NYU Washington Square College - Album Yearbook (New York, NY)

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of the debt, Chancellor Ferris, who had spent a laborious and anxious year in accom- plishing his chosen task, mentioned with particular warmth the name of Myndert Van Schaick, who had stepped forward when the Chancellor was on the point of abandoning the work in despair and had materially helped in the final extinction of the debt. Myndert Van Schaick was a descendant of the Dutch colonists of New Amsterdam and, having succeeded in attaining a position of wealth and influence in New York City, he had become one of the foremost benefactors of the University, giving freely of both his time and wealth for its betterment. His long service on the Council, over thirty-five years, showed how much interest he really had in the development of this college. In closing his report the Chancellor expressed the hope that the positive endowment of various professovrships might now be secured, and that fellowships Cthe first appearance of the term in the annals of the Universityj might be provided for the prosecution of scientific studies after a college course had been completed. ITH the final report on the extinction of the debt, we may consider that New York University had at last emerged from the formative conditions of its foun- dation and was now prepared to take its place at the side of other great institutions of learning, both in this country and abroad. It was now an institution to which the passing years could only add strength and stability. The original plans and ideals of the Founders had at last found the surety of permanence and the promise of future development which surpassed even the fondest dreams of the original Nine. With the passing years old friendships have been strengthened and new friendships have been made, so, with this spirit of Perstare ct Praestare, the University cannot help but have a future before her brighter than even the most imaginative of us can con- ceive. SIDNEY A. BECKWITH, JR. I 321

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OR about six or seven years the affairs of the University went along as smoothly as could be expected for an institution which was striving to make a place for itself in the world. In 1846, however, another disagreement arose within the Uni- versity. Because the ideas of the Hon. James Tallmadge as to the administration of the college conflicted with those of the Chancellor and the members of the Council, the former resigned from the Presidency and from the Council. For a period of two years or more this body had no head, and, indeed, the University was somewhat strongly pressed to keep its hard-won place in the collegiate world. Four years later the administration of the University was further weakened by the retirement of Chancellor Frelinghuysen. This great man, already wearied from the political strife which he had gone through in his earlier days and tiring under the strain of running a new institution, accepted the presidency of Rutgers College, and in this office he passed the remainder of his life. After the resignation of the Hon. James Tallmadge from the Presidency of the Council in 1846, no new head was chosen until 1849 when hir. Charles Butler was elected to that office. At this time the University was in rather sore straits financially, and at one of the Council meetings a united effort of all the members was requested in order that it might not be necessary to suspend instruction at the college because of lack of funds. ln addition to this the Council had 11011 as yet been able to secure a man of sufficient caliber to fill the ofiice of Chancellor. At this point a move was made to expedite the workings of the administrative machinery by the appointment of an executive committee to function in the place of the Chancello1'. Finally in 1852, Dr. Isaac Ferris was made Chancellor of the University, and in addition he served as the Professor of lVIoral Philosophy. In the following year Dr. Ferris was elected to the Council of the University with the understanding that he was to receive compensation at a time when the extinction of the debt should be secured and provided for. And so for once the Council chose a man who was to do one thing, to put the University on a firm financial basis, and this man did it. HIC meeting of the Council in June, 1853, deserves the particular attention of the alumni and students of the University, for on that date, when the college had completed almost twenty-one years of teaching and learning, the Chancellor reported that in his judgment the amount necessary for the liquidation of the debt of the University had been pledged. On the occasion of the commencement in 1853 Dr. Ferris was publicly inaugurated into the office of Chancellor of New York University in which office he had already worked hard and faithfully for several months. In his inaugural address he declared that his highest aim was the welfare of the institution of which he had been put in charge and the carrying out of the original plans of the Founders of that institution. In the final report made on June 21, 1854, of the actual and definite extinction IQSII

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