450 JOURNAL OF EXECUTIVE COMMITTEE. 



Receipts from interest, up to the l§th March, 1848, viz: 



On the 1st of January $15,455 



On the 17th of February 7,200 



Total from interest $22,655 



On hand, 1st December, 1847 2,991 



Total available fund to 19th March, 1847 $25,G46 



By the report of the Building Committee, dated the 1st instant, it will be seen, 

 that' the expenditure for the building and grounds, including superintendence and 

 other contingencies, was $25,002.07 ; say twenty-live thousand dollars. Add to this 

 amount the above proposed appropriation of $17,000; and it will appear that, up to 

 the 19th of March next, there is provided, towards the building fund, the amount of 

 $42,000; being some six thousand dollars more than 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, as proposed, 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 proposed to be annually 

 appropriated for objects not connected with the building and grounds, it will leave an 

 annual amount, from accruing interest, of $30,810; which may go to the building 

 fund, so long as the present investment 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, 090; which annual excess must be pro- 

 vided for by sale of Treasury notes. And, as in proportion as these are sold, the in- 

 terest on them, until the end of the term of the building contract, will be lost to the 

 building fund ; this annual excess, thus to be provided for by sale of 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: 



Excess during the first year $21,690 00 



Pour years interest on ditto 5,205 60 



Excess during the second year 21,690 00 



Three years interest on ditto 3,904 20 



Excess during the third year 21,690 00 



Two years interest on ditto 2,602 80 



Excess during the fourth year 21,690 00 



One years interest on ditto 1,301 40 



Total $99,774 00 



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

 now in progress, together with an adequate allowance for contingencies up to the 

 19th of March, 1848, we may, commencing from that date, authorize the annual ex- 

 penditure until the completion of the building, 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, shall be able to complete the building and grounds, including all 

 expenses thereon, without withdrawing more than one "hundred thousand from the 

 present invested funds of the Institution. 



And as these invested funds, to wit : the sura 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 original funds of the Institution, as they stood on the 

 day it was chartered, more than $102,000. 



To the conditions necessary to bring about a result, which will be confessed to be 

 desirable, there is not, the committeelhink, any just objection. 



