https://d1y502jg6fpugt.cloudfront.net/3575/archive/files/7bade86d51c227399b2b0049c5bd8b95.pdf?Expires=1779926400&Signature=esHH-H8cIGYd3CFib0bZxWpQ3EIQy-mpYbOoRGBNC1rHt7Q17YQT8U5%7EsAYKSJoBfd6UC5LyxrA1kZjXfYNZggtVx0AKtYP8BysXu05lUxVyc%7EBsVqykTLp3QFwv5e%7EB9ZjVkQuvNK97wFWqACiOLWHzUk%7Enl5KYqraHkBYTG6wQIn1gpYCiCqy4tscE3jYKRgqBT7NMsu2DixtTdOfDwrLvL3ahHP2QkYyMjTTLTwuRkj4xHL-e8MSQazrtCGAIg4R9-ey3hv%7EK4uCtK3BtT6n%7E37Irim5o7IvCNVv8gO5jDIM4BsU8c8bB9syNYIhhIQgxTRcAtsNV45Hlp%7E-gYQ__&Key-Pair-Id=K6UGZS9ZTDSZM 14a804ed579755549d49c85553c7ac00 PDF Text Text Centre College Board of Trustees Financial Committee Minutes (1858-1864) December 29, 1858 The Financial Committee of the Board of Trustees of Centre College met this day at the office of Bell and Cowan. Present, Dr. Lewis W. Green, John A. Jacobs, Ormond Beatty, Dr. Edward P. Humphrey, and John T. Boyle. Dr. Green was appointed chairman. On motion, Rev. William J. McKnight was appointed Financial Agent and Treasurer of Centre College, subject to the action of the Board of Trustees, with a salary of $1,000 to be paid quarterly, equally by the Board of Trustees of Centre College and the Board of Trustees of the Danville Theological Seminary, each paying $500 per annum. On motion, it was ordered that the expenses of the Financial Agent will be paid when travelling on the business of the College. On motion, it was ordered that the Financial Agent procure an office and furniture for it, one half of which will be paid for by the College, provided the other half is paid by the Danville Theological Seminary. Ordered that John T. Boyle be and he is hereby appointed agent and attorney to attend to the Covington and Lexington Rail Road bonds, sign petition to the trustee of Covington and Lexington Rail Road to take possession of the road, and take such steps as he may deem best for the interest of the College in securing said bonds, in joining in the suit by bondholders. Ordered that the president of the Financial Committee give a certificate to William J. McKnight of his appointment as Financial Agent of the Trustees of Centre College, and the Secretary of the Board of Trustees is authorized and directed to deliver to William J. McKnight, Financial Agent and Treasurer, all the books, notes, bonds, and other papers delivered by B. T. Melton to the Secretary. Ordered that William J. McKnight, Financial Agent, be directed to purchase three Louisville City bonds at rate not to exceed $75 in the hundred. On motion, it was ordered that the Financial Agent procure a book and keep a record of the proceedings and acts of this committee. John T. Boyle Secretary pro tem (Copied by W. J. McKnight) March 17, 1859 The Financial Committee of the Board of Trustees of Centre College met at the office of the Financial Agent. Present, Dr. Lewis W. Green, Dr. Edward P. Humphrey, Ormond Beatty, and John A. Jacobs. Dr. Humphrey was called to the chair. �Ordered: 1. That the Financial Agent be and he is hereby directed to purchase two Louisville City bonds at rates not to exceed 74 cents on the dollar. 2. That Prof. James Matthews [professor of English literature and Latin language] be allowed to draw, at this time, his June quarter of salary, at the same rate of interest which it is now bearing as a deposit at the Central Bank. 3. Mrs. Rachel B. Craig, who owes a scholarship note to Centre College of $500, on which there is &50 interest due, proposes to the Committee to pay $250 in hand and $250 on the terms of the subscription which is now making for the benefit of Centre College, viz., one third on the first of September 1860, one third on the first of September 1861, and the remaining third on the first of September 1862, also assigning to the Board of Trustees a claim on Mr. Ballinger of Stanford for the sum of about $30, the claim being for the use of her scholarship; Mr. Ballinger having acknowledged to Financial Agent that he would pay the claim, and Mrs. Craig further relinquishes to the College all rights to her scholarship from the date of trade. The Committee refer this money to the Board of Trustees to be divided between the endowment and building funds according to their pleasure. Ordered that the Financial Agent settle with Mrs. Craig on the terms above mentioned. 4. W. C. Lyle offers the Board fifteen shares of the Maysville and Lexington Turnpike Company, guaranteeing it to produce $30 annually. Ordered that the Financial Agent accept the proposition, provided Mr. Lyle will relinquish his scholarship. 5. That the Financial Agent visit and examine the Knob land left to the College by Mr. David Williams, form its value, and prospect of selling it. Adjourned to meet as the business requires. William J. McKnight, Financial Agent April 30, 1859 The Financial Committee met at the room of the Agent. Present: Dr. Green, Mr. Boyle, Jacobs, and Beatty. Dr. Green in the chair. A proposition was received from E. D. Hobbs, President of the Louisville and Frankfort Rail Road Co., proposing to redeem the bonds of his company by paying them par value, and the interest due on them up to the date of payment. Ordered that the proposition be accepted, and the Financial Agent be directed to settle with Mr. Hobbs on the above named terms. Adjourned. William J. McKnight, Financial Agent May 19, 1859 The Financial Committee met at the office of the Financial Agent. Present: Dr. Green, Mr. Beatty, and Mr. Jacobs. Dr. Green presided. A communication was received from the cashier of the Farmers Bank of Kentucky informing the Board of Trustees of Centre College that the bank would declare at its next regular semiannual dividend an extra dividend "of the accumulated surplus profits, to the extent of twenty percent, upon the capital stock," and proposing to give to each stockholder the privilege of subscribing for an additional share of stock in the bank, for each five shares of stock now held by such stockholder, and for any fraction of five shares, an additional share upon the payment of the amount over twenty per cent, dividend on such fraction, with ten percent premium thereon. Such overplus and �premium may be paid for out of the regular semiannual dividend, if that should be sufficient, otherwise it should be provided for before the first Monday in July next. The distribution to you may be stated thus: On 75 of your shares you will receive = 15 shares on 4 shares 20 per cent, $80 If you pay $20 and ten per cent premium thereon $2. $102 value of 1 share You will secure 16 shares Please to sign and return the subjoined power of attorney at your earliest convenience. J. B. Temple, Cashier The Committee accepted the proposition, and directed the Financial Agent to sign the power of attorney to fill the blank with the name of J. B. Temple, and direct him to subscribe for sixteen shares of stock, and to pay the $22 remainder out of the next semiannual dividend; and the Agt. was directed to procure the certificates of stock in the proportion of nine shares for the Theological Seminary and seven for Centre College, and to pay the Seminary $20 the premium on the 46th share of their stock. The Financial Agent reported that he had collected the five bonds of the Louisville and