USA > Connecticut > Hartford County > Hartford > Christ church, Hartford, Volume I > Part 11
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As an investment it has not been a success. It was not situated in a particularly growing neighborhood, and was too far from the center of the town to be affected by a probable increase in value for some years. The estimate ($17,000) which Mr. Carter placed upon it, was too large for the prudence of a careful inves- tor, and not large enough for an investment of trust funds, nor was it ever likely to be a satisfactory in- vestment, satisfactory as to payment of principal and interest ; it could hardly be termed "a loan upon im- proved real estate, and so, when there came a time of trial, there was a collapse, a diminution of values, and a serious impairment of the Fund.
The security of the investment of trust funds should demand the serious consideration of all who are engaged in their management. Many of them are composed of the last earthly gifts of men and women, who can no longer watch or
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CHRIST CHURCHI, HARTFORD.
control them; they become the pious offerings of hearts softened by a contemplation of death, or affected by a desire to help the sick and the poor, who may live after them. The trust, therefore, becomes, in a sense, a sacred one, demanding our consideration of it, beyond that of an ordinary business venture. Whatever an individual might think was allowable to himself in speculative investments, should never be applied to these trust funds. Nor should any tempting high rate of interest influence him to make or assent to loans which are not in their character as safe as can be made. In all the trusts which belong to religious societies, benevolent associa- tions, hospitals, and the like, a safe security for the principal should be the first object, and the rate of interest the second.
Notwithstanding all our prudence, there will be losses which we cannot escape, and which no foresight could have anticipated. These should not trouble us or lead us to blame others or ourselves. It is those losses which might have been avoided, that become the most grievous.
This matter has been dwelt upon in this connection, as being proper in a consideration of all of our funds, and not for the purpose of impeaching the integrity or want of faith- fulness of those who have been concerned in their manage- ment. The Parish needs and will continue to need all which has been given for its support, and we must see that none of it is lost, through any lack of care by ourselves.
Mr. Matson says, after an examination of the executors' account, at the probate office, that "the executors of Chester Adams in their account filed in January, 1872, charge on July 24th, 1871, $10,000 paid to Christ Church Parish. This was presumably in cash, as it is entered into their account as such." There have been reports that it was paid in bonds of the United States, but there is no record evidence that such was the case. The first recognition of it was at a Vestry meeting February 10, 1872, when a notice of the legacy was read, and entered on the records, and "the Wardens were advised to invest the Adams Fund in a good note or bond, secured by mortgage on real estate," and it was so invested on March 13th of the same year. Any account of the Fund
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REPORT ON FUNDS.
does not appear on the Treasurer's book, as it was placed in the hands of the Wardens, and is under their management. It is very proper, however, that they should make a statement of the condition of the Fund to each annual meet- ing of the Parish, showing that they have complied with the intent of the testator. This is not only proper as a mat- ter of business, but it keeps in mind the knowledge and value of the generous gift.
The income from the Fund was used for the poor of the Parish, as is well known, but we have found no record of it, until 1880. Since that time all the receipts and ex- penditures have been kept in a book which passes from the hands of the Wardens to their successors, so that the condition of the Fund can be ascertained at any time. The management of it has been attended with considerable labor and vexation.
BROWNELL MEMORIAL FUND.
This Fund now amounts to $143.06, and is deposited in the State Savings Bank. Dr. G. W. Russell is the present Trustee. The history is told in the following minute, which is found in the bank book :
"This Fund-originating in the offertory on the occasion of the re-opening of the Church, after additions, Dec. 23, 1879, the Semi-Centennial of the Consecration of the present church edi- fice - is intended for a memorial tablet of some sort, to the late Bishop Brownell, when sufficient money has been raised for that purpose.
W. F. NICHOLS."
When Mr. Nichols left the Parish the present Trustee was appointed by him. No addition has been made to the principal since 1883, except the annual interest.
A plan was in contemplation some years since, for placing a bust of Bishop Brownell in the west wall of the church, but it came to naught.
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CHRIST CHURCH, HARTFORD.
CHARLES H. NORTHAM FUND.
