l!|ttw^($ita ai ti\\liaii,nh> jio /MIA Division Range Shell BeoeivecD ^^:^i^*%^^::. ISl^ University of California, (ilH'T < )F' 4.- }r Digitized by the Internet Arciiive in 2007 with funding from IVIicrosoft Corporation http://www.archive.org/details/extractsfromwillOOharvrich w (S^yt^.^Uyj^ ^ €^^^. ^C^x ,^ Sy^.u.y ^«&^ Af. 9^9". ^..,^. ^.^^^^i-^^ .2.^^^. <:::2-^^$C^ ^3^^i> ^■v,/^^/, EXTRACTS FROM A WILL MAKING BEQUESTS TO HARVAKD COLLEGE, IN BEHALF OF ^tctioii St(onb of Article 5 «onb. The entire property herein given and bequeathed to the President and Fellows of Harvakd College shall ])e forever kept separate and distinct fi-oni all other funds whatsoever, and from all other property belonging to said College, excepting books as herein- after sj)ecified ; and all accounts relative to the whole property shall ])e kept in manusciipt books, wherein no other accounts shall be entered ; and each book shall be of a folio size, consisting of at least eight quires (768 pp.) of thick linen ])aper, and bound in the same substan- tial manner as the account books used in banking estab- lishments, and shall \w lettered upon the back with the name of yZtr^^^^rt' f>^^jU ^ Two of these book«^ shall be provided, if not done l)y myself, as soon as tlio pn^perty pa=»ses into tlie liands of tlie Trustees, and designed for single entry ; one ta» be used a& a ledger, and tlie other as a day-book. Section Jfoiirlj) of %xiuk StconL As fast as money may be paid over by my Executoi*?^ to the said President and Fellows of Harvard College^ or may otherwise come into the possession of the Presi- dent and Fellows, the whole amounts shall be by them invested in stocks, either of the United States or State Govermnents, or on mortgage of real estate ; and, in like manner shall the whole property hereby devised and bequeathed to the said President and Fellows of Harvard College, and all the revenues arising there- from throughout the subsequent future, and whose- appropriation or application is not otherwise herein specified and directed, be invested and re-invested by the said President and Fellows, and their successors in office, from time to time, in Stocks of the United States- or State Governments, or on mortgage of real estate,, and so continued forever. And, whereas, it has been the usage in some Colleges- to maintain bequests, or other funds, upon which losses> have arisen, at their origiiial value, or at their maxi- mum increase, by deducting from the income of other funds and adding the amount so deducted to the de- clining fund, it will be seen from the conditions and 3 specifications of this will, especially in the provision made by the Accumulating Fund for losses that may be sustained, as, also, in the precautions taken as to the mode of investing the property, that it is my special desire that all my bequests and devises to the President and Fellows of Harvard College shall be, in all respects, independent of all other funds belonging to the College ; -and that, therefore, if any losses befal the bequests and clevises herein made, it is my desire that they shall not be made up out of any other funds belonging to the College ; and so, on the other hand, no losses that may befal any other fund belonging to the College shall be made up, or any income thereof, out of any part of the funds consisting of the devises and becpiests herein made, or such as may accumulate thereon, or from the income they may yield, but that the whole property, and all the income it may afford, shall be forever restricted to the objects herein specified, and according to the true intent and meaning of this will and testa- ment Section ^Iftjj of lirticle ^mA No part of the property given and devised to the President and Fellows of Harvard College shall be applied to any of the purposes hereinafter specified, until the annual income shall amount to eight thousand ^Inllars :(JK^OOO. ) An interval of several years must elapse before that revenue, at a compound interest of five per cent., will be realized; tliougli the interval will be more or less reduced by the prolongation of my life, as all my future earnings will be applied, as far as possible, to increasing this bequest. Were the time, however, to exceed a generation, the delay would not affect, injuriously, the objects of this bequest, which make no distinction among the generations that are to come ; and the same will be equally true of the guar- dianship of the property. On the contrary, indeed, where nothing is lost, but much may be gained, as in the present case, by delay, it is evidently wise to await the advantages which the future may bestow. But this must not be permitted to run into excess ; and as soon, therefore, as the aggregate annual income shall have reached the amount of eight thousand dollars, it shall be applied in the following manner : First, — Four thousand dollars of the foregoing aggre- gate annual income of eight thousand dollars shall be applied annually to the support of sixteen free scholar- ships. To carry out this purpose, four Undergraduates shall be nominated from each of the four classes then in College ; that is to say, four of the Freshman class, 'four of the Sophomore class, four of the Junior class, and four of the Senior class, by the President and Fac- ulty of the College to the Corporation, as the Benefi- ciaries, to be approved by the Corporation. But as this may be troublesome to the Corporation, they may adopt any plan which may seem to them expedient. To each of the sixteen Beneficiaries, two hundred and fifty dollars shall be given annually during their connection with the College, to aid them in their edu- cation. The first recipients, therefore, in the Senior class will enjoy the benefit for one year only ; and as the benefit will always thereafter cease with the Seniors on obtaining their degree, the