Page:The History of the University of Pennsylvania, Wood.djvu/108

should educate, maintain, and clothe two persons of the nomination of the grantors or his heirs; and it was also provided, that if these conditions should not be complied with, or in case of a dissolution of the corporation, the land should revert to the original owner or to those who might represent him. The number of acres was about two thousand five hundred, and the rent at the period of the conveyance was forty-three pounds. In the year 1813 the rent is stated at more than six hundred bushels of wheat; an increase which strikingly exemplifies the great nominal rise in the value of property. It appears from the minutes of the board of trustees, that they had always been desirous of selling this land, as the sum which it would command might be invested so as to produce an income far greater in amount than any rent which could be obtained. But as the sanction of the proprietor was necessary before a sale could be made, and upon application from the trustees he expressed his unwillingness to give the desired permission, the design was dropped for the time, and the lands remained as before. Several partial efforts were afterwards made, which either ended in the appointment of committees, or failed from a want of proper attention in the progress of the affair. At length, in the year 1816, the board determined to exert themselves for the attainment of the object; and, as a preliminary measure, passed a resolution pledging the income of the university for the education and maintenance of any two individuals at one time, and of an equal number for ever, whom the heirs of the late proprietor might nominate. Thus originated the "Penn foundation," the establishment of which was merely the transfer of an obligation before attached to the possession of the Perkasie lands, to the general funds of the university; and was very properly considered by the board as a necessary proceeding on their part, before permission to sell these lands could be decently requested. Application being now made to John Penn, the