The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-19

The above does not include n single
itcu OF operating expenses, but includes
fixed charges only. Nor Is there mere
charged anything for free tuition 20 Nir-
ginia students.
In addition Colonel Carter said: In
1876 the state raised the annual appro-
priation from $1,000 10 10000 80 that
Gree tuition in the academic course might
he given 10 students of eighteen years
and over and I'm 1854 the amount was
raised TO $4,000 10 extend the free tuition
10 students of sixteen years and over.
The old debt of the University amounts
10 $50 800 or really 10 SO 800 but on $1,000
no interest mas To- be paid. This debt Is
secured by first mortgage on the prop
erty. Besides there Is the new debt
consisting ~ the $4,000 bond ISSUE
which is secured by a second mortgage.
TO PAY THE INTEREST.
"The $4,000 appropriated by the state
two years ago in addition 10 the sw'"O
are To- he used for tha payment or the
interest on the bonds and 10 make pro-
vision for a sinking fund for the hnai
pavrnont Of the bonds. Under tho APP
propriation Of $1,000. according To Sec
ton 1854 Of the Code. students from Nir-
pinla can obtain tuition without the cost
OF one dollar: they can take the degree
Of bachelor OF arts. master OF arts or
can even take the post graduate course
There have been students AT the Lni-
versity whose annual expenses are SD
and sos respectively and II Is a fair esti-
mate that "a student can live there well
for $3.50 year
Mr. Whhrow then asked Or. Barring
er whether h. did not think that mas
fts.r b. n
so orompfly at the time OF the fire, the
University should not now. in view Of
The straightenad financial circumstances
Of the state. come 10 the rescue Of the
latter
Dr. Barrineer IN turn asked Mr.. With
row whether the latter would begin re-
trenchment In the maintenance Of the
propertv which had given the State the
b,sl returns or OF the property that had
brought in tho least.
Mr.. Sithrow replied that n his credit
w.s p- stake he would lay down t'e last
dollar he had 10 maintain the obligations
made six years ago rather than forfeit
the same.
Mr.. Mann S. Quarlos OF this city thf
vice-prcsident o. the Virginia Trust com
panv who IS the trustee ~ the honas
issued bv the University undcr the mort
gage stated that his people hac acted
I'm the interest OF the Univers -y Withou.
special compensation. They had raiseo
that large amount OF money. but "liA)u'
any guarantee given on the part oi tu,
state to the b0ndholders the bonds coulo
not De- placed These bonds were Tree
from an taxation. brought per cent. III
tcres, aud had been sold above par.
QUASI CONTRACT.
Mr. ID Harmon. the chairman Of the
rveetiiive COMMITTEES OF the University
said that when the sale OF the bonds be
gan they went at l05 but when the panic
occurred thew fcll some. but the balance
hal been sold at par and a fraction over
Of recognize the financial embarrass'
tnent Of the state" continued Mr. Har
mon. but 1 think the State is under ooi'
gntlon 20 maintain the institution. Attei
tho fire we undertook % restore the Uni'
yersitv upon a broader foundation anc
ppon the estimate Of the appropriation
of the $4,000 made by the State "a
Quasi contract When the State gave rs
! permission % borrow 10000 we naturally
thought that the State would coriinu'
the additional Appropriation OF $40 Coz IOl
the rayrnent OF the interest on the bonds
1--WE have. however introduced cOnsid
.. erable economy during the past two year.
and have saved the sum OF 500 In saia
ries. etc. OF which amount S2.ooo annually
has been turned into the sinking fund
OF late. we have introduced number o
important improvements. We have cs
tablished a hospital at an annual eX
penss. OF $500 v here medical students ma'
Obtain practical knowledge besides theii
theoretical education. We have als'
opened a dispensary at an annual ex
pense Of $500, where 5000 cases are treat
ed annually. II the appropriation IRON
the State n 20 be cut down We VIII, q