such funds as are placed at their disposal by the churches, and the friends of Christian learning. After careful examination, they make estimates, and do all in their power to have them realized, but except in special cases, and to a very limited extent, scrupulously avoid any thing in the shape of a pledge that these estimates shall be made good. And the funds actually contributed take the form of permanent endowments only by the direction or consent of the individual donors. The final effort in behalf of institutions in States east of the Mississippi, resolved upon at the last meeting of the Board, was based upon estimates thus made. And the mode of carrying it out is indicated by the following resolution, viz: "That the oflicers of the college interested in this movement may have the opportunity, in connection with the ordinary agencies of the Society, and under the direction of the Consulting Committee, to exert themselves efficiently for the accomplishment of this object, so far as may be practicable, without interfering with the regular objects of the Society."

So far as this effort is concerned, no possible ecclesiastical changes in the future can shift the responsibility, or the interest of the matter. All the institutions in question, with the exception of one German, were started by common counsels, and for common ends. They have been built up by common funds, and neither of the denominations can afford to relinquish its interest in them, and neither should hesitate to do its share of what is necessary to give them perpetuated life. It would be manifestly unjust for either to throw the chief burden of responsibility of the common cause on the other, and reserve its own strength for enterprises more in alliance with denominational interests. Co-operation in good faith, would of course involve a righteous adjustment of influence in respect to the institutions aided.

The Board have no interest whatever in simply perpetuating the Society; on the contrary, they would be the very first to move for its dissolution, provided it were apparent that the work could be more successfully accomplished in some other way. There can hardly be a doubt, however, that its dissolution would be but the signal for an indiscriminate rush of applicants-each contending, as in former years, for the patronage of the churches. The Society, by its thorough system of investigation in respect to the claims of colleges that apply for aid, has probably prevented a waste of funds on illadvised schemes, that would not fall short of the entire cost thus far of working its machinery. And this is but the beginning of what may yet be done in the same direction, by an

intermingling of Eastern counsels, and a careful supervision of this great interest, rendered effective by thoroughness of investigation under the guidance of broad and liberal principles.

It has already been seen, that the Society during the fourteen years of its existence has not only given the churches, universally, rest from conflicting appeals in behalf of colleges-but that it has held a shield ever hundreds that have not, as yet, contributed the first dollar to its funds. It has, however, a higher vocation than to guard the field against the irruption of Western agents. Better far that it were entirely out of the way, than to adopt a policy based upon inadequate views of the vast field upon which it operates; or be out of sympathy with the noble band of men, who, either in groups or single-handed, are toiling in the cause of Christian learning, and struggling to lay broad and deep, in that land, the "foundations of many generations."

But let a cordial union, and one based upon just and honorable principles, be perpetuated between the two denominations that co-operate in the Society, and they will have an ability unsurpassed for this great work. By a wise limitation, too, in respect to the number of institutions to be established, and a proper development of Western resources, the demands of Collegiate and Theological education can be met without excessive drain upon the Eastern churches, and a power for good created which shall be felt through all succeeding ages.

In behalf of the Board of Directors,

THERON BALDWIN,
Corresponding Secretary.

CONSTITUTION

OF THE

SOCIETY FOR THE PROMOTION OF COLLEGIATE AND
THEOLOGICAL EDUCATION AT THE WEST.

ARTICLE I.-This Association shall be denominated, The Society for the Promotion of Collegiate and Theological Education at the West.

ART. II. The object of the Society shall be to afford assistance to Collegiate and Theological Institutions at the West, in such manner, and so long only, as, in the judgment of the Directors of the Society, the exigencies of the Institutions may demand.

ART. III.-There shall be chosen annually by the Society, a President, Vice-Presidents, a Corresponding and a Recording Secretary, a Treasurer, and a Board of eighteen Directors, which Board shall have power to fill its own vacancies, and also to fill, for the remainder of the year, any vacancies which may occur in the offices of the Board. The President, VicePresidents, and Recording Secretary, shall be ex-officio members of the Board of Directors.

ART. IV. Any person may become a member of this Society by contributing annually to its funds, and thirty dollars paid at one time shall constitute a member for life.

ART. V.-There shall be an annual meeting of the Society at such time and place as the Board of Directors may appoint.

ART. VI.-Five Directors shall constitute a quorum for the transaction of business, except for the appointment of a Secretary and the appropriation of moneys, when nine shall be present.

ART. VII.-It shall be the duty of the Board of Directors to employ all agencies for collecting funds; to investigate and decide upon the claims of the several Institutions; to make the appropriations in the most advantageous manner (it being understood that contributions designated by the donors shall be appropriated according to the designations); to call special meetings of the Society when they deem it necessary; and generally to do whatever may be deemed necessary to promote the object of the Society.

ART. VIII. This Constitution may be altered or amended by a majority of two-thirds of the members present at an annual meeting of the Society, provided the alteration proposed shall have been specified and recommended by the Board of Directors.

I certify that I have examined the vouchers for the disbursements charged in the foregoing account, and also the footings, and find both entirely correct.

M. O. HALSTED, Auditor.

NEW YORK, Oct. 21st, 1857.