Frankfort Rail Road Company, and the interest on the same from January l, 1859, to May 17, 1859, being $114.18, and that the whole amount of $5,114.18 is now on deposit with [illegible word], Lyons and Co. of Louisville, through whom the bonds were collected; and further that there is now on deposit in the Central Bank at Danville $476.89 of principal collected from various individuals and from sale of lot of ground belonging to the College, and that all this sum is ready for investment. Ordered that the Financial Agent be and he hereby is directed to purchase seven Louisville City bonds at rates not to exceed 76 cents on the dollar. Committee adjourned. William J. McKnight, Financial Agent September 6, 1859 Financial Committee met at the room of Financial Agent. Present: Dr. Humphrey and Mr. Jacobs and Mr. Beatty. It was stated to the Committee that Mr. Wiseman and Mr. Long had failed to secure a house in which to carry on their classical school, and that no building could be procured. The Committee deeming it very important that the school be continued, appointed Mr. Jacobs and Mr. Beatty to buy the property owned by Mr. Rodes, Barbee and Co. These gentlemen succeeded in purchasing the property for $575. October 8, 1859 Financial Committee of Centre College met at the Office of Financial Agent. Present: Dr. Humphrey, John T. Boyle, John A. Jacobs and Prof. Ormond Beatty. Dr. Humphrey acted as chairman. �Ordered: 1. That the Financial Agent be directed to purchase five Tennessee State bonds at rates not to exceed ninety one cents in the dollar. 2. That the Financial Agent return the sum of $30, the amount of his tuition fee to Mr. Jon [unclear: Nall?], also the sum of $28.50 to Mr. E. [illegible word] the amount of his tuition fee. These gentlemen paid their fee before they entered College, and not being able to pursue the studies they designed, were permitted by the Faculty to withdraw and hence their tuition has been returned. This action is not intended to be construed as a precedent for further action. 3. A communication was received from J. R. Ford proposing to sell to the Trustees his two scholarships in Centre College, which was referred to Ormond Beatty and William J. McKnight to examine into the proposition, and if it be found that he offers his whole scholarships for $375, the Agent is directed to buy them for the College. 4. That John T. Boyle and William J. McKnight be a committee to visit Mrs. Carpenter, and endeavor to induce her to settle her note to Centre College. 5. That the Agent be directed after a short season to address Mr. Fox another note urging him in stronger terms to settle his note. 6. That the Agent be directed to rent the house and premises lately occupied by A. Bonta to Harrison Wickliffe, the janitor, for the sum of $50 per annum. William J. McKnight, Agent December 15, 1859 The Financial Committee met at the office of Financial Agent. Present: Dr. Green, John T. Boyle and 0rmon Beatty. Ordered: 1. That Financial Agent be directed to purchase two Tennessee bonds at the market value. 2. That Financial Agent be directed to settle the note of A. T. Skillman, deceased, with his administratrix, Mrs. Elizabeth Skillman, on the following terms, viz. that Mrs. Skillman pay one half of the principal which is $250, the whole sum being $500, and the past due interest up to date of settlement, and release and relinquish to the Trustees of Centre College all right to use or devise the scholarship, for which the above note was given, forever. 3. That the tuition fee of $33 paid by Thomas R. Dickerson, who has left College, be returned to his father Rev. A. C. Dickerson, the Financial Committee deeming the application by his father and his father's statement that his son's eyes were so diseased as to disqualify him for study a sufficient reason for this action. 4. That Prof. Robert Patterson [professor of mathematics] be allowed to draw from the Treasury on the first of January approximately $200 in addition to his regular quarter's salary, for which Prof. Patterson and Ormond Beatty shall execute their note, one half payable when Prof. Patterson shall draw his quarter's salary on the first of April 1860, the other half pay when he draws his second quarter on the first of July 1860. June 4, 1860 �Financial Committee met. Present: Dr. Green, John A. Jacobs, Ormond Beatty, and John T. Boyle. Ordered: 1. That the Agent be directed to buy one Tennessee bond. 2. That the Agent be directed to buy Mr. David A. Russell's two scholarships at the rate of $250 each, paying him for them with his own note of $500 held by the College for one of the scholarships, allowing Mr. Russell to send his son [blank space] to College for four years, but limiting the use of it to his son. 3. That the Agent buy J. G. Talbott's scholarship at the rate of $250, taking the Talbott's note for the remainder ($250) and the interest now due (the whole to bear interest) payable six months after date. 4. That the Agent buy the Rodes scholarship for $250 (if possible), allowing him the right to use it four years in the education of his son Charles, but it cannot be used in the education of any other person. August 16, 1860 Office Financial Agent, Centre College, Danville The Financial Committee of Centre College met this day. Present: Dr. Humphrey, Ormond Beatty, and John T. Boyle. Rev. William J. McKnight, having resigned his office of Agent and Treasurer of Centre College, and there being a vacancy, the Committee requested and appointed Prof. Ormond Beatty to act as temporary Agent and Treasurer until the vacancy can be filled, which he consented to do. The appointment of Financial Agent and Treasurer was tendered to Rev. Robert A. Johnstone who asked time to consider the subject, which is granted. Edward P. Humphrey, Chairman September 12, 1860 Financial Committee of Centre College met. Present: the chairman Dr. Humphrey and members Beatty and Jacobs. It was stated to the Committee that a letter had been received from Rev. Robert A. Johnstone, who had been appointed Financial Agent in the place of the Rev. William T. McKnight, declining the appointment thus tendered to him, whereupon it was resolved Mr. Samuel Heron be appointed the Financial Agent of the College, subject to the decision of the Board of Trustees of the College at their next meeting, with a salary at the rate of $500 per annum, and his office and travelling expenses when in the service of the Committee or Board paid. He is required to give his entire time to the service of the College, and (should he be appointed by the committee of the Theological Seminary) to the Seminary upon the terms and conditions embraced in resolutions appointing the joint agents of the two institutions heretofore. Ormond Beatty, Acting Secretary December 1, 1860 �Financial Committee of Centre College met. Present Dr. Green, Mr. Boyle, Jacobs, and Beatty. It was ordered by the committee that John T. Boyle, Esq., be and he is hereby appointed Financial Agent pro tem for the College in place of Mr. Samuel Heron, with full powers to discharge all the duties of Financial Agent and Treasurer, and to receive papers and money from the representatives of