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whom the Academy is not responsible, for the money is but to the Trustees the lawyer says that the Academy can mortgage the property without reference to what we have borrowed, for those who have lent us, have no lien -- now I think this is a bad state of things, & ought to be attend, for the safety of those who have lent us money to build, & for the safety of the Academy;  We must soon call on them for an extension of the power of borrowing, & that would be a good opportunity of amending the oversight without saying much about it--

Yours truly
Chas C. Ingham.