N Meredith and al. rs.
Rogers. Second Auditor, y Graf, l72
This fairly account, COR $4,000 Of the
$50. 700. and demonstrates that at least
this large amount was neither creek
lessly absorbed nor dissipated, "
but has been carefully preserved
through al the disasters OF war, floods,
and financial panics "a to the remain
ing l4,790-part OF the Cooke fund
whilst there was q question rused as 70
whether il bad not been appropriated to
uses not contemplated by the donor, 1t
was shown that much more than the
whole donation had been expended IN
endowine the Chair Of Agriculture, and
in the board and tuition of two cadets
from the date Of General Cookies dona-
ton to the present time, who have been
appointed on the nomination OF the
donor and his executors, and Will con-
tinue to be so appointed
might Justly make ether comments
on this somewhat remarkable report, but
as both houses of the General assembly
declined to PRINT or even toconsiderltand
it has taken It's place in tho "waste bas-
ket" Of the lste session DO not desire
20 revive the controversy
lDuC1D PESDLEToN.