Page:History of the University of Pennsylvania - Montgomery (1900).djvu/384

LXIII.

Dr. Smith on his return from England in 1759 brought from Thomas Penn his gift to the College of his one-fourth part of the Manor of Perkasie in Bucks County, containing twenty-five hundred acres, through which the Perkiomen Creek coursed. This was thankfully acknowledged and Dr. Alison and Mr. Coxe were appointed a Committee to view the property, and they reported to the Trustees on 8 July, 1760, upon its condition, and recommended its sale : The Land will now sell better than at any time hereafter, for many years to come, for the Tenants are pretty well able to purchase, having cleared a great Quantity of Land for Corn. * * * If we do not sell the Lands the present inhabitants will move off and purchase elsewhere, and sell their Leases to poor wretches for a Sum of Money, who will destroy the Lands to pay this Sum and to enrich themselves and probably leave our Rent unpaid. * * * On the whole we think that we can sell the whole Tract for three thousand pounds - 1 This gift of the Proprietary was in the nature of a permanent grant to the Institution in lieu of the annuity of 50 he had from the first granted to the Provost, and as the present rental of the quarter of the Manor amounted by the Committee's report to but .43.5, the present gift was of no advantage to the College unless a sale could be made for ready funds which in another investment would yield more income : as Lands were now at a very high price owing to the Abundance of money thrown into the Country by the Army, * * * and Mr Peters was desired to send Mr Penn a copy of the Report and Opinion of the Trus- tees and a proper Letter on the Subject But many months elapsed before the President, Dr. Peters, acted in this request, and at the meeting of 10 February, 1761, 1 Q{ this Tract 714 acres were valued at i-i$ per acre. 878 ' " 1. 10 250 ' " 1.05 ' 150 ' *.!. 175 ' " .18 333 ' " about .10 ' 2500