Mr. Heron and settle with same. It was ordered by the Committee that the rent of the house now occupied by Mr. Patterson be fixed at $[blank space] per annum, and the expense of all necessary repairs to be borne by the College. Ormond Beatty, Acting Secretary February 1, 1861 Present Green, Beatty, Jacobs, and Boyle. On motion of John T. Boyle, ordered that the Building Fund account be kept in the names of the Financial Committee on the books of the bank, and that all money collected for that fund be deposited by the Agent and collected to their credit on said account in bank; and no portion of it to be drawn except by the check of the Agent and the Chairman, or two members of the Committee. Ordered that the Financial Agent make a permanent deposit of $2,000 for six months in bank, and is to bear interest thereon. John T. Boyle, Secretary and Agent February [no day given] 1861 Present Ormond Beatty, John A. Jacobs, Dr. Green, and John T. Boyle. On motion, ordered that Rev. Heman H. Allen be and he is hereby appointed Financial Agent and Treasurer pro tem of Centre College, with the meeting of the Board of Trustees, at a salary of $500 per annum, payable quarterly. The appointment is made on the terms which Mr. Samuel Heron was appointed, and on same conditions and etc. John T. Boyle, Secretary Danville May 9, 1861 Office Financial Agency Centre College and Danville Theological Seminary Financial Committee of Centre College met at the Office of Agent. Present: Edward P. Humphrey, Lewis W. Green, Ormond Beatty, John T. Boyle The Committee, on consultation in regard to the funds belonging to the Building Fund and the General Fund, and the best disposition to be made thereof, and it appearing from information that the Central Deposit Bank is not willing to borrow the money or retain the same on deposit at interest subject to call or check, and the Committee regarding it safest to the interest of the College to loan the money to individuals, well secured by personal security or real estate security, ordered 1. That they will loan the Building Fund, for one year, at six per cent interest per annum, payable in advance; that no loan shall be made except by the concurrence of �at least three of the Committee approving the loan; that no loan shall be made on note with less than two perfectly good named, or mortgage or real estate, to be approved by three of the committee; that all notes for money loaned shall be made payable in bank in Danville. 2. That the Financial Agent return to Mr. Constant Holt the three dollars paid by him as tuition. Heman H. Allen, Financial Agent October 1, 1861 Office Financial Agency of Centre College. Danville, Ky. The Financial Committee met in the office. Present: Lewis W. Green, D.D., Prof. Ormond Beatty, John A. Jacobs. On motion, it was ordered that the Financial Agent and Prof. 0. Beatty be entrusted with the money in bank, whatever amount may be on hand, to take care of and secure in the best manner they can devise, in case of an emergency, consulting the other members of the Financial Committee if they have opportunity. This order is understood to apply to the public bonds also belonging to the Trustees of the College. October 7, 1861 The Financial Committee met in the office of the Financial Agency. On motion, it was ordered that the Financial Agent transfer so much of the Building Fund as is now on deposit from the Central Bank of Ky., Danville, to the Northern Bank of Ky., Lexington. Also, that the Committee approve the transaction of the Financial Agent, in which he released to Mrs. D. Carpenter her scholarship note of $500, taking her note, due one day after date, for $250; also, her note for $52.50 for interest. Mrs. Carpenter relinquishing to J. W. Welsh and he to the College, the rights to and use of her perpetual scholarship. Also, that the Agent transfer the balance of the General Fund in the Central Bank to the Branch Bank of Ky., Danville. Also, hearing that Mr. Ralston and Burbank have given up the Preparatory Department, that the Committee concur with the Faculty of the College in offering the charge of that department to Mr. George E. Wiseman, as Principal, and Mr. William Young, as Assistant. Subsequently, without any formal action on the part of the Committee, Samuel T. Allen was employed to teach the Preparatory Department. And at the close of the first Session, the first of February, by the approval of the Faculty, Samuel T. Allen gave up the position to Rev. W. D. Symington. January 28, 1862 The Committee informally authorized the Financial Agent to settle the note of A. D. Meyer and A. D. Irvine by taking, in exchange for their notes, a note on S. E. Farrand; Also, in the settlement, to purchase the scholarship of A. D. Irvine by relinquishing one half the note. Heman H. Allen, Secretary �Danville, Ky. May 13, 1862 The Committee met at the office of the Financial Agency. Present: Dr. Green, Mr. Ormond Beatty, Joshua T. Bell, and John A. Jacobs. Mr. Beatty presented the account of Prof. Robert Patterson for repairs on his house, which was allowed by the Committee, with the following order, to wit, that no additional expenditures will be allowed for repairs on the house before the close of the second year during which it has been occupied by Prof. Patterson. With regard to the present use of the permanent fund now lying in bank, the Committee passed the following order: That Mr. Bell be authorized to use it for the purchase of good private paper, at a discount of about ten per cent; the money shall be loaned to private individuals, with good security, for one year. Ordered: That in case of parties owing notes for scholarships to the College, who make use of their scholarships, and yet neglect to pay the interest on them, the Agent be directed to insist upon their prompt payment, and in case of failure to bring suit for the collection of the notes. Heman H. Allen, Secretary Danville, Ky. May 17, 1862 A meeting of the Financial Committee was called at the office of the Financial Agent. Only two of the members were present, namely, Ormond Beatty and Mr. John A. Jacobs. A proposition was presented to the Committee from Charles Henderson, Esq., to relinquish his right to a perpetual scholarship in Centre College, paying one half the principal of his note, $250, with one year's interest, there being now, four years interest due on it. In view of certain facts in the case, the Agent was authorized to accept the proposition. Ordered that the Agent take out an insurance policy in the Liverpool Ind. Company, on the Sayre Hall [first Sayre Library] for $4,000 at 1/2 per cent. Heman H. Allen, Secretary Office Financial Agency July 9, 1862 Financial Committee met pursuant to call. Present: Dr. Green, Prof. Beatty, and John A. Jacobs. On motion it was ordered 1. That the Financial Agent return to Gavin E. Wiseman of $25 for balance of rent of Preparatory Department for the year ending June 1861. 