must either derive existence from public patronage or not exist at all.
This is an interesting idea- that the University should be funded from public patronage or not at all. I think the wording is interesting here- the word "derive" is used in lieu of "funded" or "financed." This may reflect the power that the donors may have over this university. This is also an interesting statement because it defines the University of Virginia foremost as a public institution. Because of this, when reviewing the university, it is important to realize that the views and opinions of the university often reflect the views of the entire government, not just a couple individuals.