In it, it is mentioned the following: That as it has always been a source of serious regret with me, to see the youth of these United States sent to foreign Countries for the purpose of Education, often before their minds were formed, or they had imbibed any adequate ideas of the happiness of their own; contracting, too frequently, not only habits of dissipation & extravagence, but principles unfriendly to Republican Government and to the true & genuine liberties of Mankind; which, thereafter are rarely overcome.

I give and bequeath in perpetuity the fifty shares which I hold in the Potomac Company (under the aforesaid Acts of the Legislature of Virginia) towards the endowment of a UNIVERSITY to be established within the limits of the District of Columbia, under the auspices of the General Government, if that government should incline to extend a fostering hand towards it; and until such Seminary is established, and the funds arising on these shares shall be required for its support, my further Will & desire is that the profit accruing therefrom shall, whenever the dividends are made, be laid out in purchasing Stock in the Bank of Columbia, or some other Bank, at the discretion of my Executors; or by the Treasurer of the United States for the time being under the direction of Congress; provided that Honourable body should Patronize the measure, and the Dividends proceeding from the purchase of such Stock is to be vested in more stock, and so on, until a sum adequate to the accomplishment of the object is obtained, of which I have not the smallest doubt, before many years passes away; even if no aid or encouraged is given by Legislative authority, or from any other source.

[1] Since about 1895, there had been a movement to build a National University dedicated to the first President of the United States, George Washington as the centennial of his death was approaching.

The committee proposes to raise in small contributions the sum of $250,000 for the erection of a building for educational purposes, the corner-stone of which shall be laid on or near the one hundredth anniversary of his bequest in this behalf.

[2] On December 14, 1897, the executive committee gathered at the Hotel Raleigh in Washington, D.C., for their first annual meeting to discuss the Memorial University Project.

[2][5] During the four-day meeting, it was called for February 22, 1898 to be an Offering Day to the memory of George Washington to reach the $250,000 goal set then to build a National University.

It was hoped that a cornerstone of an administration building could be laid by December 14, 1899, the hundredth anniversary of Washington's death.

[4] The Administration Building was to be built on the land previously occupied by the Baltimore and Potomac Railroad Station on what was then known as Armory Square.

A few years after the laying of the cornerstone, it became obvious that, while the Association had been able to collect over $500,000 nationwide, it would not be sufficient to reach the $2,500,000 needed to build the project.

It was believed at the time to be the star marking the spot in the former train station where President James A. Garfield had been shot.