(175) 1858-1859 9 Report of the President of the Wesleyan University to the Joint Board for this year ending June 22, 1859 to the . .mm. In presenting Show more(175) 1858-1859 9 Report of the President of the Wesleyan University to the Joint Board for this year ending June 22, 1859 to the . .mm. In presenting this Annual Report it is proper that grateful acknowledgement should be made to God for the tokens of his favor and the many blessings received. The past year has been one of prosperity. There has been harmony among the officers and good order and diligence manifested by the students. The general health of the members of the University has been good. One young man Mr. Powell died soon after entering the Freshman class. The changes authorized by the Joint Board have been adopted and much good has resulted from them. A greater degree of system and thoroughness in study have been secured and the interests of the Institution generally promoted. Show less
(184) for a (sic) college but there is a demand for a more extended course of study in various departments and an increase in the number of the Show more(184) for a (sic) college but there is a demand for a more extended course of study in various departments and an increase in the number of the departments of instruction. In this respect the Wesleyan University does not compare favorably with other colleges in N.E. Its friends and patrons demand that in no means so far as the facilities for an extended course of instruction shall it [\page] 1858-1859 12 be inferior to other Institutions. Other Institutions are now promising to furnish to the Church what the means of this our oldest Institution will not permit. Much sympathy is secured for them by this means. It is evident that the same amount of funds will accomplish more if given to this Institution than can be secured by founding a new one. Its Alumni have a powerful influence in the church and in the land. They will generally give their Alma Mater their influence and Show less
(185) that it should hold a high rank and not be inferior to others in its endowment and its facilities for instruction. The North East and the N.Y. Show more(185) that it should hold a high rank and not be inferior to others in its endowment and its facilities for instruction. The North East and the N.Y. Conferences at their last sessions appointed committees to devise the means for increasing its endowment it (sic) is believed that other conferences will respond cordially to any effort they may make and engage in their plans so far as they mmY require cooperation. It is evident that an endowment that would once have well sustained a college is now insufficient. Salaries and other expenses are nearly double what they were years ago. This increased expense has resulted from changes that have been going on in the commercial world chiefly from the marked decline in the relative value of money. Political economists assure us that this decline may be expected to continue for several years to come. Show less
(186) It is evident that it will seriously affect all Institutions sustained by invested funds drawing simple interest and to give them the required Show more(186) It is evident that it will seriously affect all Institutions sustained by invested funds drawing simple interest and to give them the required efficiency their funds must be largely increased. In 1834 the supply of gold from all parts of the world was estimated at $30,000,000 and in 1852 at $119,596,000. Since 1858 gold has declined in value from 15 to 21 per cent and it is estimated that within a quarter of century money will be depreciated to one half of what was its value before 1858. Allusion is made to this subject the full discussion of which in this connection would be inappropriate as one reason and a most important one why measures should be adopted to secure a larger endowment than we have secured. It has been the misfortune of the University that it has been compelled to use the gifts of its friends to meet its current expenses. Show less
(187) Had the whole amount bestowed been given at one time and funded it would now have a large endowment. Not till the $100,000 fund was secured did Show more(187) Had the whole amount bestowed been given at one time and funded it would now have a large endowment. Not till the $100,000 fund was secured did the income meet current expense. At least $100,000 are needed now for the erection of new buildings the endowment of new professorships the increase of the Library and the increase in various other ways of the facilities of instruction. It may be questioned whether $100,000 devoted to any other object can secure so ample a return to the church or community at large. It is greatly to be desired that those brethren who with a noble generosity have hitherto aided the Church in sustaining the Institution with large donations might be induced to confer with each other and devise means whereby the demands of the church and the wants of our young men might be met. Show less
(188) Funds - Endowment [\page] 1858-1859 13 Nearly all the funds of the University under the control of the Corporation had been expended before the Show more(188) Funds - Endowment [\page] 1858-1859 13 Nearly all the funds of the University under the control of the Corporation had been expended before the last increase of $100,000 was secured. Debts still remain as a serious embarrassment which were previously incurred. Two notes of $1500 each due the Missionary Society still remain. There is also a large debt due the endowment funds. A large part of the $100,000 fund is still in an unsettled condition. A part is in the form of notes payable after a notice of 60 days. I would recommend that the required notice should be given and that collection should be made so far as practicable. A part of the funds is in the form of subscriptions and the evidences of this property have not been formally transferred to the present Trustees of the fund. Show less
(189) There is reason to believe that no legal title exists to a portion of the property and that a portion is worthless. I would advise that a Show more(189) There is reason to believe that no legal title exists to a portion of the property and that a portion is worthless. I would advise that a committee should be appointed to be composed of gentlemen residing in different sections of the territory who may devise a plan for the increase of the endowment. It is important that early and promt action should be secured. Show less
(190) It may not be improper to allude to some of the embarrassments of the Institution. Difficulties that have existed have alienated some friends Show more(190) It may not be improper to allude to some of the embarrassments of the Institution. Difficulties that have existed have alienated some friends and dimmed the ardor of others. It is hoped that kindness and conciliation manifested towards them and prudence and faithfulness in the management of affairs may win back their favor. The course indicated has produced some degree of local enmity which is believed to be chiefly owing to the course of some who might have been expected from their relation to the University to sustain its influence instead of using their power to destroy it. Their adverse influences we are confident are diminishing and will soon cease. The want of a very strong local influence has always been an embarrassment. The strongest friends of the Institution have resided at a distance from it and it may not be improper to state Show less
(191) that being in opposite directions in rival cities they have been somewhat jealous and distrustful of each other. From a natural law men will Show more(191) that being in opposite directions in rival cities they have been somewhat jealous and distrustful of each other. From a natural law men will more readily aid enterprises near them for the success of which they ( ) will be held responsible. The reasons that originally led to the selection of this location peculiarly fitted for the establishment and success of a first class literary Institution still have force. The facilities for travelling now render distances that once would have been objectionable a matter of little importance. All that is now needed to realize the hopes and secure the object of this University is an increase of the endowment. No new institution even with a larger endowment can gain an influence equal to that here gained in less than a quarter of a century. The great error of the church as almost universally confessed Show less
