Appendix H
Selected Loan Documents

Dear Sir, Senate Chamber 24th. Feb: 1820

The enclosed bill has this moment passed into a law.⁽⁸⁴⁵⁾ The House of Delegates having first rejected the amendment of the Senate for $80,000; and then that for $40,000--and having postponed the whole bill on 22d.; Genl. Breckenridge, Mr. Johnson & myself, had a consultation and agreed that the interests of the Institution would be promoted by the Bill now enclosed. Our friend Mr. Gordon had already moved for leave to bring in a bill, and was in the midst of an animated discussion, when Mr. Johnson & myself got to the House. We prevailed on him to withdraw his motion, to make way for the introduction of the subject by Genl. Breckenridge, who we supposed, not being from the local district, would have more influence with the House. The bill went thro' this morning with but little opposition. We hope we have taken the course which yourself & the other Visitors will approve, considering the circumstances in which we were placed. The University is popular in the Senate, and unpopular in the House of Delegates. I hope the President & Directors of the Lit: Fund, or the Board of public Works will be able to lend us the money, but upon this point I cannot speak positively.⁽⁸⁴⁶⁾ An immediate meeting of the Visitors is necessary. On 29th. new Visitors are to be appointed. I shall ask the Governor to bring on the appointments speedily, and if the old Visitors should be reappointed, I shall propose to Genl. B. & Mr. Johnson to proceed directly to Monticello; & I would take Genl. Cocke along with me from Bremo.⁽⁸⁴⁷⁾ I am Dr. Sir, faithfully yours,

Joseph C. Cabell.

ALS, ViU:TJ, 1p [1774] with TJ docket "Cabell Joseph C. Richmd. Feb. 24. 20 recd Feb. 27."; printed, Cabell, Early History of the University of Virginia, 182-83.

[24 February 1820]

An Act authorizing the Visitors of the University of Virginia to borrow money for finishing the buildings thereof.

Be it enacted by the General Assembly, that the Visitors of the University of Virginia shall be and they are hereby authorized, for the purpose of finishing the buildings thereof, to borrow from any of the Banks of this Commonwealth, or from any other person, body politic or corporate any sum of money not exceeding sixty thousand dollars, at a rate of interest not exceeding six per centum per annum, and to pledge for the payment of the interest, and redemption of the principal, of the money so borrowed, any part of the annual appropriation of fifteen thousand dollars heretofore made by law to the said University. Provided that the aforesaid pledge shall not extend to the Commonwealth or beyond the aforesaid annual appropriation of fifteen thousand dollars.

This act shall commence and be in force from and after the passing thereof.

Passed the House of Delegates & the Senate Feb: 24. 1820.

AD, in JCC's writing, ViU:TJ, 1p [1775] with TJ docket "Act for loan of 60,000. D." Joseph Carrington Cabell enclosed this document in his letter to Jefferson of this date.

[28 February 1820]

At a Meeting of the President & Directors of the Literary Fund, on Monday the 28th. of Feby. 1820.

A Letter having been laid before the Board from James Breckenridge, Joseph C. Cabell and Chapman Johnson, requesting a loan of sixty thousand dollars, on behalf of the Visitors of the University of Virginia, for the purpose of finishing the buildings;--⁽⁸⁴⁸⁾

Resolved, that the President be authorized to state, on behalf of this Board, their willingness to make the loan required, should their funds enable them so to do;--upon condition that the Visitors of the University shall repay the principal sum lent, in five years, in equal annual instalments, the interest to be also annually paid, and shall pledge in legal and proper form the annual appropriation made by law to the said University, for the payment of the Interest and the redemption of the principal so lent.--The Board will engage positively to advance the sum of ten thousand dollars on the first day of April next; and such farther sum on that day, not exceeding in the whole twenty thousand dollars, as the state of their funds will admit:--the residue to be advanced during the year in convenient instalments, provided their resources to be derived from claims on the General Government, or from other sources, be adequate.

(A true extract from the proceedings of the Board--)

Wm: Munford, Clerk of the Literary Fund.

