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7 Besides the lands abovementioned, Here are others in the District of Wilgmington for which suits have been instituted by the late Attorney , as appears by the list annexed to his repost of December 1796.
The Board is aware, that for far the greatest part of the Escheated Property above specificed, adverse claims have been exhibited which with respect to some, may perhaps destroy the right of the Trustees thereto: but the the Treasurer deemed it his duty to give them this Statement with a view of showing to them the amount of such Property as it is supposed they are intitled to claim.
In regard and to the lands of George Weir, the Treasurer begs leave to observe, that to him there appears to be a difference between the Report of Committe and the resolution adopted by the Board respecting the business. In consequence of that part of Mr. Hill's Report in which he states, that a considerable judgment had been obtaind against Weir's estate of which there remained unpaid as he understood, a balance of about [currency symbol] 500; and in consequence of the consent of General Benjamin Smith, Agent for the Creditor, to relinquish to the Trustees all the claim he might have to the lands of the said Weir, on their paying him the balance of said judgment, the Board passed a resolution directing the Treasurer to deliver to Gen. Smith, as soon as the said balance should be ascertained, such bonds to an equal amount, as he should approve. The Committee to whom Mr.Hills report was referred, recommend to the Board in their report that the Attorney for the District of Wilmington; as soon as he shall have established the amount due as above, be directed to settle with Genl. Smith for the same, and to deliver to him such Bonds as he may have in his hands of the shortest instalments, of an equal sum.
The Treasurer therefore finds himself at a loss how to act in this business; as by the resolution of the Board, the settlement with Gen. Smith is to be made by him; and by the report of the Committee, with which the Board concurred, it is to be done by the Attorney. Moreover the Treasurer believes him warranted in saying that the Attorney for that District has not at this time in his possession. Bonds to half the amount of the above sum, and he conceives it was the intention of the Board, to oblige Gen. Smith to settle this matter, with the attorney the Treasurer.
General Smith has not as yet come forward for s settlement; but the Treasurer, if he does not mistake , has understood from him, that the balance of the above mentioned judgment is nearly double the amount specificed by all Hill. Should this be found to be the case, would think it consistant with his duty to the Treasurer, (although justified by the resolution of the Board, which limits him to no sum) to pay a sum so much greater than what appears to him was intended to be allowed. He therefore requests the Board to give him such instructions as will be sufficient to obviate any difficultites that might attend the settlement of this business.
The Treasurer in his report of July 1796 observed to the Board, that he had engaged to allow his Agents in the collection of Donations a compensation for their trouble. In some of the settlements above mentioned the Commissions are stated as 2 1/2 [illegible]. Altho' no provision has been
been made by the Board for this service, the Treasurer hopes his proceedings therein will recieve their sanction. He has all those settlements ready to be submitted to the Board, and flatters himself they will be approved of and satisfied by them. The Treasurer conceiving that all matters relating to the funds of the University come properly under his notice, hopes the board will not deem it presumption in him to offer his opinion respecting the resolutions passed by them for these are of their Western Lands. It appears to him, that as these lands are now circumstanced, being within the Indian Boundary, it would be much more advantageous to the University to delay the sale of them until the Indian [illegible] to that boundary be extinguished. This, from the daily and great emigrations to Tenassee, he apprehends may be reasonably expected in a very few years; and from the rapid rise in the value of lands which has already taken place, he would imagine there can be little doubt that they will then bring double the sum that can now be got from them. Further, he is of opinion, that should any of those lands be offered for sale under their present circumstances, the Trustees would not meet with purchases
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Bonds; and he doubts not that many would in such case avail themselves of every advantage which they might conceive themselves entitled to claim in consquence of such refusal. As the Interest accruing on those Bonds amounts to several hundred pounds annually, he thinks it an object of some importance; and therefore requests the Board willl give him such instructions in that particular, as may serve to do away any doubts or difficulties that might arise on the subject.
The Treasurer has said above, that he had seen no reports from the Attorney for the District of Edenton. He has this day received from the said Attorney a statement of the Escheated Property in that District, which he thinks proper to lay before the Board. He has also received from Mr. Hill late Attorney for the District of Wilmington the sum of 115,,5/. which Mr Hill supposes to be the full balance due by him.
Gavin Alves Treasurer Raleigh December 4th 1797
Report of the Treasurer of the university Dec. 1797
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