The
management of these chests was, in all cases, practically identical. The
preamble of the ordinance, by which the administration of the funds was
regulated, first stated the name of the donor, and then proceeded to
announce the desire of the University to requite his liberality by
annual masses and celebrations. The beneficiaries also were enjoined to
repeat so many "Pater Nosters" and "Aves" for the repose of his soul.
Next followed particulars of the sums that might be borrowed and those
to whom they might be advanced, always on condition that a pledge of
equal or greater value was first deposited by the borrower. The term
within which the pledge might be redeemed was specified, as also the
time at which an unredeemed pledge was to be sold after due notice had
been given by public proclamation. It was usual to appoint as guardians
a North and a South countryman, so as to obviate any complaints as to
the allocation of the funds, and provision was made for the registration
of loans and the audit of the accounts. The last chest to be
founded--this was in the latter half of the sixteenth century--placed at
the disposal of the University a sum raising the total amount to not
less than two thousand marks; and the capital, not merely the interest,
was available for the relief of embarrassed scholars. The pledges were
valued by the sworn stationer of the University, and that they were
expected to exceed in value the amount of the loan is shown by the terms
of ordinances, in some of which the guardians are required to submit to
the auditors an account of the capital and increase.
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