herein before stated. By an act of the Legislature of this State, approved July 25th, 1836, and to be found on pages sixty-three and sixty-four of the session laws of that year, the Governor is authorized to locate all the then unlocated University lands, and by a joint resolution of the Legislature, approved. March 1st, 1836, to be found on page 149 of the same volume, our Senators and Representatives in Congress were authorized to locate said lands, which in the preamble to said resolution were then stated to be twenty-nine sections, forty-three sections as alleged in said preamble having been previously located. In order that the residue of these lands may be selected at as early a day as practicable, the Finance Committee recommend, that a note be addressed to the Governor, aud also to our Senators and Representatives in Congress calling their attention to this act and resolution, and requesting them to see that the remainder of the lands to which the University is entitled be at once selected. The preceding statements and estimates show the condition of the University treasury on the 30th day of June, 1863, as well as the indebtedness of the University, and when it will mature; also the state of its endowments, its certain income, and probable revenues. From this exhibit of its financial condition, it appears that the Institution can with ease, and without embarrassment, pay off all of its indebtedness as fast as it shall mature, and enlarge the curriculum of its studies, increase the corps of its Professors, and add yearly to its libraries and museums, and other means of illustration, which it should ever be the policy of the Regents to do, as far and as fast as the means at their command will permit. The Medical college building very much needs an enlargement of its accommodations, and if the present policy of non-discrimination between resident and non-resident students shall be persevered in, this need will very soon press in the form of an imperative demand upon the Regents, and will, unless other means shall be provided, absorb the entire surplus for several years to come. The accompanying report of the Secretary of the Board of Regents, marked A, shows the numbers and amounts of the several warrants issued during the year, and the object for which, and the names of the persons to whom, they were issued. The accompanying report of the Treasurer of the University, marked B, shows the numbers and amounts of the several warrants paid during the year, and the items of receipts, and the sources from whence received. The report of the State Treasurer, herewith submitted, marked C, shows the receipts by him credited to the University Interest Fund, and the payments.debited to that fund during the year. The accompanying report from the State Land Office, marked D, exhibits the quantity of University lands sold during the year, and the amount for which it was sold; also, the number of acres forfeited, and the amount credited to the University Fund during the same period. The Board of Regents and the people of the State, must not be deceived into the belief that the University has no need of further pecuniary aid, because the finance committee are able to exhibit what means it has in a healthy condition. This has been accomplished simply by that degree of prudence on the part of the Regents, which has constrained them to keep their expenditures within their means, and if the present Board has accomplished much in enlarging, extending and strengthening its means of usefulness, it is by the exercise of a vigilant care that the University, in all expenditures, should receive its money's worth, and by directing its expenditures where they were most needed, just as the prudent, humble citizen of small or moderate means, keeps himself free from pecuniary embarrassment, by a judicious use of his funds, and by living within his means. We are glad to know that one of the newly elected Regents, who was a Visitor in 1857, discovered, and had the courage to say in their annual report of that year, that "the University wants money," and that "it is prepared, with prudent management, to afford gratuitous education to all our sons, who are likely to seek its halls, without support from the State treasury, if it can be adequately supplied with capital, by way of buildings and apparatus." That board of visitors saw the great want of a chapel, and thought the State should furnish it, and so do we-a building large enough to accommodate all the people who desire to attend the public anniversary exercises of the University. Let the State furnish the buildings, and the apparatus and books, and the force of teachers, and the curriculum of studies can be, as they should be, greatly enlarged. It remains only for the finance committee, in closing this their last annual report, to add a few words in regard to the performance of duties assigned them by the Board of Regents, which circumstances seem to have rendered proper for the purpose of undeceiving those who would know and understand the truth, but who have been misled by deceptive appearances, and unfair and unfounded rumors. In 1850, when the University had been in successful operation for several years, the people of the State, with these several years of experience, which should, to some extent, have made them acquainted with the proper manner of managing a University, made a new Constitution, and in it provided for the election by the people of a Board of Regents, to whom they gave the general supervision of the University, and the direction and control of all expenditures from the University Interest Fund. The present Board of Regents, called by the people, in accordance with the provisions of this Constitution, to take charge of the important educational interest connected with the University, in an honest endeavor to execute with fidelity this provision of the Constitution, which they had sworn to support, at their first meeting in January, 1858, appointed a finance committee, (just as their predecessors had done) consisting of three of their own number, and one of these residing near the University, where most of the moneys were to be expended, was made chairman of that committee. When appropriations were made by the Board, they generally ordered that they should be expended under the direction of this committee, or of its chairman. These orders, as they interfered with the former freedom of some persons who do not approve of them, have exposed this committee to much unmerited censure, and drawn down upon them unfriendly remarks from quarters whence should have come encouragement and support. Inasmuch as the chairman of this committee, because of his residence, and as a matter of convenience to the other members, has been required to perform most of the labor of this committee, he has been made the special object of attack, and of exaggerated statements and remarks very far from the truth. Even the address purporting to have emanated from the Alumni, but which is generally understood to have have originated elsewhere (a document which has not been over careful in its statements) did not deem its work complete without unjustly accusing him of having "made it his special task to demonstrate by his practices the complete subordination of the late President to his arbitrary authority." This, while doing the chairman honor over-much, doubtless refers to the execution by him of the orders of the Board of Regents above referred to, and, if these orders were improper, should be charged rather to the Board than to him, or perhaps to the people of the State who conferred these powers on the Regents. These orders of the Board in relation to expenditures, and the execution of them by the chairman of this committee gave rise to the question whether the Board of Regents or the late President should execute that part of the Constitution which gives "the direction and control of all expenditures" to the former; and so earnest and persevering were some of the professed friends of the University, and of constitutional law in their zeal for such an interpolation of the Constitution as would prevent the Regents from exercising any control over the expenditures, that a bill was prepared and introduced into the Legislature, and printed, providing that "neither any committee of the Board of Regents, nor any member of a committee thereof, should exercise any executive power in or over the University, or in the expenditures of any moneys for the same," so that while the Regents might make appropriations, they could have no supervision as to whether these were or were not judiciously expended, and no further direction or control over them. A spirit of petty jealousy, too, has been engendered and fostered towards this committee by those who would not only have relieved the Regents from all control over the expenditures and the supervision of the finances, but who also would fain select for them a treasurer, and other officers; and because the Regents declined to surrender the performance of these duties into other and irresponsible hands, and because they thought best to choose their own treasurer, and other officers, for whose conduct they were responsible, they were pronounced very naughty men, and persons enough were very readily found to echo the strain, until many good men, without any knowledge of the facts, were induced to believe such statements as were industriously circulated through newspapers and private channels, to the prejudice of the Regents, who were faithfully serving the people, without fee or reward, according to the best of their ability; while the Board of Regents preferred to suffer misrepresentation and unmerited abuse for a season, rather than engage in a newspaper war which could do the University no good, but great harm, and must result in the publication of many unpleasant truths in regard to persons whom they had no desire to injure, and who, they vainly hoped, might some day see the error of their ways, and turn from them to the more faithful service of the University. With this brief allusion to matters not usual in our annual reports, we close this exhibit of the financial condition of the University and submit the same for the consideration of the Board of Regents. Dated, Ann Arbor, July 1, 1863. D. MCINTYRE, Finance Commitee. |