2. That Dr. Green obtain from Dr. Edward P. Humphrey a copy of his remarks at the inauguration of the Sayre Hall, and have the same, in connection with his own speech delivered on the same occasion, published in pamphlet form. 3. That Mr. Beatty be directed to see what repairs are needed on the Preparatory Department, and order them to be made. �Heman H. Allen Secretary Office Financial Agency July 31, 1862 Financial Committee met pursuant to call. Present: Prof. Ormond Beatty and John A. Jacobs, Esq. On motion, it was ordered: 1. That the Committee will not invest any portion of the College funds in public securities, at present. 2. That if an investment is effected, with private securities, the Committee will require not less than two satisfactory persons as security, in addition to the principal, all to be equally bound, and also will require the interest to be paid semi-annually, in advance; that the loan be made for one year, the Committee claiming the right to collect it when due. It was ordered by the members present that the security should present the above orders to Mr. Joshua T. Bell for his approval before recording or acting upon them, which was accordingly done. Heman H. Allen, Secretary September 16, 1862 Financial Committee met pursuant to call. Present: Prof. Ormond Beatty and John A. Jacobs, Esq. It was ordered that the salary of the sexton, Harrison Wickliffe, be reduced from $150 to $100 per annum, the reduction to take effect from the lst day of July 1862. Dr. Green afterwards appeared in the Committee, making a quorum, and approved the order. Heman H. Allen, Secretary Office Financial Agency December 1862 Two members of the Financial Committee, viz. Drs. Lewis W. Green and John A. Jacobs, Esq., met at the Office by previous arrangement with Dr. Humphrey, president of the Board of Trustees, and after conferring together, having learned that there was special necessity for paying at least a portion of the salary of Professor Robert Patterson, directed the Financial Agent to pay to Prof. Patterson $300 on account of salary: also directing him to lay this action before Prof. Beatty on his return to Danville, and if it meet his approval, to put it on record as an order of the Committee. Prof. Beatty, having given his approval to the action, the order is entered on the minutes. Heman H. Allen, Secretary January 12, 1863 The Financial Committee met pursuant to call. Present: Dr. Lewis W. Green, Prof. Ormond Beatty, and John A. Jacobs, Esq. �The Financial Agent, having stated that the note of F. L. Fox for $537.50 or thereabouts, had been lost, he was ordered to get a new note, which should be as near as possible a duplicate of the old note. In the case of S. E. Farrand's note, due 15th December 1862, the Financial Agent was ordered to give Mr. Farrand further time for payment, provided he would make the note secure. The Financial Agent was also ordered to purchase with any funds in his hands belonging to the principal, a note for $250, due 1st March 1864, on A. Clemens and W. L. Larkington, of J. U. Henderson, [illegible word], provided he finds either the first-signer or endorser of the note to be responsible and prompt in payment. Note to be purchased at the usual discount. Heman H. Allen, Secretary Office Financial Agency Danville, Ky. January 29, 1863 The Financial Committee met pursuant to call. Present: Rev. Dr. Lewis W. Green, Prof. Ormond Beatty, and John A Jacobs, Esq. The question was presented to the Committee by the Financial Agent, whether he should pay $250 for the scholarship owned by Isaac W. Scott. Also, the half scholarship of Robert S. Taylor and Mrs. Nancy A. Huston by relinquishing one half the note of $250. After considerable discussion, the Committee decided that, in their judgement, the action of the Board of Trustees, authorizing the Financial Agent to purchase scholarships at a price not exceeding $250, did contemplate his paying $250 in cash out of the permanent funds of the College in his hands for scholarships, for which the sum of $500 had been paid to the College. The Financial Agent was therefore directed to purchase the scholarship of Isaac W. Scott, at $250. The half scholarship above alluded to, he was directed not to purchase. It was also ordered that the Financial Agent pay to each of the Professors the sum of $300, of the funds now in his hands, and to the President a proportionate part of his salary, taking the notes of the individuals for the amount. Heman H. Allen, Secretary June 15, 1863 At a meeting of the Financial Committee, Prof. Ormond Beatty and John A. Jacobs, Esq., being present, it was ordered that the Financial Agent should subscribe, on behalf of the Board of Trustees, five shares in the National Bank into which the Central Bank is about being transferred by its stockholders, that being the amount of stock owned by the Trustees in the latter bank. Heman H. Allen, Secretary Office Financial Agency, Danville Ky. July 18, 1863 The Financial Committee met pursuant to call. Present: George F. Lee, Esq., chairman, appointed at last meeting of Board of Trustees in place of Dr. Green, John A. Jacobs, Esq., and Prof. Ormond Beatty. Ordered that the salary of the janitor, Harrison Wickliffe, be increased to $125 per annum. �The Financial Agent having laid before the Committee a copy of the will of Mrs. Catharine W. Bradshaw, it was ordered that he consult immediately with Joshua F. Bell, Esq., as to the steps which ought to be taken in regard to the matter of the above will, and proceed at once to act upon his advice. Heman H. Allen, Secretary Office Financial Agency, Danville Ky. November 3, 1863 At a meeting of the Financial Committee, at which were present George F. Lee, Esq., chairman, John A. Jacobs, Esq., and Prof. Ormond Beatty, the following orders were passed 1. That $50 be paid to Heman H. Allen for his services as instructor in the College, in the absence of Prof. Cooper, from the opening of the present session to the 5th day of October following. 2. That the tuition fees of V. P. Thomas and M. P. Drury be returned to them, they having been withdrawn from the College soon after entering. Heman H. Allen, Secretary Danville, Ky. December 3, 1863 At a meeting of the Financial Committee, pursuant to call, only Mr. Jacobs and Prof. Beatty were present. The Financial Agent was directed to invest the $200 of the Alumni Association Fund, reported in his hands, in U.S. 5-20 bonds, the investment of this fund having been intrusted to them by the Association. Terms were agreed upon in regard to purchase of the scholarships of C. Rodes and F. G. Montgomery, the former to be purchased by relinquishment of 1/2 note - $250 - with the privilege granted Mr. Rodes of tuition free for his son Charles; the latter to be offered the relinquishment of the interest due on his note $420+ - provided he will pay the principal and relinquish the scholarship. If he should not accept this proposition, he is to be requested to furnish in writing a statement to the Board of what he wishes them to do in regard to his note, with his reasons for it. If he refuses to do this, then the note is to be pressed for collection. Ordered that the Financial Agent have the Patterson house insured at $1,000. Ordered that the Financial Agent write to Rev. Alex Cowan, agent of [Kentucky] Colonization Society, that the secretary of that society can draw on the Financial Agent for the $500 appropriated