167 [ 23 ] 



I 



Excess during the first year - 

 Four years interest on ditto - 

 Excess during the second year 

 Three years interest on ditto 

 Excess during the third year 

 Two years interest on ditto - 

 Excess during the fourth year 

 One year's interest on ditto - 



It appears, therefore, that, after setting aside sufficient appropriations for 

 all objects now in progress, together with an adequate allowance for con- 

 tingencies up to the 19th March, 1848, we may, commencing from that 

 date, authorize the annual expenditure until the completion of the build- 

 ing of fifteen thousand dollars for objects unconnected with the building 

 fund; and then if we restrict the building fund to .$250,000, and provide 

 that of the last $208,000 of that fund not more than one-fourth of the 

 same — that is to say, $52,000 — shall be spent in each of the last four years 

 of the contract, we shall be able to complete the building and grounds, in- 

 cluding all expenses thereon, without withdrawing more than one hun- 

 dred thousand dollars from the present invested funds of the institution. 



And as these invested funds, to wit: the sum of $755,169, amount to 

 within $2,229! as much as the total amount of principal and interest by 

 the charter conveyed to the institution, it follows, that by the proposed 

 plan the building may be completed without withdrawing from the origi- 

 nal funds of the institution, as they stood on the day it was chartered, more 

 than about $102,000. 



To the conditions necessary to bring about a result which will be con- 

 fessed to be desirable, there is not, the committee think, any just objec- 

 tion . 



The building committee, after some experience, and a careful examina- 

 tion of the subject, express in their report the opinion that a building fund 

 of $250,000 will probably be sufficient. 



The expediency of applying to the building fund, for four years to come; 

 the interest accruing over and above an annual sum of fifteen thousand 

 dollars, alone remains to be considered. 



It is evident that the act organizing the institution contemplated the ap- 

 plication of a portion of the current interest, while the building was m pro- 

 gress, to its erection; for, after appropriating the accumulated interest for the 

 erection of a building, it adds, in the fifth section, ''together with such sum 

 or sums out of the annual interest accruing to the institution as may m any 

 year remain unexpended, after paying the current expenses of the mstitu- 

 tion." The solequestion, then, is, what amount of that interest may judi- 

 ciously be thus applied? 



It will be admitted that the amount suggested for the current expenses 

 of the institution until the building shall be completed, to wit: the annual 

 sum of fifteen thousand dollars, is a sufficient one gradually to bring its 

 plans into execution, provided a considerable portion of the same be not 

 annually expended in the purchase of books and collections. 1 ^^e com- 

 iTiittee think this cannot wisely or advantageously be now done; and that 

 for the present, the only purchase made of books for the institution should 