Colonel Northam was long a member and communicant of the Parish, was zealous and much interested in its work, and had in various ways contributed to its support. His ample means and generous nature found their natural outcome in listening favorably to the appeals which were often made to him. " Well, doctor," said he to one of your committee, "what is wanted now, you are only the fifth who has called this morn- ing for church purposes." He was well acquainted with the history of the Episcopal Church Fund, and felt that the man- agement of it had been injudicious, and greatly feared that its existence as a fund was lost. He instituted enquiries for the Scrip of which we have spoken, but was unable to find it. When he made his will, August 11, 1877, he gave ten thou- sand dollars to the parish, by the fifteenth section of the same, of which the following is a copy :-
" I give and bequeath to the Parish of Christ Church of Hartford, where it has been my privilege to worship for many years, the sum of ten thousand dollars ($10,000), the same to be securely invested in loans, secured by mortgages of unencumbered real estate, and the income thereof to be applied to the maintenance and support of public worship in said Parish, according to the established forms and usages of the Protestant Episcopal Church."
But this is not the authority under which we possess, for it was revoked by a codicil dated April 19, 1880, which is here given: --
"Second, I hereby revoke, cancel, and annul, the fifteenth clause of my said will, wherein the sum of ten thousand dollars ($10,000), is given to the Parish of Christ Church, and in lieu thereof I do hereby give and bequeath to the Security Company, a body politic and corporate under the laws of the State of Connecticut, and having its office and place of do- ing business in said Hartford, the sum of ten thousand dollars ($10,000), in trust, and for the uses and purposes following, viz .- to invest said sum in loans secured by mortgage upon improved and unincumbered real estate, and to pay out the net income thereof to the person who for the time being shall be the Treasurer of the Parish of Christ Church, a cor- poration located in said Hartford, said income to be by him, the said Treasurer, applied and expended for the support and maintenance of
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REPORT ON FUNDS.
public worship in said Parish, according to the forms and usages of the Protestant Episcopal Church."
It will be seen that the codicil of 1880 is quite different from the clause in the will of 1877, which gave the money directly to the Parish, so that, as it now stands, the legacy is held by the Security Company in trust, the net income being paid to the treasurer of the Parish. This has been done regularly in each year up to the present time, and it has been used in paying parish expenses.
It is proper, as a part of the history of this fund, that the action of the Parish, April 10, 1882, should here be inserted. This action was taken, as it was supposed that Col. Northam intended that his legacy should take the place of the Episco- pal Church Fund.
" Whereas, our late parishioner, Mr. Charles Harvey Northam, did in his last will and testament provide that his Executors should pay the sum of ten thousand dollars to be held in trust, 'for the support and maintenance of public worship in Christ Church,' and
"Whereas, Mr. Northam, in a conversation held with the Rector in the Directors' room of the Mercantile Bank, on Saturday morning, March 26, 1881, did make reference to the Fund formerly possessed by the Parish, known as the ' Episcopal Church Fund,' but not now in existence, and say, 'I have provided that that amount shall be made up to the Parish when I am under the sod; ' therefore,
"Resolved, That we place on our Records this recognition of the gen- erosity of the gift, which was in keeping with his generosity and rare nobility of character, throughout the half century of his connection with Christ Church, and this testimony to the deep sense of Parish honor in the wish and intent, verbally expressed, on the occasion referred to in March, ISSI.
"Resolved, That the income from the Fund left by Mr. Northam, be considered in lieu of the income of said ' Episcopal Church Fund,' and that the Wardens and Vestry be a committee with power to appro- priate said income to such maintenance or extension of parish usefulness as may in their judgment be best."
A question may arise as to the binding character of the conversation of Mr. Northam with Rev. Mr. Nichols. There can be no doubt but that he said what is reported, that is, " I have provided that that amount" (referring to the Episco- pal Church Fund) "shall be made up to the Parish, when I
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CHRIST CHURCH, HARTFORD.
am under the sod." He felt quite warmly about the diversion of the fund from its original intent, and was anxious to re- store it if possible. This, it will be remembered, amounted to $8,500 when it was invested in the church building. He had searched for the Scrip, or evidence of indebtedness, in vain, and regarded it as lost. Probably he would have given a like legacy if the fund had been in existence, for his gen- erosity was great. But his jealousy for the honor of the Parish was such that he wished to remove any possible re- proach that might have been made in the investment.