by the Board to aid in removing the Overton negroes to Liberia upon furnishing to him a certified statement that the said negroes have sailed from Baltimore. Heman H. Allen, Secretary Danville, Ky. March 7, 1864 Financial Committee met pursuant to call. It was ordered that the Financial Agent direct our attorney at Hopkinsville to propose to Mr. J. F. Montgomery, who resists the payment of his scholarship note, to submit the decision of the case to the arbitration of the judge, without a �jury, Dr. Montgomery having appealed with Board of Trustees to release him, upon his statement of facts; see his letter on file. Ordered, also, to rent the Patterson house to Mr. Stevens at $150 or $200, at discretion, for twelve months. It was rented at $200. Ordered, also, to return one half the tuition of [William J.] Lapsley for this session, he having been under necessity of returning home. Mr. Beatty was directed to negotiate with Mrs. John C. Young [deceased President of Centre College] for the relinquishment of her scholarship, with some discretion as to the extent to which she should hold a reserved right for the education of Dr. Young's grandchildren, free of tuition. Heman H. Allen, Secretary Office Financial Agency July 4, 1864 At a meeting of the Financial Committee, called at the same time with the Building Committee, the following members of the two committees being present, Prof. Ormond Beatty, Dr. Humphrey, William J. McKnight, and Ezekiel Forman, the bank statements of Heman H. Allen, Financial Agent, were carefully examined, and the amount of his deposits, on the 10th of June, all were found to correspond with the amount of the cash balance called for in his last report, to wit $12,423.03. This examination is made by order of the Board of Trustees at its last meeting, which order was in compliance with the request of the Financial Agent. Ormond Beatty Office Financial Agency, August 27, 1864 The Financial Committee met, pursuant to call. Members present: Prof. Ormond Beatty and Mr. John A. Jacobs and George F. Lee. It was ordered 1. That the Preparatory Department be rented to Mr. Ralston and Burbank at $100 per annum. All permanent repairs to be made at the expense of the College, all other repairs to be made at their own charges. 2. That the Financial Agent have the Preparatory Building insured. That portion of the Permanent Fund now on hand, having been lately invested in the U.S. six per cent temporary loan. 3. That the investment be approved. Heman H. Allen, Secretary Danville February 20, 1865 Financial Committee met pursuant to call. Present George F. Lee, Edward P. Humphrey and Ormond Beatty. Ordered that a loan of $3,500 of the Building Fund be loaned to Thomas Barbee and George W. Welsh for one year, with the distinct declaration that the fund will be recalled at that time, if the Board should deem it advisable to do so. �Mr. Thomas J. and Robert P. Townsend, after paying their tuitions, each for one half a session, having been immediately recalled by the disturbed condition of that part of the state from which they came, therefore it is ordered that, in compliance with their written request, their tuitions be returned, and the secretary is requested to attend to this business. Ordered that the salary of the janitor be raised to $175 per annum to take effect from the 1st of January 1865, the Committee claim the right of terminating this arrangement at pleasure. An application for the purchase of the [illegible word] property was refused. Ormond Beatty Danville February 24, 1865 Financial Committee met pursuant to call. Members present, George F. Lee, chairman, Dr. Edward P. Humphrey, and Ormond Beatty. Ordered that Ormond Beatty be requested to attend to the duties of the Financial Agent and Treasurer until an agent is appointed in the place of Mr. Heman H. Allen, and he is hereby authorized so to act. Ordered that Mr. Beatty be directed to write to Edward P. Quigley in relation to investments for the funds of the College, and to report to the recent meeting of the Committee. Ormond Beatty March 6, 1865 Financial Committee met pursuant to adjournment. Present George F. Lee (chairman) Edward P. Humphrey, and Ormond Beatty. Ordered that $3,500 of the general fund be invested in 7-30 U. S. bonds. Ordered that the funds now on temporary loan at Cincinnati be invested in 7-30 U.S. bonds. This money exclusive of the portion belonging to the General Fund and embrace in the preceding order, amounts to about $10,000, and this amount is ordered to be invested in 7 - 30 bonds for the Building Fund. Ordered that Mr. Beatty be requested to send the key of the box containing the bonds, etc., belonging to Centre College, which box is now on special deposit in the Northern Bank of Ky. at Covington, to Mr. Worrell or some other friend of the College in Covington, and get the coupons cut off and left with Mr. Ernst for collection. Ordered that as soon as they fall due, the interest be collected on $4,000 of 5 percent Treasury notes now on special deposit at Louisville, and that there notes be deposited to the credit of the College, so that the Committee may change to a more profitable investment. Ormond Beatty, Secretary March 6, 1865 �Financial Committee met. Mr. Beatty was authorized to loan for one year upon good security to George Lee, such sum (about $5,000) as he might need. He was to use such money as he might have on hand, and as much of the $4,000 now on special deposit in Louisville as might be needed. Ormond Beatty, Secretary April 17, 1865 Financial Committee met. Mr. Beatty reported that he had effected a loan of $5,500 to George Lee, J. E. Lee, and J. F. Lee payable one year after date viz. 28th day of March 1866. Belongs to Building Fund. Ordered that $1,000 be loaned to J. P. Fisher, Thomas Barbee, and Robert A. Johnstone. Ormond Beatty, Secretary May 8, 1865 Financial Committee met. Present Lee, Humphrey, and Beatty. Minutes of the two preceding meetings read and approved. Mr. Beatty reported that the loan to J. P. Fisher, Thomas Barbee, and Robert A. Johnstone has been effected on their joint note due April 17th 1866. Mr. Beatty also noted that he had attended to the collection of the interest on the $4,000 special deposit of five percent Treasury notes, and that the whole amount of the Building Fund now on hand was about $4,000. Ordered that about $1,500 (the exact amount to be ascertained from themselves) be loaned to George F. Lee, J. M. Meyer, and J. W. Welsh, and the balance be invested in 7-30 U.S. bonds. Ordered that the College campus be allowed to Dr. Breckenridge to be used as a pasture until the meeting of the Board of Trustees in June. Ordered that Mr. Beatty be directed to employ Mr. Heman H. Allen to prepare the annual financial report. His expenses to be borne and a liberal compensation to be given him. Ormond Beatty Office of Financial Agent May 20, 1865 The Committee met and invested as directed at last meeting, $2,000 in U.S. 7-30 bonds and loaned to G. F. Lee, J. M. Meyer and J. W. Webb $1,701.30 on a joint note payable 20th May 1865 with interest from date. Bought McChord's scholarship for $250. October 3, 1865 Financial Committee met, 4 