DEAR SIR,--Your favors of the 18th and 25th came together, three days ago. They fill me with gloom as to the dispositions of our legislature towards the University. I perceive that I am not to live to see it opened. As to what had better be done within the limits of their will, I trust with entire confidence to what yourself, Gen. Breckenridge and Mr. Johnson shall think best. You will see what is practicable, and give it such shape as you think best. If a loan is to be resorted to, I think sixty thousand dollars will be necessary, including the library. Its instalments cannot begin until those of the former loan are accomplished; and they should not begin later, nor be less than thirteen thousand dollars a year. (I think it safe to retain two thousand dollars a year for care of the buildings, improvement of the grounds, and unavoidable contingencies.) To extinguish this second loan, will require between five and six instalments, which will carry us to the end of 1833, or thirteen years from this time. My individual opinion is, that we had better not open the institution until the buildings, library, and all, are finished, and our funds cleared of incumbrance. Those buildings once erected, will secure the full object infallibly at the end of thirteen years, and as much earlier as the legislature shall choose. And if we were to begin sooner, with half funds only, it would satisfy the common mind, prevent their aid beyond that point, and our institution remaining at that forever, would be no more than the paltry academies we now have. Even with the whole funds we shall be reduced to six professors. While Harvard will still prime it over us with her twenty professors. How many of our youths she now has, learning the lessons of anti-Missourianism, I know not; but a gentleman lately from Princeton, told me he saw there the list of the students at that place, and that more than half were Virginians. These will return home, no doubt, deeply impressed with the sacred principles of our Holy Alliance of restrictionists.