ADS (extract), ViU:TJ, 2p [1775] with address "Thomas Jefferson" and TJ docket "Literary board. Feb. 28. 20. Loan."

Richmond--March 24th. 1820--

At a Meeting of the President & Directors of the Literary Fund, on Thursday, March 23d. 1820.

A Letter was laid before the Board, from Thomas Jefferson Rector of the University of Virginia, dated March 10th. 1820, which was ordered to be filed: and the Board being informed that the whole sum of sixty thousand dollars, for the loan whereof application has been made to this Board by James Breckenridge, Joseph C. Cabell and Chapman Johnson, on behalf of the Visitors of the University of Virginia, will not be wanting during the present year;--⁽⁸⁴⁹⁾

Resolved, That the sum of forty thousand dollars be lent to the Visitors of the University of Virginia, for the purpose of completing the buildings, to be drawn for between the 1st. and 20th. days of next month (April); the interest to be annually paid, and the principal to be redeemed in five equal annual payments; the first instalment of said principal to be paid at the expiration of three years from the date of the loan: Provided, that the annual appropriation, made by law to the said University, be legally pledged to this Board for the punctual payment of the annual interest, and the redemption of the principal in the manner above stated.

The foregoing is a true extract from the proceedings of the Board--

Wm: Munford, Clerk of the Literary Fund--

ADS (extract), ViU:TJ, 2p [1775] with TJ docket "Loan. Literary board."

[25 March 1820]

At a Meeting of the President & Directors of the Literary fund, on Saturday, the 25th. March 1820--

Resolved, that the following be adopted, as the form of the security to be given by the Rector and Visitors of the University of Virginia, for payment of the interest and principal of the loan directed to be made to the said Rector and Visitors, by the Resolution of this Board, bearing date the 23d. instant; viz,

Know all men by these presents, that we Thomas Jefferson, Rector, and James Breckenridge, James Madison, Joseph C. Cabell, John H. Cocke, Chapman Johnson, and Robert B. Taylor, Visitors, of the University of Virginia, are held and firmly bound to the President and Directors of the Literary fund, in the sum of eighty thousand dollars, to the payment whereof, well and truly to be made, we bind ourselves and our successors, to the said President and Directors and their successors, firmly by these presents, sealed with the common Seal of the said Rector and Visitors, & dated this          day of April, in the year one thousand eight hundred and twenty.--

The Condition of the above Obligation is such, that, whereas the President & Directors of the Literary fund have this day loaned to the Rector and Visitors of the University of Virginia, the sum of forty thousand dollars, for the purpose of completing the buildings thereof; upon the following terms, covenants and agreements;--viz, that the lawful interest on the said sum shall be annually paid, and the principal be redeemed in five equal annual payments;--that the first instalment of said principal shall be paid at the expiration of three years from the date of the loan; and that the annual appropriation, made by law to the said University, be legally pledged to the said President & Directors, for the punctual payment of the annual interest, and redemption of the principal in manner aforesaid;--now, therefore, if the said Rector and Visitors of the University of Virginia, and their successors, shall faithfully pay to the President and Directors of the Literary fund, and their Successors, annually on the         day of April, the lawful interest on the said sum of forty thousand dollars, for three years from this date, and, annually thereafter, the lawful interest on so much of the said sum as shall then be bearing interest, until the whole of the principal shall have been paid; and also shall faithfully pay the said principal sum of forty thousand dollars, in five equal annual payments commencing as aforesaid;--applying, to the purpose of making the said payments of interest and principal, in manner aforesaid, the sums of money appropriated annually by law to the use, or for the benefit, of the University of Virginia, or so much thereof as may be requisite; which sums of money, so appropriated in each year, so far as requisite for the purpose, are hereby pledged and set apart by the said Rector and Visitors, to be applied, by the President & Directors of the Literary fund, to the payments of the said interest, and principal sum of forty thousand dollars, borrowed as aforesaid, and to no other uses, or objects, until the said payments shall have been made;--then the above Obligation shall be void, otherwise shall remain in full force and virtue.

