Excerpt from Address Delivered at the Opening of the Law Department of the University of the City of New York: On the 25th October, 1858<br><br>Immediately preceding the entrance of my prede cessor, Mr. Frelinghuysen, on his duties as Chancel lor, in 1839, (i am unable to speak of the amount previously expended,) there was a permanent debt of and a floating debt of The latter was paid by friends preparatory to his coming. The next report of the Finance Committee gives an indebtedness of and annual expenses ex ceeding income by In 1845 it was reduced to and was (with list Of some conditional subscriptions) about the sum of debt when the 2d Chancellor removed to his present sta tion. The final payment Of the entire indebtedness was made in June, 1854.<br><br>It is not a question for discussion now whether anything was wrong here, and what, if anything. The creation of the first indebtedness will explain all that followed, to those who know how rapidly such a burden increases when societies begin with debt, and are committed to a specific policy. All we have to do with this matter now is, to note.'how like a mountain weight it tended to press down the Uni versity for over twenty years. It would seem to be sufficient to crush out its life. But notwithstanding such a weight on. Her bosom, the University lived and went on with her work, and was sending out her noble bands of young men to the arena of life.<br><br>About the Publisher<br><br>Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com<br><br>This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.