[23] 



166 



For experiments on building materials, heretofore ordered 



by the board ...... $500 



For part salary of Secretary . . . . 1.500 



For apparatus ..-.-- 1 .000 



For the building fund ..... 17,000 



For contingencies, including expenses of the board and of 



its committees ....-- 1,646 



Total - . . . 125,646 



Receipts from interest, up to the 19th March, 1S4S, viz: 

 On the 1st of January .... $15,455 

 Onthe 17 th of February - - _ - - 7,200 



Total from interest - - ... 22,655 



On hand 1st December, 1S47 - - - 2,991 



Total available funds to 19th March, 1S47 - $25,646 



By the report of the building committee, dated the 1st instant, it will be 

 seen that the expenditure for the building and grounds, including super- 

 intendence and other contingencies, was i^25,002 67; say twenty-five thou- 

 sand dollars. Add to this amount the above proposed appropriation of 

 $17,000, and it will appear, that up to the 19th of Marcli next there is 

 provided towards the building fund the amount of $42,000, being some 

 six thousand dollars more tlian the probable expenditure to that date, as 

 estimated by the building committee. 



If the above amount of ^42,000 be deducted from the entire amount of 

 building fund, as now proposed to be fixed at $250,000, it will leave to be 

 provided towards that fund in the four years next following the 19th of 

 March next, the sum of $208,000. If, asprojwsed, this amount be spread 

 equally over the said four years, it will give an expenditure each year for 

 these objects of $52,000. 



If, now, we deduct from the annual income of the institution as it will 

 stand on the 19th of March next, the sum of $15,000, hereinbefore pro- 

 posed to be annually appropriated for objects not connected with the build- 

 ing and grounds, it will leave an annual amount from accruing interest of 

 S30,310, which may go to the building fund, so long as the present in- 

 vestment remains undiminished. 



But if we deduct this sum of $30,310 from the annual amount still to 

 be provided for building purposes in each of the four last years of the 

 building contract, as shown above, to wit: from the sum of $52,000, we 

 shall have an annual excess of expenditure over available interest of 

 $21,690, which annual excess must be provided for by sale of treasury 

 notes; and as, in proportion as these are sold, the interest on them until the 

 end of the term of the building contract will be lost to the building fund, 

 the annual excess thus to be provided for by sale bf treasury notes will, if 

 we suppose it to be drawn at the commencement of each year, (which is 

 the most unfavorable supposition,) reduce the invested fund in the course 

 of the four years ending 19th March, 1852, nearly $100,000, thus: 