(seal)

D, in William Munford's writing, ViU:TJ, 3p [1783] with TJ docket "Literary board Mar. 25. 20." and TJ note "University to Literary fund bond for 40,000. D 1820 Oct. 17. signed a similar bond for 20,000. D. instalments to begin 4 years from Oct. 1. and interest from same date."

Dear Sir Monticello May 16. 20.

We regretted much your absence at the late meeting of the board of Visitors, but did not doubt it was occasioned by uncontroulable circumstances. as the matters which came before us were of great importance to the institution, I think it a duty to inform you of them.

You know the sanction of the legislature to our borrowing 60,000. D on the pledge of our annuity of 15,000. D. the Literary board offered us 40,000. D on that pledge, to be repaid at five instalments, commencing at the end of the 3d. year from the date of the loan, and interest to be regularly paid in the mean time. we endeavored to obtain permission to draw for only 15,000. D. at first, and for 2,000. D. monthly afterwards, to avoid the payment of dead interest. this they declined, as bound themselves to keep the whole of their capital always in a course of fructification. we then requested a postponement of instalments to the 4th. instead of the 3d. year, with an additional loan of the further sum of 20,000. D authorised by the law. to the postponement they acceded and we are assured they will to the further loan. to explain to them the urgency of this additional year's postponement, a paper was laid before them of which I inclose you a copy, and on which we are now acting. should the legislature not help us to the 93,600 D therenoted, the result will be that at the end of the next year all the buildings will be compleated (the Library excepted) and will then remain unoccupied 5. years longer,⁽⁸⁵⁰⁾ until our funds shall be free for the engagement of Professors. should they, on the other hand, give this aid, our funds will be free, at the beginning of the next year and will enable us to take measures for procuring professors in the course of that summer; and to open the University. we were all of oppinion that we ought to compleat the buildings for the 10. Professors contemplated, as well as accomodations for the students, before opening the institution. for were we to stop at any point short of the full establishment, and open partially, as our funds would thenceforward be absorbed by the Professors' salaries, we should never be able to advance a step further, nor to cover the whole field of science contemplated by the law and made the object of our care and duty. we thought it better therefore to risk a delay of 8. years for a perfect establishment, than to begin earlier and go on forever with a defective one: and we suppose it impossible that either the legislature, or their constituents, should not consider an immediate commencement as worth the sum necessary to procure it. you will observe that in the estimate inclosed, no account is taken of our subscription monies. they are in fact too uncertain in their collection to found any necessary contracts; and we thought it better therefore to reserve them as a contingent fund, and a resource to cover miscalculations and accidents.

Another subject on this, as on former occasions, gave us embarrasment. you may have heard of the hue and cry raised from the different pulpits on our appointment of Dr. Cooper, whom they charge with unitarianism as boldly as if they knew the fact, and as presumptuously as if it were a crime and one for which, like Servetus, he should be burned: and perhaps you may have seen the particular attack made on him in the Evangelical magazine. for myself I was not disposed to regard the denunciations of these satellites of religious inquisition; but our colleagues, better judges of popular feeling thought that they were not to be altogether neglected; and that it might be better to relieve Dr. Cooper, ourselves and the institution from this crusade. I had recieved a letter from him expressing his uneasiness, not only for himself, but lest this persecution should become embarrassing to the visitors, and injurious to the institution; with an offer to resign, if we had the same apprehensions. the Visitors therefore desired the Commee of Superintendance to place him at freedom on this subject, and to arrange with him a suitable indemnification. I wrote accordingly in answer to his letter, and a meeting of trustees of the College at Columbia happening to take place soon after his reciept of my letter, they resolved unanimously that it should be proposed to, and urged on their legislature to establish a professorship of geology and mineralogy, or a professorship of law, with a salary of 1,000. D. a year to be given him, in addition to that of chemistry, which is 2,000. D. a year, and to purchase his collection of minerals; & they have no doubt of the legislature's compliance. on the subject of indemnification, he is contented with the balance of the 1,500. D. we had before agreed to give him, and which he says will not more than cover his actual losses of time and expences. he adds `it is right I should acknolege the liberality of your board with thanks. I regret the storm that has been raised on my account; for it has separated me from many fond hopes and wishes. whatever my religious creed may be, and perhaps I do not exactly know it myself, it is pleasure to reflect that my conduct has not brought, and is not likely to bring, discredit to my friends. wherever I have been, it has been my good fortune to meet with or to make ardent and affectionate friends. I feel persuaded I should have met with the same lot in Virginia had it been my chance to have settled there, as I had hoped and expected. for I think my course of conduct is sufficiently habitual to count on it's effects.' I do sincerely lament that untoward circumstances have brought on the inseparable loss of this professor, whom I have looked to as the corner stone of our edifice. I know no one who could have aided us so much in forming the future regulations for our infant institutions: and altho we may perhaps obtain from Europe equivalent in science, they can never replace the advantages of his experience, his knolege of the character, habits & manners of our country, his identification with it's sentiments & principles and the high reputation he has obtained in it generally. In the hope of meeting you at our fall visitation, and that you will do me the favor of making this your head quarters, and of coming the day before, at least, that we may prepare our business at ease, I tender you the assurance of my great esteem & respect.

