Word: hancocks
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...upsetting experience of John Hancock as Treasurer of the College around the time of the Revolution spurred the Corporation into changing its own composition. Hancock had proved irresponsible, keeping sketchy and inaccurate accounts, and when relieved of his position, neglecting to return some of the College's funds to the treasury. This incident drove the Corporation into seeking financial security and John Lowell, described as a "solid man of Boston," was appointed as a fellow in 1784. No more tutors or scholars were appointed after the resignation of Caleb Garnett in 1789. In this way the character of the Corporation...
...even as late as 1783, the Overseers reported that "it it not known yet what the late treasurer had received and paid." Hancock--by then governor of the Commonwealth--was enraged by this "indignity" and immediately switched his two sons from his alma mater to Yale...
Finally in 1785, the Governor acknowledged that he owed Harvard a balance of 1,054 pounds from his stewardship. He acknowledged it, that is, but died in 1793 without ever having paid a cent of it. Hancock's heirs, however, promised restitution and by 1802 had paid off the whole debt plus simple interest; yet the University is still out $526 of compound interest from its unfortunate appointment...
This settlement, of course, was only a minor irritation compared to the real problems of finance during the Revolution which were inherited by Hancock's successor. Treasurer Storer's faith and foresight led him to buy Continental Loan Certificates during these years of incredible inflation, and the Harvard history books single him out as one of the University's greatest heroes. Whether or not he saved the school from "hopeless bankruptcy," Storer's feat of raising the College's personal estate from $55,000 in 1777 to $182,000 some 16 years later was truly remarkable...
From then on, the rapid enrichment of the University paralleled that of the nation. While aiding the latter magnificently, Hancock had failed in his unintentional efforts to thwart the former. Harvard's investments climbed to over half a million dollars by 1830, to over a million by the outbreak of the Civil War, and to over ten million at the turn of the century...