appropriation which tliiLS ceases shall be annually renewed with the incom- ing Freshman class, as soon as may be convenient after they shall have joined the College, to each of whom two hundred and fifty dollars shall be given annually, during tlieir connection with the College as Under- graduates, for the purpose aforesaid. Tliis pecuniary aid shall be applied for the benefit of the' several recipients in such manner as the President and Faculty of the College may direct. It may, also, be withdrawn, wholly, or in part, from any Beneficiary, for idleness, or immorality, or profanity, or any other vicious habits, or for neglect of the pu])lic duties of religion enjoined by the College laws, or other grave offences, and in cases, also, where, in the opinion of the Faculty, any Beneficiary may have become independent of this aid ; when, in all the cases, the President and Faculty shali bestow the scholarship and its gratuity, if wholly revoked, upon some other worthy member of the same class, to be enjoyed by him during his connection with the College, in the manner aforesaid. Or, if a gratuity- be revoked only in paii;, the scholarship shall remain in its designation with the original grantee, and the proportion revoked shall be applied in such benevo- lent manner as the President and Faculty may direct, or may ultimately i^store it to its oiiginal possessor. The foregoing scholarships shall be entered and desig- nated upon the College Records, and made known to the Public every year, as the ^c. tr-^^^^C""^^^^ Uryy-t^Jt, ^^^ytJup^ji^ Free Scholaksiiips, They shall be preserved and conducted wholly distinct from all other scholarships, and from all other affairs of the College, and according to the true intent and meaning of this bequest ; and all accounts, memoranda, tfec, rela- ting to them shall be recorded and kept in the books as directed in section second of this Second Article. Secondly, — Four hundred dollars of the foregoing aggregate annual income of eight thousand dollars shall be loaned, annually, (if so much can be thus usefully ap- plied,) to such Undergraduates as may desire this mode of assistance, and who may be approved by the Presi- dent and Faculty of the College, and in such sums as the President and Faculty may deem expedient ; and who shall also make such arrans^ements with the indir dividuals thus assisted for repaying the loan at some future period, as the circumstances of each case may indicate^ And whenever the loans shall have been restored to tlie College, they sliall be added to the Fund Avhieh will he hereinafter deBignated and de- scribed as the AccuiiuLATiNG Fund, as shall be, also, any pai-t of the said four hundred dollars that may not have been loaned. These scholai-ships shall be entered and designated upon the College Records, and made known to the pubhc, as the /^(^t^^^^'^-^'S^^^^^^^^ e^^^^^^^i^z^^ Loan Sciiolaksiiips. They shall be preserved and con- ducted wholly distinct from all other scholarships, and from all other affaii*s of the College, and according to the true intent and meaning of this bequest ; and all accounts, memoranda, - jects shall be given out annually for competition to the Senior class, one of which shall consist of a subject to which the figure 1 (one) is prefixed, another of a sub- 8 ject to which the figure 2 (two) is prefixed, and another of the next following subject to which the figure 3 (three) is prefixed. To tlie author of the best disser- tation on the subject to which the figure 1 (one) is prefixed, and which is the first of the series for each year, the prize of two hundred dollars shall be given ; and to the authors of the best dissertations on the sub- jects to which the figures 2 and 3 are prefixed, and Avhich are the second and third in the series for each year, the prize of one hundred and fifty dollars shall be given. The following are the subjects : I. First Year. — 1. The power, wisdom, and goodness of God, as manifested in the physical and moral world. 2. The advantages of a classical education. 3. " We have reached that stage of our progress in which the highest pleasure that this life can afford is the anticipation of that which is to follow." II. Second Year. — 1. Christianity, considered as the basis of modern civilization, and as promoting the religions and moral progress of mankind. 2. The relative advantages of the learned professions. 3. " The inseparable enemies of greatness." III. Ihird Year. — ^The character and genius of St. Paul, and the influence of his writings upon morals and religion. 2. " Divide with reason between self-love and society ; and be so true to thyself as thou be not false to others." — jBaeon, 9 3. **Is there less danger in believing too much or too little?" IV. Fourth Year. — 1. The existence, immateriality, and immortality of the soul, as deduced by Eeasou. 2. The rise and fall of Kations. 3. " Which has the greatest influence in the forma- tion of man's character, circumstances, mental consti- tution, or free will ?" V. FuTU Year. — 1. The character of David, considered iii its compound relations to natural temperament, genius, inspiration, sovereignty, and his own times.* 2. " Bona rerum secundarum optabilia, adversarum mirabilia." — Seneca. 3. ''I associate with no one, I employ no one, who is not of my party in religion and politics." VI. Sixth Year. — 1. " Nam pro jucundis aptissima quaeque dabunt dii ; Carior est illis homo quam sibi." — Juvenal. 2. The objections to La Place's Evolution of the Uni- verse, or Nebular hypothesis. 3. Subject to be assigned by the President and Fac- ulty. VII. Seventh Year. — 1. The causes which contribute most to infidelity in religion, and the importance of a thor- ough knowledge of the Scriptures to men of scientific pursuits. 2. " Kec lusisse pudet, sed non incidere ludem." — Horace, "Once to be wild is not a f