Poughkeepsie   May 7      1861
M. B. Anderson L.L.D.
Dear Sir
I have enclosed to your address per Mail
this P.M a Copy of the proceedings, of the Trustees of the V*F. College
at thier first meeting 26      February 1861, also a sample sheet of Let-
ter circulars, both of which we think handsomely executed.
We are taking all the preliminary steps to commence the Col-
lege buildings, have enclosed by fencing in an area of some 6 acres of
ground for the Cite, made our contracts with the Builder and architect__
the former in the sum of $178,200, and latter $5300, this last includes
all plans & drawings and Superintendance of the Work untill Completed.
We propose to carry up the foundation walls to the first tier
of beams this season, the following to enclose the building, the third
season finish ready for occupancy in the fall of !63.
Some delay have occured on account of (over) our national
troubles, imparing seriously the market value of our as setts.   The most
depressed of these we propose to lay asside, .and use only such as will
result in the least sacrifice.   Were it not that our expenses for sallaried
officers &c has been incurred amounting to some $5000 per annum and
our contracts for the Buildings made, (altho* the time of commencing
them is discretionally at the option of the Committee)   We might reasonaly
halt.
May 7, 1861   -   2
I think according to the present market value of our as setts
we may place to profit & loss accounts up to the present time $75,000.
We can put up the first Storey of the Building at a cost of about
$23,000 including first tier of beams.
To meet this expendure we shall have an income from interest
accounts this year of                                         $24,000.
Less sallered Officers &c                             5 000
" 19,000
Leaving a deficit on this Year a/c                    $4000
A crisis is now upon us, wether to halt untill the issue of our
national troubles are settled, or to proceed, in one respect the turn of
public affairs will be to (over) the advantage of the contractor, enabling
him to buy his materials at reduced prices, also labour will be cheaper,
and we may also avail ourselves of a cheap rate of interest, by hypothe-
cating our Securities (instead of selling) to the amount sufficient to put
up the buildings,   these and other considerations we have duly weigh,   and
final resulted in our determination to proceed with the work.
How are you progressing with your "University11 Buildings?what
proportion of the inside or interior work is Completed  Does these stiring
times disturb the patronage of the Institution $"   I predict that after our
national troubles are amicably adjusted our northeran educational estab-
lishment will be better sustained by our Southeran friends than ever.
M
May 7,  1861    -   3
Please to let me hear from you at your earliest convienaace,
Yours verry
Respectfully &c
P.S.   Our Sect.r C Swan Esq
will send you a package of
College pamplts in a few days
M Vassar
14^