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stock； or public stock of any kind should be immediately converted
into real estate。 In the form of stock it is a dead fund； it's
depreciation being equal to it's interest。 Every one must see that
money put into our funds when first established （in 1791） with all
its interest from that day would not buy more now than the principal
would then have done。 Mr。 Pitt states to parliament that the
expenses of living in England have； in the last 20 years； increased
50。 percent： that is that money has depreciated that much。 Even the
precious metals depreciate slowly so that in perpetual institutions；
as colleges； that ought to be guarded against。 But in countries
admitting paper； the abusive emissions of that produces two； three or
four courses of depreciation & annihilation in a century。 Lands will
keep _advancing_ nominally so as to keep _even_ really。 Canal shares
are as good as lands； perhaps better： but the whole funds should not
be risked in any one form。 They should be vested in the visitors；
without any power given them to lessen their capital； or even to
_change_ what is real。 4。 The Direction。 This would of course be in
the hands of Visitors。 The legislature would name the first set； &
lay down the laws of their succession。 On death or resignation the
legislature or the Chancellor might name three persons of whom the
visitors should chuse one。 The visitors should be few。 If many；
those half qualified would by their numbers bring every thing down to
the level of their own capacities； by out…voting the few of real
science。 I doubt if they should exceed five。 For this is an office
for which good sense alone does not qualify a man。 To analyse
science into it's different branches； to distribute these into
professorships； to superintend the course practiced by each
professor； he must know what these sciences are and possess their
outlines at least。 Can any state in the union furnish more than 5。
men so qualified as to the whole field of the sciences。 The Visitors
should receive no pay。 Such qualifications are properly rewarded by
honor； not by money。
The charter being granted & the Visitors named； these become
then the agents as to every thing else。 Their first objects will be
1。 the special location。 2。 the institution of professorships。 3。
the employment of their capital。 4。 the necessary buildings。 A word
on each。 1。 Special location needs no explanation。 2。
Professorships。 They would have to select all the branches of
science deemed useful at this day； & in this country： to groupe as
many of these together as could be taught by one professor and thus
reduce the number of professors to the minimum consistent with the
essential object。 Having for some years entertained the hope that
our country would some day establish an institution on a liberal
scale； I have been taking measures to have in readiness such
materials as would require time to collect。 I have from Dr。
Priestley a designation of the branches of science grouped into
professorships which he furnished at my request。 He was an excellent
judge of what may be called the old studies； of those useful and
those useless。 I have the same thing from Mr。 Dupont； a good judge
of the new branches。 His letter to me is quite a treatise。 I have
the plan of the institutions of Edinburgh； & those of the National
institute of France； and I expect from Mr。 Pictet； one of the most
celebrated professors of Geneva； their plan； in answer to a letter
written some time ago。 From these the Visitors could select the
branches useful for the country & how to groupe them。 A hasty view
of the subject on a former occasion led me to believe 10。
professorships would be necessary； but not all immediately。 Half a
dozen of the most urgent would make a good beginning。 The salaries
of the first professors should be very liberal； that we might draw
the first names of Europe to our institution in order to give it a
celebrity in the outset； which will draw to it the youth of all the
states； and make Virginia their cherished & beloved Alma mater。 I
have good reasons to believe we can command the services of some of
the first men of Europe。 3。 The emploiment of their capital。 On
this subject others are so much better judges than myself that I
shall say nothing。 4。 Buildings。 The greatest danger will be their
over…building themselves； by attempting a large house in the
beginning； sufficient to contain the whole institution。 Large houses
are always ugly； inconvenient； exposed to the accident of fire； and
bad in cases of infection。 A plain small house for the school &
lodging of each professor is best。 These connected by covered ways
out of which the rooms of the students should open would be best。
These may then be built only as they shall be wanting。 In fact an
University should not be an house but a village。 This will much
lessen their first expenses。
Not having written any three lines of this without interruption
it has been impossible to keep my ideas rallied to the subject。 I
must let these hasty outlines go therefore as they are。 Some are
premature； some probably immature： but make what use you please of
them except letting them get into print。 Should this establishment
take place on a plan worthy of approbation； I shall have a valuable
legacy to leave it； to wit； my library； which certainly has not cost
less than 15；000 Dollars。 But it's value is more in the selection； a
part of which； that which respects America； is the result of my own
personal searches in Paris for 6。 or 7。 years； & of persons employed
by me in England； Holland； Germany and Spain to make similar
searches。 Such a collection on that subject can never again be made。
With my sincere wishes for the success of this measure accept my
salutations & assurances of great esteem & respect。
THE TWO…TERM PRECEDENT
_To John Taylor_
_Washington； Jan。 6； 1805_
DEAR SIR； Your favor of Dec。 26th has been duly received；
and was received as a proof of your friendly partialities to me； of
which I have so often had reason to be sensible。 My opinion
originally was that the President of the U。S。 should have been
elected for 7。 years； & forever ineligible afterwards。 I have since
become sensible that 7。 years is too long to be irremovable； and that
there should be a peaceable way of withdrawing a man in midway who is
doing wrong。 The service for 8。 years with a power to remove at the
end of the first four； comes nearly to my principle as corrected by
experience。 And it is in adherence to that that I determined to
withdraw at the end of my second term。 The danger is that the
indulgence & attachments of the people will keep a man in the chair
after he becomes a dotard； that reelection through life shall become
habitual； & election for life follow that。 Genl。 Washington set the
example of voluntary retirement after 8