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XXXI.

Causes of the financial prosperity of the College.

CHAPTER were not the result of legislative bounty, but of the singular wisdom and fidelity with which its financial concerns had been conducted. Amid the difficulties and perils of the war, and the embarrassments immediately subsequent to the peace of 1783, the Corporation held, with unshaken firmness, the certificates of public debt, which they had been compelled to receive, and vested in them with great judgment whatever sums were brought into their treasury. On the funding of the national debt, under the auspices of Alexander Hamilton, the College, therefore, derived the full benefit of the wisdom of the Corporation, and of their confidence in the ultimate returning of the nation to a sense of justice. The prosperous condition of the College finances may be especially attributed to three individuals; Ebenezer Storer, James Bowdoin, and John Lowell. The integrity and zeal of Treasurer Storer are a frequent subject of acknowledgment in the College records and papers. From one document it appears, that by a single investment suggested by his discretion, and adopted from a reliance on his judgment, the College ultimately realized a clear gain of more than twenty thousand dollars. Mr. Storer continued Treasurer of the College until his death, which occurred in the year 1807. In an obituary notice, published at that time, a just tribute is paid to his merits, and the worth of his services. "In the management of the important and delicate trust of College Treasurer, the financial skill and punctuality of Mr. Storer were most successfully displayed; the preservation of the College funds, amidst the changes of the circulating medium attending our revolutionary war, was in a great measure owing to his sagacity and vigilance; and, to the day of his death,

Ebenezer
Storer.

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he executed his highly responsible duties with ease CHAPTER and credit to himself, and to the benefit and satisfaction of the legislature of that revered institution."

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But the skilful pilotage of the College through the straits and shifting eddies of paper currency cannot be wholly attributed to the judgment of the Treasurer. Much of that success was owing to the new associa- New influtions, which, under the influence of experience and troduced sound discretion, the Corporation, about that time Corporasought to combine in the government of the institution. Since the organization of the College under the auspices of Joseph Dudley, the Corporation, with the exception of the Treasurer, had exclusively consisted of clergymen, or Professors and Tutors. The new political relations and popular influences introduced by the declaration of American Independence, and the financial embarrassments consequent on the revolutionary war, indicated to the Corporation the wisdom. of selecting men of experience in business, and practically acquainted with public affairs, as members of the board.

Bowdoin.

In pursuance of this policy, on the resignation of the Rev. Dr. Appleton, in 1779, they elected the Hon. James Bowdoin a member of the Corporation. His rank James in political life, his ample fortune, his liberality, his devotion to letters and to the interests of the College, and his affection for the seminary manifested in his last will,* evidence the judgment with which this selection was made, and subsequent events abundantly proved its wisdom. On the death of the Rev. Dr. Cooper, in 1784, the Corporation adhered to the same policy, and John elected, in his place, John Lowell, Esq., then one of Lowell.

* See Appendix, No. XXIX.

CHAPTER the most distinguished lawyers of Massachusetts; who, XXXI. in all the relations of private and public life, combined the confidence and the affections of his fellow-citizens. He united high powers of intellect and professional talent with practical skill and acquaintance with men and affairs; and his associations in life gave him great opportunities to observe the currents which influenced political events, and to form correct anticipations of the result. Mr. Lowell maintained his connexion with the Corporation eighteen years. His zeal in the service of the College, the soundness of his judgment, and his characteristic integrity gave great weight to his influence in the critical period which succeeded the peace. of 1783. To no individual is the seminary more indebted than to him, for that course of policy, which enabled it to escape impending dangers and to attain a comparative degree of financial independence.

Result of their meas

ures.

By the successive measures wisely adopted by the Corporation, the Treasurer was enabled, in June, 1793, to report, that the whole personal estate of the seminary (including some small portions of real estate in which a part of it had been invested) amounted to more than the sum of one hundred and eighty-two thousand dollars, of which about eighty-two thousand dollars were appropriated, and an unappropriated balance of nearly one hundred thousand dollars remained as a fund, applicable to the general purposes of the seminary. This amount, although inferior to the wants of a great public institution, was a subject of congratulation to the friends of the College, considering the nature of the revolutionary furnace into which it had been cast, and by which its power of self-preservation had been tried.

Before this period the prosperous condition of the

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The Corpothe approtheir origi

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nal value.

College finances had been felt and acknowledged by CHAPTER the Corporation. In consequence, as early as May, 1791, a vote was passed by that board, declaring that, "whereas sundry appropriated sums were by vote of the Corporation (on account of a depreciated paper currency) about the year 1750, reduced below their original value, and continued at that rate, and whereas the general stock of the College has since that time much increased, and appears to be now fixed permanently, and it is consequently reasonable, that the said appropriations should be again set at their first value, voted, that the sums so reduced, amounting to about £10,704,* be now estimated at £4,922, being the original value, calculated at the price of silver at the times they were given." At the same time they voted, that the rates of interest on all the said appropriations should be reduced, according to the reduction of interest sustained by the general stock of the College, in consequence of the funding of the public securities, of which the College stock then chiefly consisted. The Corporation thus endeavoured to equalize among all the foundations and appropriations the loss or the gain, which had on the one hand been sustained, or on the other acquired.

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CHAPTER XXXII.

Outline of Events during the Presidency of Dr. Willard.-Hollis Professors of Divinity, Edward Wigglesworth, David Tappan. - Hollis Professors of Mathematics, Samuel Williams, Samuel Webber. - Hancock Professors of Hebrew, Stephen Sewall, Eliphalet Pearson. - Medical Professorships established; John Warren, Benjamin Waterhouse, Aaron Dexter.- Bequests of Mrs. Sarah Derby and of William Erving. Names of Hersey and Erving given to the Medical Professorships respectively.- Legislative Patronage of the College. Its ancient Right to Charlestown Ferry devested. — Lotteries granted. — Stoughton Hall erected from their proceeds. Successive Attempts to raise the Standard of Learning, and improve the Discipline of the Seminary. A permanent Tutorship established; Levi Hedge appointed. — Death and Character of President Willard.

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THE history of Harvard University has now been brought down to our own times; to a period too near to be viewed in just historical perspective. Henceforth it will therefore be restricted to an outline of events, and, in each successive presidency, attention will be principally directed to the nature and objects of the Professorships established or enlarged. The legislative patronage granted and the changes in the studies, discipline, and finances, which have occurred, will be stated, and accompanied by such facts and illustrations as will give a comprehensive view of the progress, present state, and resources of the institution.

When, in 1780, the framers of the Constitution of Massachusetts authorized Harvard College to assume the title of "University," it comprised, strictly speaking, but one school, the Academic, or "School of the

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