Poughkeepsie----November 3. 1865.
To the Hon. Ex. Com of the V.F. College.
Gentlemen
I take the liberty of addressing you altho,l
I could have desired that no occasion would have justified the necessity-----
I have been recently informed by your Treas,r that the available funds
from the original donation made by your Founder to the College is reduced
to some 3 to $4000. and that the floating Indebtedness of the Institution
running and other Expences accrued to date amounts to about $35,000.,
That the receipts for Pupilship some $52,000 Leaving a Ballance in the
Treas of some $ 17,000 to which add above Ballance from donation fund of
4.000 you have now in the Tres/ Say a Ballance of 21.000 to run your Col-
lege for the residue of the term 4 mos $-     I have not the facilitiy or means
to know what your expenses will be for the next four mos. but if I am
rightly informed the Profesships sweep off one half of the present Bal-
lance in the Treasury to say $10,500. and as no Material addition will be
made from pupil Receipts from the lateness of the season, and also in
consideration of your inabillity for want of Room to accommodate Many
more the question arises from what source can you draw to meet the
difference.
It is evident that you must either reduce your running daily ex-
penses or raise your prices of tuition after the first six Months or as the
s
last alternative borrow Money    to make up the deficits-        As I do not
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understand that you have any devised plan for relief, I would respect-
fully call your attention to the Subject-------     Disconnected with the
business of the College proper.   You are incuring an expenditure of
some $3 5,000 in Building a Gymnasium, Riding School &c and for the
payment of which in part say $25,000 I purpose to Loan the College and
accept yr B & Mortgage-----   As you have already appointed a Com. on
^'Intrenchment ? of-Vitelaty-the College I shall wait   thier Report which
I understand will be made to-morrow.
I think there is a wide Margin open for retrenchment in that
department - a Leake in your Vessel that must be stopped -----   Your
Steam expenditure is excessive, not hower by fault of your Engineer, but
by waste of heat by inmates throwing open Windows &c. - I am verry desirous
to see the whole thing reduced to a System and as M   Smith your "Steward"
has now had 6 Weeks to experement I think he ought to be ready to Report
&c.
It is the unanimous judgement of this Community that you have
fixed the College terms of Tuition &c too low & the public are expecting an
advancer   it may be well therefor to consider early what that advance shall
be, which of course is a Matter to be settled by the Board of Trustees at
thier Next Meeting----------1 have many sleepless nights about the issue of
this Enterprise, and the sooner I am relieved from my anxities the happier
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my hours will be.
I remain
Gentlemen
Yours truly &c
M. Vassar
On verso:    To Nathan Bishop Chairman
of the Ex, Com. of V.F. College
Po'keepsie
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