It will be observed that neither in the fifteenth clause of the will of 1877, nor in the codicil of 1880 which repeals it, is there any mention made of the Episcopal Church Fund, or of his desire to make his legacy a substitute for it. So that it would seem to be a matter for the courts to decide, whether this gift could be made to take the place of this fund, and thus bring it into existence again.
Whether this Episcopal Church Fund has lapsed, and has now no existence, is argued elsewhere; but it is well to con- sider some of the conditions of the Episcopal Church Fund, as defined in its Constitution, and also the conditions which are attached to the bequest of Mr. Northam. And first, this fund was legally constituted by the above name by the Gen- eral Assembly ; the Wardens and Vestry were its legal guardians, under the name of the Trustees of the Episcopal Church Fund; they had the management of the same, and they alone. When the Wardens and Vestry requested Mr. Huntington to deliver the Scrip of the fund, No. 28, to the treasurer, he declined, as the Wardens and Vestry had not met as trustees of the fund, and the treasurer of the Parish was not the manager of it. When they did so meet and re- quest that it should be delivered to Mr. Preston, it was so done and deposited in the Phoenix Bank, where it was lately found, as has been related. Thus it is shown that the trus- tees are alone empowered to invest the fund and pay over its income to the Parish.
Second. It is shown by the codicil of the will that the Security Company was to receive the legacy, was to invest it,
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REPORT ON FUNDS.
and pay the net income to the Treasurer of the Parish, con- ditions entirely different from those belonging to the admin- istration of the Episcopal Church Fund, taking its manage- ment out of the hands of the Trustees, and placing it in another corporation. Both of these are legally constituted, and have specific duties to perform, and one cannot usurp or take the place of the other. Inextricable confusion would occur if such was to be allowed. The intent, as verbally ex- pressed by Mr. Northam, is of value, but when he directs the legacy to be paid to the Security Company, to be man- aged by it, to receive and pay over its income to the Treas- urer of the Parish, it is beyond his power or legal ability to place it elsewhere, because it constitutes a condition incom- patible with the administration of the Church Fund.
Nor can the parish create any new conditions concerning this legacy, nor can it substitute this gift for the eighty-five hundred dollars which was loaned it and invested in the church building; the terms of the legacy are fixed, and be- yond the possibility of recall. The intent of Mr. Northam was noble, and is deserving of commendation beyond the mere giving of money. It contemplated the reviving of a fund which had disappeared, not been actually lost or de- stroyed, but had disappeared and been forgotten, except by himself and a few others. It was, therefore, very honorable in him to make such a gift as would bring it to remembrance again, even if it did not revive it.
The examination of the mortgages and the witness of their assignment by the Security Company to the Charles H. Northam Fund and the Susan R. Northam Fund, of Christ Church, was made by Mr. Taylor, who adds:
The Charles H. Northam Fund and the Susan R. Northam Fund, of $10,000 each, under the provisions of the wills of the donors, are held in trust by the Security Company of this city, for Christ Church Parish. The funds are invested in real estate mortgages; and the title to those mortgages is held by the Security Company, as trustee for the parish; and the Committee have verified the present securities under the trust, through the courtesy of the Vice-President and Treas-
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CHRIST CHURCH, HARTFORD.
urer of the Security Company, who prepared a schedule of the present investments. These investments are continually changing, as the mortgages mature and become payable ; and the schedule offered is, therefore, simply an inventory of the investments as they appear at this time, and subject to future changes.
The mortgages are upon western farms, and the interest seems generally to have been regularly paid. The schedule is held by the committee.
THE SUSAN R. NORTHAM FUND.
She was the daughter of George R. and Jerusha (Ed- wards) Risley, and was born at Montpelier, Vermont, in 1809. Her parents not long afterwards removed to East Hartford, where she was married to Col. Charles H. Nor- tham in 1828. She died November 27, 1883.
