Page:The History of the University of Pennsylvania, Wood.djvu/86

80 As the purpose for which the house had been built was now frustrated, and no other use to which it could be profitably applied presented itself, it became necessary so to dispose of the premises as to reimburse, as far as possible, the expense incurred by the state in their purchase and improvement. By a law passed in March, 1800, they were directed to be sold at public auction; and in July of the same year they were purchased by the university, for the moderate sum of forty-one thousand six hundred and fifty dollars, less than half their original cost As the purchase money was to be paid by instalments, the trustees were enabled to meet the demands upon them by the disposal of stock, and the sale of a portion of the old college and adjoining premises. A part of this property in Fourth Street they were bound by the conditions of their title deeds to retain in their possession, for the maintenance of a charity school, and the accommodation of itinerant preachers. By letting on ground-rent those unoccupied lots of their new purchase which fronted on Market and undefined streets, they provided a permanent income, which has very materially lightened the pressure of the first cost upon their resources. Some alterations in the building necessary to fit it for the purposes to which it was now destined, were made immediately after it came into their hands; and a very extensive edifice has since been added for the use of the medical professors. The schools were not finally transferred to it till the spring of 1802.