Laws. Isaac Young, the Treasurer of General Synod, having entered into bonds with two sureties approved by this Board in the sum of $5000, entered on the duties of his office; and was authorized by this Board to receive from the executors of the estate of Isaac Heyer deceased, the late Treasurer, and from Cornelius Heyer, the acting Treasurer after his decease, all the books, securities, and monies belonging to General Synod. The money so received will appear in his annual account, and the securities will be mentioned in a statement of the funds. The Board having perceived that a beneficial result would arise by changing the time for taking up the collection for the Contingent Fund of General Synod, have changed the same from the first sabbath in January to the first sabbath in March. The Board, in pursuance of the direction of General Synod, have secured the copy-right to the book of psalms, hymns, &c. and have had the same renewed according to law, for the term of fourteen years. Shortly after their organization, a Committee of Inquiry was appointed, to examine whether monies heretofore invested on bond and mortgage, or otherwise, was properly and securely invested. The Committee have attended to that duty, and adopted the same measure as a standing rule of the Board, to be acted upon by a Committee to be annually appointed for that purpose at the first stated meeting after their appointment in every year. The Board have created a new fund entitled the "Indigent Students' Permanent Fund ;" and in compliance with a request contained in a letter from James Bogert, Jun., Esq., they have placed the sum of $200, heretofore subscribed by him, to the account of that fund. As this will hereafter form a distinct item in our accounts, it would be a pleasing consideration, should the same meet the views and participate the bounty of many among those who consecrate a portion of their substance to God; and who love to employ in his service the young and worthy, though destitute sons of the Church. The Board have the pleasure to communicate to General Synod, that the Board of Trustees of Rutger's College acting in concert with this Board, and with a view to promote the harmony which so happily exists between the two institutions and the best interests of both; have recently assigned and transferred to General Synod, in due form of law, the several bonds and mortgages for monies invested by them as Trustees of General Synod, belonging to the Professorate Fund, amounting together to $9750. The said bonds and mortgages are now in the hands of the Treasurer of this Board; and he has been directed to transmit the same to Mr. Peter Spader of New Brunswick, and to authorize him to collect the interest monies as the same shall become due thereon, and remit the same to him. A particular statement of which bonds and mortgages, with the accounts of Mr. Spader, will accompany this report. In June 1827, General Synod appointed two agents to sail for Holland with all convenient speed, and endeavour to accomplish the objects contemplated by them in their resolutions of the then last session on the subject; and this Board were thereby directed to defray the necessary expenses of the agency. A communication was received by this Board in March last from the Rev. C. C. Cuyler, the President of General Synod, informing them of the consent of the Rev. John F. Schermerhorn to proceed on his mission to Holland in the month of May following. And they have also received unofficial information that the Rev. Peter Labagh has also accepted the said appointment; but as official notice of the acceptance of only one had been received, and that so late; and other difficulties arising in our minds on the subject, we have not acted in the premises, but respectfully beg leave to refer the same to General Synod for further instructions. In the digest accompanying the last annual report, the Board stated that as no books of the late Treasurer of the distinct accounts of the second and third professorships had been found, they could not then therefore, more particularly report thereon; since which time, from the accounts of the late Treasurer they have been enabled to make detailed accounts of the monies received and invested by him for the said two Professorships, an abstract of which is now submitted to Synod, with a statement of the balance due from the late Treasurer of General Synod, amounting to $2328 41, which has been received by the present Treasurer from the executors of Isaac Heyer late treasurer. This board also state to General Synod in reference to the legacy of Isaac Heyer deceased, devised by his last will and testament in the words following, viz. "I give and bequeath to the treasurer of the Theological Seminary of the Reformed Dutch Church, for the use of the said Seminary the sum of two thousand five hundred dollars." That the same has been paid to the Treasurer of this Board by his executors. The Board respectfully refer the Synod to the Treasurer's Annual Account, and such other documents as will be laid before them, which will, as far as in their power, exhibit a full statement of the funds and money concerns of General Synod. Abstract of Receipts and Expenditures of General Synod, from 16th June, 1827, to 31st May, 1828, inclusive, extracted from the Treasurer's Annual Account, herewith delivered. Collections for Permanent Fund, for Theological College, Interest, and I. Heyer's Le- Dlls. C: 1,475 75 4,872 84 731 59 4,711 15 for Contingent Fund, for 25 Cents Donations, for Minutes of General Synod, For Subscriptions, Indigent Students' Permanent Fund, For Dividends on Turnpike Stock, Received for Bonds paid off, Interest, and for other various miscellaneous sums which cannot be carried to any particular account, PAYMENTS. Amount paid for Money Loaned, Professors' Salaries, Repairs of 195 61 27141 181 45 100 00 2000 20,118 20 32,678 00 Dlls. C. 24,682 04 7,995 96 32,678 00 ANNUAL DIGEST, 1828. The Board of Direction of the Corporation of General Synod; submit their Annual Digest as follows, viz: VOL. III. 14 (25) The amount of this Fund was, on the first day of April last, as reported by Mr. Peter Spader, the Deputy Treasurer of Rutgers' College, and which is loaned on Bond secured by Mortgages in the State of New Jersey, Balance in the hands of the Deputy Treasurer, Interest due on 1st May last, not collected, This Fund has increased the past year, by making so much of the Interest Principal, $17,541 82 71 51 1,058, 95 408 00 There was paid to Indigent Students during the past year out of this fund, $1220 50. II. Legacy of the late Miss Rebecca Knox. The amount of this fund is $2,000, due from the Trustees of the General Assembly of the Presbyterian Church. On which there was a balance of interest in the hands of the Treasurer of Rutgers' College, 1st April last, One year's interest received this year, due Jan. 1, 1828, $7 98 120 00 III. Professoral Fund, late in the hands of the Trustees of Rutgers' College, transferred to General Synod. Secured by Bond and Mortgage on Real Estate in the State of New Jersey, Received for interest during past year to 1st April, 1828, Balance due Treasurer per last account Paid on account of Professor De Witt's salary, Interest due 1st May, 1828, Balance due 20th April, 1828, in hands of Deputy Treasurer, Rutgers' College, IV. Indigent Students' Fund. 507 50 247 97 The sum of $90 has been paid by Isaac L. Kip, Treasurer of the Collegiate Churches in New York, for money received by him from Daniel D. Smith, for license to print an edition of Psalms and Hymns. This fund is a debtor to General Synod in a sum exceeding $1000. V. Indigent Students' Permanent Fund. James Bogert, Jun. has paid $200 towards commencing this Fund. VI. Permanent Fund. Under this head are included all the monies which have been collected and invested on the subscriptions for the Second and Third Professorships, as well as the monies formerly composing this fund. Loaned on Bond secured by Mortgages, Professoral Funds late in the hands of the Trustees of Rutgers' College, transferred to General Synod, valued at, A note of hand, balance of subscription, $35,600 9,750 800 700 6,500 500 240 100 54,190 During the past year there has been received from this source,For the Permanent Fund, Other collections for the Theological College, 361 15 |