She was of a quiet, loving disposition, and the lives of both husband and wife were passed in as much happiness as falls to most mortals. She generously remembered the Parish with which she had long been connected, as is shown by her will, dated September 20, 1882:
" Thirteenth. I give and bequeath to the Security Company, a body corporate organized under the laws of Connecticut, and located at Hartford, in said State, the sum of ten thousand dollars ($10,000), in trust, and for the following uses and purposes, viz .: to invest said sum in loans secured by mortgage of improved real estate, free of prior incumbrances, and to pay over the net income thereof to the person who, for the time being, shall be the Treasurer of the Parish of Christ Church, a corporation located in Hartford, said income to be by him, the said treasurer, applied and expended for the support and maintenance of public worship in said parish, according to the forms and usages of the Protestant Episcopal Church."
MARY GOODWIN FUND.
At a Parish meeting held April 18, 1881, the Rector read the following letter:
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REPORT ON FUNDS.
" HARTFORD, March 20, 1881.
" To the Rector, Wardens, and Vestry of Christ Church Parish, Hartford, Conn.
" DEAR SIR, - We enclose herewith a copy of the agreement of Lucy M., James J., and Francis Goodwin, dated March 25th, 1881, to convey to the Trustees of Donations and Bequests for Church Pur- poses of this diocese ($5,000) five thousand dollars, to be known as the ' Mary Goodwin Fund,' the interest of which is to be paid each year to Christ Church Parish for the cleaning and care of the Chapel and Parish Building according to the terms of said agreement. We beg now to inform you that the said $5,000 has been handed to said Trustees, and that they have accepted or will accept the Trust. We should be glad to receive your acceptance of the conditions of this agreement.
" Yours very truly, "J. J. & F. GOODWIN." Copy.
" Whereas it was the wish of Mary Goodwin, late of Hartford, Conn., who departed this life on the 28th day of October, A. D. 1880, that some provision should be made to have the building known as the Chapel and Parish Building of Christ Church in said Hartford kept with particular care, so that it might be at all times perfectly clean and ready for use - Now therefore
"KNOW ALL MEN BY THESE PRESENTS :
" That we, Lucy M. Goodwin, James J. Goodwin, and Francis Goodwin, all of the City and County of Hartford, and State of Con- necticut, in consideration of our regard for the interests of the Parish of Christ Church in said Hartford, and in compliance with the wish of the late Mary Goodwin, deceased, do hereby give, grant, and con- vey unto 'The Trustees of Donations and Bequests for Church Pur- poses,' a corporation duly organized under the Laws of the State of Connecticut, the sum of five thousand dollars, to be hield by them, the said corporation, as perpetual fund, to be known as the 'Mary Good- win Fund,' in the manner and for the purposes hereinafter set forth. First, The said corporation shall hold the said Fund as provided in the act of its incorporation and the amendments thereto, and shall have full power to retain all or any part of said Fund in the invest- ments existing at the time of its endowment, or may sell, convert, exchange, invest, and reinvest the same, or any part thereof from time to time in their discretion, and in such securities as the said Trustees may deem for the best interests of the Fund, having regard to the safety rather than a high rate of interest. Second, The said Trustees shall, within sixty days after Easter in each year, pay out of the income of said Fund to the Parish of Christ Church, in said
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CHRIST CHURCH, HARTFORD.
City of Hartford, such sum as said Parish shall have expended during the previous year, ending at Easter, in cleaning the building situated on Church street in said Hartford, and known as the Chapel and Parish Building of Christ Church, being the building recently erected at the joint expense of the said Lucy M. and Mary Goodwin, and now held in trust by the said Trustees of Donations and Bequests, the conditions of this payment being that the said Parish shall certify to the satisfaction of said Trustees, that the said building has, during the time for which payment is claimed, been kept at all times in per- fect order, and ready for use, and that for this purpose the Parish has employed a woman to clean said building at least one day in each and every week, and so many more days, or parts of days as may have been necessary to thoroughly accomplish the aforesaid pur- pose, and no payment shall be made from the income of this Fund to the Parish of Christ Church, for any purpose whatever unless the aforesaid conditions shall have been exactly complied with, and under no circumstances shall any payment be made in advance of the time specified, nor shall any payment exceed the net income of the Fund for the preceding year.
" Third. If after reimbursing said Parish for the amount ex- pended in cleaning said building, there shall remain, of the net in- come of this Fund, an unappropriated balance, then the said Trustees shall repay the said Parish whatever the said Parish may have ex- pended during the preceding year for heating and lighting said building, not exceeding, however, the amount of such unappropriated balance.
