Letter from David
L. Swain [to William A. Graham], September 15, 1859
Chapel
Hill, 15 Sep. 1859
My dear Sir,
When Mr
Waterhouse was here a week ago, he measured the main streets, and
ascertained the relative distances from the South Building and the center of the village
to the spring below the Presbyterian Church; and the two springs in the
rear of the Campus, and at the close of the examinations he & Mr. Percival
manifested a very decided preference for the spring in the Botanical Garden. I
enclose a copy of the report.
The Trustees determined on Saturday by a vote of 5 to four to subscribe the
$100.000 rescued stock in the Bank. Gov. Manlywas
very decided in his opposition to the measure, deprecates very seriously the
course pursued by the Board in the construction of new edifices, and
still more the expenditure for Gas. I have not merely great respect but great
affection for Manly
and voted in opposition to his views with great reluctance. The vote was Barringer
Bryan
Holden, Moore & Swain for
—Bragg, Courts, Hinton & Manly against subscription the Gov. having the casting vote. The
Bank has agreed to make a permanent loan of $100.000 to the University to pay for the new stock at 6 per cent. If our dividends
thereafter shall average 6 per cent, we cannot lose. We have all made poor
investments, if with freedom from taxation, they shall fall below. If the
Governor's plan of carting over funds in individual loans had produced we could
by no possibility make 6per cent. Absolute
punctuality cannot be secured in the payment of interest and the risk of loss in
individual loans, is not less than the danger of defalcation in the management
of the Bank. We cannot make six per cent nett, on individual loans, we may
reasonably expect dividends to a larger amount. We could have sold our stock at
3 per cent immediately after the subscription.
Barringer
unites with Manly
in regretting the course pursued about building &c, &c. I made
many enquiries about Gas and found some diversity of opinion. Mr
Bryan apprehends danger to the eyes from its use. He says the expense in
winter is about equal to Candle light & less in summer. Prof.
Ex says it is the first experiment he
supposes in the U.S. to introduce it into college buildingsbut argues very favorable results. K P. Battle and Mr
Holden, who have it in their houses, think it will pay well both in the
village and the college.
Percival went with me
into the Gas Factory, and entered into various [conferences]. He is anxious to
proceed at once and have the old buildings lighted up by the beginning of next
session. I told him that in the first place, Mr Waterhouse must regard his
contract, as subject to confirmation or rejection when presented to the Committee, and secondly that I did not think it
would be proper to proceed by piece meal; that I desire to see minute
specifications, and have full opportunity to examine them, before submitting
them to the villagers, and that I did not think it advisable to light up the old
buildings until the new were ready for occupancy. Judge Battle concurs with me in these
views, desires that they may be communicated to you & Mr Cameron,
& if approved that notice may be given to Mr. Percival.
Yours truly,
D. L. Swain