A Second APPENDIX.20


Year, but only evey Week in the four Terms, so the Word Daily, in the Founder's Will, may as justly and properly be understood to mean no other than every Day in the four Terms.

In this Manner these Lectures began to be read; and thus they continu'd without any Interruption 'till the dreadful Fire of London in 1666; when the Exchange of London being consum'd, this College was made Use of to supply the Want of Shops for the Inhabitants of the Exchange, and to be a Place for the Merchants to meet in, 'till such Time as the said Exchange could be re-built, as is before related. [p.127.a.] After which the Lectures began again renew'd in the Manner they had before been practis'd; and thus continu'd until they had again been like to be interrupted in the Year 1699, thro' the Discouragement the Professors met from the Trustees, who, under Pretence of a great Debt they had run into by re-building the Royal Exchange, in the sumptuous Manner it now appears, thought it good to stop the Professors Salaries; but they, however, did not think this a sufficient Reason to omit their Duty, but continu'd in the Discharge of it notwithstanding this great Difficulty they had to encounter with; the Particulars of which Matter are as follows:

Lectures interrupted by the Fire of London.

In the Month of August 1699, a grand Committee for Gresham Affairs was summon'd to meet, and the Professors directed to give their Attendance: When the Professors came, the Committee acquainted them, that Sir Thomas Gresham's Gift had greatly run them into Debt; that the Expence of re-building the Exchange, (to do which they were forc'd to take up great Sums of Money upon Interest) was so great, and the Income of the Exchange so small, the Trade thereof being greatly fallen of, that the present Profits of the Exchange were less than the Interest of the Money borrow'd to re-build it, whereby there was no Revenue left, to maintain and support the Uses of Sir Thomas Gresham's Will, wherefore they were not in any Condition to pay the Professor's Salaries any longer, nor any more could be at any Expence in repairing the College, tho' they had ever, before that, kept in constant Repair both the publick Rooms of the College and the private Apartments of the several Professors. The Professors used all possible Endeavours in the most respectful Manner, to prevail with the Trustees to recede from these Resolutions, but without Success, till the following Year they were forc'd to apply to Council, to advise them what proper Course to take to obtain Redress: The Council they apply'd to, were the then Attorney-General, Sir Thomas Trevor, (now Lord Trevor) and Mr. Henry Pooley, to whom they gave a short State of their Case in Substance, as follows:

Professors Salaries stopp'd by the Trustees.

Sir Thomas Gresham, by Will made 1575, left one Moiety of the Exchange, &c. to the City of London, to the Intent that they perform certain Payments mention'd in his Will, and the other Moiety thereof to the Company of Mercers, on the same Confidence and Trust. One of these Payments directed by the Will was, that the City should find four Lecturers in Divinity, Geometry, Astronomy, and Musick, for ever, and pay them, yearly, Fifty Pounds apiece: And that the Mercers likewise find three Lecturers for ever in Civil-Law, Physick, and Rhetorick, and pay them also Fifty Pounds apiece. As to his Mansion-House, with the Gardens, Stables, and Appurtenances, &c. the Will directs the same to be and remain to the said City and Company, upon Trust and Confidence that they permit and suffer the seven Readers aforesaid, there to inhabit, and have the Use thereof, to study and read the said Lectures Daily: And the next Year an Act of Parliament pass'd for the better performing this Will. The City and Company have accordingly enjoy'd this Gift, and have nominated the Readers, paid the Salaries, and kept the College in Repair every since, till of late, which they now refuse to do, alledging, that they were at a vast Charge in re-building the Exchange, and had borrow'd vast Sums to do it; and that the Interest thereof being first paid, the clear Profits of the Exchange, &c. will not pay the Salaries and other Payments appointed. The Trustees farther pretend, that the Ground Sir Thomas built the Exchange on, was not his own Ground. On stating their Case after this Manner, the Professors made these Queries, and receiv'd the following Advice.

They advise with Council.

"The first Question is (supposing they, the Trustees, have borrow'd Money to build) whither they, enjoying the Rents and Profits as they do, under the Will so confirm'd by Act of Parliament; and the Act for re-building the City not appointing in what Manner the Exchange should be re-built, are not bound in all Events to pay the seven Salaries, and the other Charities yearly, and whither they can be now admitted to controvert the Title to the Ground upon which the Exchange was built."

I conceive the City shall not now be admitted to controvert Sir Thomas Gresham's Right to the Ground on which the Exchange is built; and I conceive no extravagent or extraordinary Expences which the City may have been at in building the Exchange more sumptuously than needful, only for their own Grandeur and Magnificence, shall be allow'd to them to sink the Rents, in Disppointment of the Lecturers and other Charities: The necessary Charges of re-building in such a Manner as to make it answer a Rent sufficient to answer the Charities, must be allow'd' and if after such an Allowance, the rest of the Profits will not be sufficient to answer the Charities: I conceive the City ought to account for all the Rents and Profts from the Death of Sir Thomas Gresham, that so the Surplus of Profits may be apply'd to make up the Deficiency that is now.

"The second Question is, whither the several Readers shall bring in a Bill in Chancery for Performance of the Will in their own Names, and for their own Salaries only, or whither, in the Name of the Attorney-General, at their Relation, for the Payment of their Salaries and the other Charities in the Will?"

I conceive it most proper to bring the Bill in the Attorney-General's Name, at the Relation of the Lecturers, &c.
Henry Pooley, May 17, 1700.

Upon this Advice, the Professors, who still sought to the Trustees to give them Redress without running to Extremities, but could not prevail, filed a Bill in Chancery against the Trustees in Michaelmas Term, 1700. This Information was in Substance as follows: "That Sir Thomas Gresham did, in the Reign of the late Queen Elizabeth, at his own Charge, build and erect, in the City of London, a Building, which was by the said Queen call'd the Royal Exchange, that by his last Will, made 1575, he left one Moeity of the said Exchange, &c. to the City of London, and the other Moiety thereof to the Company of Mercers. Upon this special and express Trust and Confidence, and to the Intent that they should perform "

Prefer a Bill in Chancery against the Trustees.

Substance of this Bill.