" Fourth. If for sixty days after Easter the said Parish shall fail to claim the net income of this Fund, or shall fail to show to the satisfaction of the Trustees, that the aforesaid conditions have been complied with, then the said net income shall be added to the princi- pal and become part of the permanent Fund, and if in any year the net income shall exceed the expenses above enumerated, such excess shall also become part of the principal and treated as such.
"Fifth. The first payment shall be the accrued interest on the investment to May Ist, 1881, and shall be paid to the same Parish within thirty days thereafter.
" Sixth. If said building shall at any time be destroyed and not rebuilt, or if from any cause said Parish shall abandon its use, then the net income of said Fund shall be annually applied to such benev- olent or missionary object in the City of Hartford as the said Trus- tees, for the time being, shall determine by a major vote of the entire Board.
"Seventh. If from any cause the principal of said Fund shall become impaired so as to fall below the original amount, the pay-
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REPORT ON FUNDS.
ments shall be omitted, and the income added to the principal until such time as the impairment be made good.
"In testimony whereof we have hereunto set our hands and seals this 25th day of March, A. D. ISSI.
LUCY M. GOODWIN,
" Signed, JAMES J. GOODWIN, FRANCIS GOODWIN.
" Witness, E. L. GAYLORD."
" V'oted, That this Parish accept the generous Gift, and that the Rector and Wardens be appointed a committee to prepare and pre- sent a suitable letter of acknowledgment."
It is believed that the Parish has endeavored to carry out faithfully its part of the contract. If the building has not always been kept in perfect neatness it may be due to the conditions for which it is used. The many different organizations which meet in it every week and sometimes a number of them in one day, one following the other in such rapid succession that the dirt or rubbish of one can- not be removed before that of another is added to it, prevents that perfect neatness which can be found in a private home. It has been the endeavor, as some of us know, to keep the Chapel as neat as was possible, and in as becoming condition as is fit for any house of public worship. Though not specially consecrated it has been set aside for different religious exercises connected withi the Parish, and it is due that it should be treated with proper reverence. It is not a place of amusement, or for loungers, or boisterous romping, or for idle gossip. The Chapel and Parish building become parts of a system of Christian worship and Christian duty which the Parish has undertaken to do. It accommodates exceedingly well the various organizations which meet in it and are carry- ing on our parish work. The thoughtful consideration which made it so valuable, should ever make us thankful to the donors and lead us to respect it as devoted to a holy and serious use.
According to the report of the Trustees of "Donations and Bequests for Church Purposes " made to the Convention
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CHRIST CHURCH, HARTFORD.
of the Diocese for 1893, the investment consists of five of the Chicago & Western Indiana R. R. bonds.
Mary Goodwin was the daughter of James and Lucy (Morgan) Goodwin, was born April 9, 1846, and died October 28, 1880. She was of a most amiable and loving disposition, of decidedly religious character, and much interested in all Parish work.
GRACE TUTTLE FUND.
Grace Tuttle was the daughter of William F. and Sarah (Ramsey) Tuttle. She was born Dec. 16, 1846, and died Jan. 31, 1883, and was much interested in the Sunday-school, having been for some time one of its teachers. The follow- ing is taken from the Parish records:
" At a Parish meeting March 26, 1883. The Rector read a letter from Jane Tuttle, donating the sum of four hundred dollars to the Parish of Christ Church, in memory of her sister, Grace Tuttle, and to be known as the 'Grace Tuttle Fund,' the income of the same to be expended annually for the benefit of the Sunday-school of said Church.
"On motion the donation was accepted, and the Clerk was requested to notify Miss Tuttle of the same."
This Fund is deposited in the Security Company, at four per cent. per annum, and the interest is paid semi-annually by the Treasurer of the Parish to the Treasurer of the Sun- day-school. It was left with the Treasurer of the Parish by Mr. Wm. F. Tuttle, with no special instructions, but with the expectation that it would be invested in a bond or mortgage upon improved real estate, which we advise to be done.
OPEN HEARTH FUND.
This was created by a donation of six thousand dollars ($6,000) from Mrs. Lucy M. Goodwin, and is explained by the following from the Parish records:
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