Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1893-07-22

exempt. hut in 1890 one more EFFORT
was made to assess this property, and
an assessment of $50, 800 was placed
upon it, producing tax OF %, 2ib.oe'
when on July 10, 1891, the following
objection was filed in the County
Court:
STATE OF ILLINOIS. -
County of Cook
William c. Goudy being sworn, says
that he is one of the trustees of the
Mccormick Theological Seminary OF
the Presbyterian Church, and has
- for several years last past; that
mex acquainted with the manner in
which the institution is conducted,
the objects for which it was estab-
lished, the property and financial af-
fairs. The dcponent further says that
in the year 1863 the north half Of
Block 3 in Sheffield's addition to
Chicago was donated and conveyed
to the Presbyterian Theological Semi
nary of the Northwest, corporation
created by special act of the Legis-
lature of the State, approved Feb
rusry Is, 1857, by Joseph E. Sheffield,
William b. Ogden, and others, to be
used by said corporation for the pur-
pose Of erecting buildings thereon
NECESSARY for the use of the said
institution and for the support there
of; that the name of said corporation
has been cha nged, in pursuance of the
statute of Illinois, 10 that of the
Mccormick Theological Seminary OF
the Presbyterian Church, and that
said real estate is still held by said
corporation under its present name.
The deponent further says that said
institution was established to educate
Young men for the Christian minis
,try, and has been and is under the
As4ntrol of the General Assembly of
the Presbyterian Church of the
United States; that no charges what
ever are made to students. but the
tuition and instruction therein are
free, and in addition thereto from
funds raised for scholarships certain
amount is paid to each student who
is in need of the same for his support.
The institution is not organized or
paintained for the purpose of pecun-
Nary gain or benefit to any, person
whatever.
The students upon graduation
mostly occupy places as foreign and
home missionaries, and in poor and
destitute churches, the object being
to promote and disseminate the doc
tries Of the Christian religion.
The deponent further says that
said corporation is authorized by the
charter to receive and hold lands,
moneys, stocks, rents, legacies, and
tQther real and personal property in
ftrust for the use and support of the
seminary, and In pursuance of such
power the said lands hereinbe-
fore described were donated and
conveyed TO said corporation,
and in addition thereto large
sums of money have been donated by
other persons, which have been used
for the erection Of the necessary
buildings for lecture room for
students, houses for the instructors,
etc, and in addition thereto large
sums Of money have been given to
said institute to create fund by
way of endowment, the interest OF
which is said to be used for the pay
ment of the expenses of the institu-
ton.
The dep0nent further says that
the said endowment funds were for a
considerable period of time loaned,
and invested for the purpose of OBJ
tanning interest, all Of such interest
be used for the support and main
tenancc Of the Seminary but for the
last few years the said endowment
funds have been used for the cree
tion of dwelling houses upon said
tract of land, and such houses have
been rented to tenants, and the rents
used. exclusively the same as interest
upon the endowment funds for the
payment OF the necessary expenses of
the Seminary and furnishing the in.
struction to its students free OF costs
and for no other purpose whatever.
The deponent further says that the
said Mccormick Theological Seminary
Of the Presbyterian Church is an in
stltution Of learning, and that no
part Of the said real estate hercinbe-