Th: Jefferson

ALS (polygraph copy), DLC:TJ, 4p, with TJ docket "Taylor Genl. Robert. May 16. 20." At the bottom of page one TJ wrote "Genl. Taylor Mr. Johnson," and on 17 May TJ wrote James Madison concerning this letter: "As the measures which were adopted at the last meeting of our visitors were of a very leading character I have thought it proper to inform our absent colleagues of them; and have delayed the communication only until I could add what has been done under the resolutions of the board. as this latter information has not been received by you, I inclose you my letter to General Taylor for perusal and pray you, when read, to stick a wafer in it and put it into the post office. you will excuse this economy of labor, as from the stiffening of my wrist, writing is become slow & painful. I have moreover such another letter to write to mr. Johnson, and a good part of it to Genl. Breckenridge. My general health is mended, altho' I do not gain strength. I am obliged to continue bandages, altho' under their pressure the swelling is kept down, yet it returns on omitting them" (DLC:JM).

[30 July 1820]

The President laid before the Board a Letter from Thomas Jefferson Rector of the University of Va., dated the 1st. instant, requesting to be informed of the determination of the Board concerning a loan from the Literary Fund to the Rector & Visitors of the said University of the remaining sum of twenty thousand dollars which they were authorized by law to borrow; which letter being considered, Resolved, that the President inform the said Rector & Visitors, that the said sum of twenty thousand dollars will be loaned to them from the Literary fund, provided the same be applied for on or before the first day of June next, upon the same terms upon which the loan of forty thousand dollars has already been made to the said Rector & Visitors from the Literary fund; and that a Warrant will be directed to be issued on the Treasurer, for the said sum of twenty thousand dollars, in favour of the Bursar of the said University, as soon as a Bond, for payment of the interest & principal thereof, shall have been executed, in the same manner & form as the Bond for forty thousand dollars as aforesaid was executed, and approved by the Board.--

D, in William Munford's writing, ViU:TJ, 1p, with ASB docket "Copy Resolution of the Literary Board last installment of Loan to the University." and TJ docket "recd. July 30. 20. with information that it will be more conven[ien]t for the Treasury not to call for the money till November." Jefferson later wrote beneath his docket "This resoln it seems was never passed." After receiving this proposed resolution Jefferson wrote William Munford on 13 August, saying, "On the 30th. Ult. I recieved from the President of the board of the Literary fund the copy, which altho not authenticated, he assured me was correct, of a resolution of the board in answer to my letter of May 1. agreeing to lend to the Visitors of the University of Virginia the further sum of 20,000. D. provided it be applied for on or before the 1st. day of June then next ensuing. the date of my reciept of the notice of this resolution will answer the cause of our not having made the application before the day it required: but this I trust will be deemed of less importance as the President of the board assures me the treasurer informed him the sum would be more conveniently paid if not called for till October. as that will be in time for us I will only say that it shall be called for then, or at any earlier day at which the board shall require it" (ViU:TJ).