o'clock p.m. Present, George F. Lee, chairman, Edward Humphrey, Ormond Beatty, John A. Jacobs, and Robert A. Johnstone. John F. Friley signified by letter to the Committee terms on which he derived to rent the Overton farm till March 1, 1867. Discretion was given to the Financial Agent to rent said farm to Mr. Friley on the best terms which he can make with him. �Also a letter from John M. McCalla relative to the note of Mary Boswell (Riggs) stating that she would be in Washington City in September, and asking that her note to Centre College for $500 be sent on to him immediately, was laid before the Committee, whereupon the Committee directed the Financial Agent to forward said note to General McCalla, and request him to press its collection at once. Robert A. Johnstone made application to the Committee to rent the dwelling house belonging to Centre College which is now occupied by Mr. Stephens, formerly known as the Dodd House. On motion it was ordered that Robert A. Johnstone shall have leave to occupy said house after the time for which it is now rented shall have expired. The terms upon which Mr. Johnstone shall rent and occupy the house to be fixed by this Committee hereafter. Adjourned sine die. Robert A. Johnstone February 1, 1866, 3 o'clock p.m. Chairman of Financial Committee called the Committee together in 1st National Bank, the members present were George F. Lee, Ormond Beatty, and Robert A. Johnstone. William Irvine applied to the Committee for the loan of $500 for six months. It being made clear to the Committee that funds belonging to the Building Fund of Centre College were lying on deposit in Central National Bank of Danville, the Financial agent was directed to let Mr. Irvine have the above named sum on loan for the time said, upon the condition that be Irvine shall make his note for the money entirely good. Mr. W. D. Irvine, George E. Lee, George W. Welsh executed their note, February 3, 1866, for $515.00 payable to Trustees of Centre College, six months from date. Office Financial Agent, April 10, 1866 Financial Committee met. Present, Edward F. Humphrey, John A. Jacobs, Ormond Beatty, and Financial Agent. It was represented to the Committee that it would be much to the interests of Centre College to purchase so much of the ground of Ormond Beatty adjoining College grounds as will extend the Eastern line from [blank space] to [blank space] embracing 4 acres more or less. It was ordered that the lot be purchased at the rate of $200 per acre, Mr. Ormond Beatty being allowed to remove from the ground certain locust trees specified by him, and the Committee agreeing to remove the fence forming the present Eastern boundary between Ormond Beatty and Centre College at the expense of the College, with the understanding that after the fence shall have been reset, one half of the fence shall belong to Ormond Beatty. This purchase being subject to the approval of the Board of Trustees of Centre College, also it was ordered that the Treasurer of Centre College pay for the land and take the necessary [illegible word]. This order was carried out April 14, 1866. The ground bought of Ormond Beatty bounded as follows: beginning at the southeast corner of the lot bought by Beatty of J. L. Bell and running thence with one of its sides north 1 1/2 east 35 92/100 poles; thence with another of its sides south 87 3/4 east 17 56/100 poles; thence south 1 1/4 west 35 44/100 poles; thence north 89 west 17 60/100 poles to the beginning. �Containing 3 acres $200 per acre $600.00 Containing 3 roads $150.00 Containing 28 fences $35.00 $785.00 April 14, 1866, Office Financial Agent, 4 o'clock p.m. The Financial Committee met. Present, George F. Lee, John A. Jacobs, Edward F. Humphrey, Robert A. Johnstone, and Ormond Beatty. The application of Mrs. Mary Green, referred by the Board of Trustees of Centre College to this Committee, was considered and decided in the negative, and the Financial Agent was ordered to say to Mrs. Green that on condition she will pay the principal of the notes of Dr. Lewis W. Green given to Centre College Building Fund within 60 days from this date, the interest now due on said notes will be remitted. Adjourned sine die. Robert A. Johnstone, Financial Agent Office Financial Agent, April 20, 1866, 4 o'clock p.m. The Financial Committee met, Present, George F. Lee Chairman, John A. Jacobs, Edward Humphrey, Ormond Beatty, and Robert A. Johnstone. The matter of private investment of funds of Centre College Building Fund was considered, and the order made that the proceeds of all notes which may be paid be invested in U.S. securities until further orders from this Committee. Also, that the interest shall be called for every six months on such notes as may not be paid by individuals owing same, and that when persons fail to pay interest at end of every six months, the principal of their notes shall be demanded, and that the Financial Agent shall give notice of this order to all persons whom notes are held by this Committee. Adjourned sine die. March 3, 1866 2 o'clock p.m. The Financial Committee met in office of the Financial Agent. Present, George F. Lee, chairman, John A. Jacobs, Ormond Beatty, and Robert A. Johnstone. The Financial Agent was directed to invest $2,000.00 in U.S. 7-30s bonds as soon as possible. This order was executed March 19, 1866, and the investment made of funds belonging to the Building Fund of Centre College in U.S. 7-30 bonds were purchased amounting to $2,000 and $37.60 accrued interest paid on said bonds. Total $2,037.60. Robert A. Johnstone November 13, 1866 Financial Committee, present John A. Jacobs, Ormond Beatty, George W. Welsh, and Robert A. Johnstone. The subject of the contingent interest of Centre College in certain property of Walnut Hill Congregation. Also in certain school property in the Hustonville Congregation, �being taken up and considered, it was on motion, resolved that John A. Jacobs and Robert A. Johnstone be and are hereby appointed to look after the same and report to this Committee as soon as possible. Robert A. Johnstone First National Bank, Danville March 3, 1867, 3 o'clock p.m. The Financial Committee met. Present George F. Lee, chairman, Ormond Beatty, John A. Jacobs, George W. Welsh, and Robert A. Johnstone, Financial Agent and Thomas Barbee of Committee on Repairs. A paper relating to recent improvements made on the grounds of Centre College by the Trustees of the City of Danville was read in the hearing of the Committee by Ormond Beatty, which was considered at some length by the committee - where, on motion, Ormond Beatty, John A. Jacobs, and Robert A. Johnstone were appointed to confer with the Trustees of the City of Danville in reference to the matters presented in said paper, and report at an early day to this Committee. The House occupied by Financial Agent as re-rented to Robert A. Johnstone, Financial Agent, at the rate of $200 per annum from February 1, 1867. Also bills and costs of repairs made by Robert A. Johnstone on said house during the year ending January 30, 1867, were presented to Financial Committee by the Committee on Repairs as approved by them and the same allowed in settlement of the