42 The Financial History of Connecticut. 



States.^ This condition was complied with and thus is explained 

 the previously mentioned^ transfer of this stock to the state by the 

 president and fellows of Yale College referred to in the discussion 

 of the stock owned by the state. The total amount received from 

 these balances from the passage of the act in 1792 until April 30, 

 1796, was £17,451 15s. 4d.,3 which was equivalent to $58,172.56. 

 Subtracting from this amount the sum of $13,726.39, which the 

 college transferred to the state in United States stock, the net amount 

 realized by the college from these two acts is shown to be $44,446.27. 



The state again aided the college in 1814. In that year the general 

 assembly appointed a committee to provide a building for a medical 

 college and land for a botanical garden, and appropriated for this 

 purpose twenty thousand dollars, to be taken from the fifty thousand 

 dollar bonus paid to the state by the Phoenix Bank.* The committee 

 received from the state treasurer a part of this sum in cash and the 

 remainder in the stock of the Phoenix Bank. The committee made for 

 the college a profit of four hundred sixty-four dollars by selHng part of 

 the bank stock and received in dividends from the stock the sum of 

 $591.60, thus raising the funds forthe institution to $21,055.60. Of this 

 amount $15,249.09 was expended in instituting the medical college, 

 leaving a surplus of $5,806.51 in Phoenix Bank stock. This stock, 

 the medical college, the botanical garden, and all the other property 

 procured for Yale College, was turned over, in 1816, to its president 

 and fellows.'' 



The last grant which the state made during this period to Yale 

 was made at the October session in 1816, when the general assembly 

 appropriated for the use of the college one-seventh of the balance 

 due from the United States in payment for advances made by the 

 state, in the war of 1812, for the public defense. During the fiscal 

 years of 1817 and 1818, the college received $8,785.71 from this 

 source. Thus in this period the college received at the hands of the 

 state over seventy thousand dollars, although in every case the 

 grant was made in such a way as not to directly burden the people nor 

 lessen appropriations for general current expenditures. 



1 Conn. Laws (Revision of 1808), title 178, chap. 2. 



2 Cf. pp. 29, 30. 



3 Compt. Report (Ms.), May 1796. 

 * Cf. p. 29. 



5 Report (Ms.) of Trustees of Medical Institution, Oct. 1816. 



