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schools; consequently no charge has been stated in the estimate for these objects.
If, therefore, we oppose the sums thus annually liberated to the annual salary of the professors and original cost of the buildings, whichever of the plans is adopted, we shall find the measure proposed, viewed merely in the light of an operation of finance, to result in a considerable savings to the United States.
An individual would think it a good bargain to receive twenty-five thousand two hundred and ninety-one dollars, annually, the sum liberated, and to give in lieu thereof ten thousand four hundred and sixty-six dollars, annually, the salary of the professors, and a principal sum equal to the cost of the buildings. In other words, he would receive fourteen thousand seven hundred and twenty-five dollars, annually, which is equivalent at six per cent, to a capital or principal of two hundred and forty-five thousand four hundred and sixteen dollars; a sum greatly exceeding the estimated cost of the buildings upon either estimate.
The committee while they perceive that the seed which is now proposed to sow, is to yield a future harvest, will at the same time, justly appreciate the various beneficial consequences which must result from the immediate adoption and the striking inconveniences and danger to be apprehended from a postponement of the measure.
Whether our country is to be plunged into a war or enjoy for a length of time the blessings of peace and interior tranquility; whether the potential events which have afflicted Europe, and in their progress threatened the United States are to subside into a settled state of things; whether the blessings of peace and customary relations among the transatlantic powers, are to take place, or hostilities shall be continued protracted and extended beyond their present limits, in either view it is equally a suggestion of policy and wisdom to improve our means of defense, and give as much perfection as possible to such establishments as may be conceived