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.... M. The Southern Episcopal University. —The Augusta (Gu.) Dispatch, of the 29th ult., says : From... a University, to bo under the perpetual direction of the Protestant Episcopal Church, represented by board... each, to bis elected by the convention of tho same. Tho University is not to go into operation until... the sum of at least $500,000 shall bo actually secured. The funds subscribed to the University... the amount of interest received.-- The location of tho University has boon flxed upon, but some point in Ewt