rent account for the year just closed. The Financial Agent was directed to have the 7-30 bonds now ready to be converted into 520's - so converted - as soon as it may be desirable to do so. Adjourned. Robert A. Johnstone, Secretary First National Bank, Danville, Ky. March 12, 1867 3 o'clock p.m. The Financial Committee of Centre College met upon call of stated Clerk. Present George W. Welsh, chairman pro tem, Ormond Beatty and Robert A. Johnstone. It was ordered that five 5-20 U.S. bonds each for $1,000 be immediately purchased by funds belonging to the Centre College Building Fund now in the Treasury of the College. Also it was ordered that the Financial Agent retain as counsel in behalf of the Trustees of Centre College the Hon. George F. Bell, in the event of suit being instituted to dispossess the said Trustees of Centre College of their rights to its hold and control the interests and property thereof. Robert A. Johnstone, Secretary April 8, 1867 The Committee met. Present John A. Jacobs, chairman pro tem, George W. Welsh, Ormond Beatty, and Robert A. Johnstone, Financial Agent. �It appearing that the minutes of a meeting of this Committee held January 29, 1867, during sickness of the Secretary of Committee, have not yet been recorded, the Secretary was directed to record them in this place. They are as follows. January 29, 1867, Financial Committee met. Present George W. Welsh, John A. Jacobs, and Ormond Beatty. It having come to the knowledge of the Committee that the Financial Agent had directed suit to be instituted for the collection of the notes of George Lee and others for $3,500, the Committee requested Mr. Johnstone to withdraw the suit upon condition that the interest of said note be paid to March 1867. Ordered that the Committee will recommend the withdrawal of the suit against C. Caldwell and others for $[blank space] upon condition that interest shall be paid to the lst January 1867, and that new and satisfactory notes shall be given for the principal to be paid by January 1, 1868. A proposition from James [illegible name] of Texas was made to Committee through Thomas M. Paschal to pay off his note to Centre College in Texas lands at rate of $250 per acre. This proposition was accepted, and Financial Agent directed to correspond with Judge Paschall in relation to it. It was ordered that the Financial Agent be directed to notify all private debtors of the College who are borrowers of money, that it is our desire that they pay up their respective notes as soon as they can, and that it is the purpose of the Committee to invest henceforth in public securities only. April 8, 1867 The minutes of April 8, 1867 are as follows. Certain papers from Hon. J. M. Harlan relating to services rendered and costs incurred in the case of attempt to amend the charter of Centre College were laid before the Committee. Hon. J. F. Bell, being present, explained said papers to the Committee and stated his estimate of said services and costs, whereupon the Committee ordered Financial Agent to pay to Hon. J. M. Harlan the sum of $745.90, stating to him that this is all that the funds of Centre College can afford at present, and that this matter will be considered as still open for future adjustment. Said papers are as follows: No. No. No. No. 1: 2: 3: 4: Sum of Costs Legal Services and Messenger Fee of A. J. James Frankfort Commonwealth Adves. Bill Ky. Yeoman Adves. Bill A letter from James F. Buckner of Louisville, Ky., in relation to balance due on note of Dr. F. G. Montgomery to Centre College was laid before the Committee. It was ordered that Mr. Buckner be informed by Secretary of the Committee that the Board of Trustees alone can settle this case, but that this Committee feel confident that the Trustees of Centre College will not enforce the collection of the debt during the life time of Mrs. Montgomery, and that this Committee do not wish Mr. Buckner to press the case any further than to take all steps needful to secure the debt at the death of Mrs. Montgomery, �and see that nothing shall be done in the matter to cut off Centre College from the claim at the close of the natural life of Mrs. Montgomery. The Financial Agent reported that $10,000 U.S. 7-30's had been converted into U.S. 5-20's. Also that one additional U.S. 5-20 bond + $1,000 had been purchased April 1, 1867, for $1,070. Also that on March 13, 1867, 5 U.S. 5-20 bonds, each for $1,000, had been purchased with funds of Centre College Building Fund. The case of College campus was brought before the Committee, with the statement that the students of Centre College feel aggrieved at not being permitted to use the College campus as playground and for exercises or relaxations. Also that someone or more of the Trustees of Centre College, not members of this Committee, have expressed anxiety that the students shall be permitted to use the College campus for purposes and uses afore said. During prudency of this subject, the Committee adjourned. John A. Jacobs, chairman pro tem, Robert A. Johnstone, Secretary Committee First National Bank, Danville, July 27, 1867 Financial Committee met. Present William L. Breckinridge, Y. W. W., and Ormond Beatty Met and directed the chairman, William L. Breckinridge, to request Dr. Edward P. Humphrey to engage an attorney to attend to the interests of the College in the matter of the will of Mrs. Sarah Liggett deceased. Adjourned. William L. Breckenridge, chairman, Robert A. Johnston, Secretary October 5, 1867 Financial committee met. Present William L. Breckenridge, chairman, Ormond Beatty, Thomas Barbee, and Financial Agent. The state of the law suit brought against Trustees of Centre College in Boyle Circuit Court by certain persons claiming the right to control said College, was considered, and the Secretary of this Committee directed to lay before the Trustees of the College at their ensuing meeting at Covington all that has been done in relation to said suit by this Committee. Also the Financial Agent was directed to call the attention of the Trustees of Centre College to the question of selling such U.S. bonds as now bear a high price in the market, and reinvesting proceeds in other securities. November 6, 1867 4 o'clock p.m. The Financial Committee met in their office, Danville. Present William L. Breckenridge, chairman, John A. Jacobs, Ormond Beatty, and Financial Agent (Robert A. Johnstone). The Committee took into consideration the state and condition of certain notes belonging to the funds of Centre College, and having spent some time looking into the matter, the order relative to all the private debtors of the College made January 29, 1867, and recorded on page 39 of this book, was caused to be read in the hearing of the Committee, which order is in these words. "Ordered that the Financial Agent be directed to notify all private debtors of �the College who are borrowers of money, that it is our desire that they pay up their respective notes as soon as they can, and that it is the purpose of the Committee to invest hence forth in public securities only." Whereupon, on motion, the Financial Agent was directed to communicate with those persons whose notes have just been examined, and inform them that this Committee is desirous of receiving the principal and interests of their notes as soon as the same shall have become due. Adjourned to meet in office of Financial Agent tomorrow at 3 o'clock p.m. to consider the condition of the uncollected original notes belonging to the funds of Centre College. William L. Breckenridge, Chairman, Robert A. Johnstone, Secretary November 7, 1867, 3 o'clock p.m. The Financial Committee met according to adjournment. Present William L. Breckinridge, chairman, Ormond Beatty, George W. Welsh, John A. Jacobs, and Robert A. Johnstone, Financial Agent. The state of the original uncollected notes belonging to Centre College was taken up and considered at some length, and then, on motion, the Financial Agent was directed to collect, as speedily as possible, all such notes. Adjourned. William L. Breckenridge, Chairman of Committee, Robert A. Johnstone, Secretary Office of Financial Agent, January 11, 1868, 10 o'clock a.m. The Financial Committee met. Present William L. Breckenridge, chairman, John A. Jacobs, Ormond Beatty, George W. Welch, and Robert A. Johnstone. A certain paper signed by J. F. Bell, T. E. Duisenburg, Van Winkle and Fox and Durham and Jacobs, attorneys in behalf of the Trustees of Centre College, suggesting that the Trustees of the College pay on account of fees to counsel the sum of $1,000, the sum to be paid at once, was read in the hearing of the Committee. Also a letter from Rev. Edward F. Humphrey, D.D., in relation to the general matter of counsels' fees in said case was read. The matter was taken up and considered fully by the committee, and, upon motion, Ormond Beatty and Robert A. Johnstone were appointed to confer with these gentlemen and report to this Committee. The case of the note of J. M. Meyer and others was brought before the Committee with the statement that Mr. Meyer has not paid the principal of his note due to Centre College on January 1, 1868. Whereupon the Financial Agent was directed to see Mr. Meyer and collect the money due upon his note - interest and principal - if possible without suit. But in case he shall find that it is not in the power of Mr. Meyer to make this payment, to inform him that he can keep the money for 12 months longer from January 1, 1868, he paying interest semi-annually, with the understanding that the principal of his note must be promptly paid at the end of said 12 months without failure and without conditions. The case of the note of George Lee and others was brought before the committee, with the statement that Financial Agent has seen Mr. Lee with reference to his note, and that Mr. Lee said he could not promise to pay any part of the principal of his note at maturity, and could not say when he would be able to do so, but would pay a part of the principal as soon as �possible. Where upon the Financial Agent was directed to see Mr. Lee and inform him that the Finance Committee desire immediate payment, if possible, and in the event of his failing to pay his note, to get Mr. Lee to have a new name - as security - put upon his note. The Financial Agent was also directed to report, in relation to this case, to this Committee at an early day. Adjourned. William L. Breckenridge, Chairman of Committee, Robert A. Johnstone, Secretary Office of Financial Agent, January 24, 1868, 1 o'clock p.m. The Financial Committee of Centre College met. Present William L. Breckenridge, chairman, John A. Jacobs, Thomas Barbee, Ormond Beatty, George W. Welsh, and Robert A. Johnstone, Financial Agent. The Financial Agent reported compliance with the order given to him to confer with J. M. Meyer and George Lee, as to payment of their notes now due to Centre College. His report is as follows. In compliance with the directions given by the Financial Committee of Centre College at its meeting of January 11, 1868, the Financial Agent hereby reports that he has seen Dr. J. M. Meyers in relation to his paying the principal of his note, and received for answers that Dr. Meyer will pay $1,000 sometime in the latter part of March next, and the balance as soon as may be in his power. Also that he (Financial Agent) has seen Mr. George Lee in relation to his note, and informed him that this Committee desires the immediate payment of the principal of his note, if in his power to do so. And in the event of his not being able to do so, this Committee desire him to give additional security upon his note, and learned from Mr. Lee that it is not convenient for him to pay the note at this time, and also that he is unwilling to give the additional security upon his note asked for by this Committee. After representing the mind of this Committee on this subject as fairly and fully as was in my power to Mr. Lee, I was informed by him that he was unwilling to give the additional security on his note, and to make any definite promise as to when he would pay any part of the principal. Respectfully, Robert A. Johnstone, Financial Agent, Centre College This report was maturely considered by the Committee, and finally the following action was taken with reference to it. 1. That the report be received 2. That so much of it as relates to Dr. J. M. Meyers note is satisfactory to this committee and is approved, and 3. That so much as relates to Mr. George Lee's note is received, and the Financial Agent directed to see Mr. George Lee again and collect the interest now due upon his note, and have his note renewed with the same securities and made negotiable and payable in the First National Bank, Danville, Ky., on July 1, 1868. Adjourned. �William L. Breckenridge, Chairman, Robert A. Johnstone, Secretary Office of Financial Agent, Danville, Ky. March 6, 1868, 4 o'clock p.m. The Financial Committee of the Trustees of Centre College met. Present William L. Breckinridge, chairman, John A. Jacobs, Thomas Barbee, Ormond Beatty, and Robert A. Johnstone, Financial Agent. The Committee appointed to confer with attorneys in the College suit, in relation to their suggestions that the Trustees of the College pay on account of fees to counsel the sum of $1,000, this sum to be paid at once, reported that they had conferred fully with Mr. John S. Van Winckle as the representative of all the attorneys in said case who reside in Danville, and learned from him that the sum of $1,000 will satisfy all counsels' fees until said case shall have reached the Court of Appeals, as far as he is at present. Advised also that whilst counsels fees for defense of suit in the Court of Appeals may possibly exceed the sum of $500, efforts will be made by these attorneys to have this defense made on as reasonable terms as possible. This report was received. Mr. John S. Van Winckle, being present, concurred in its correctness, whereupon, after some consideration the report was approved, and on motion it was resolved that the Financial Agent be and he is hereby directed to pay at once the sum of $1,000 to the said attorneys, including General J. M. Harlan, in compliance with their suggestion made to this Committee at their meeting January 11, 1868, and that the question as to whether this compensation of attorneys shall be considered as final ought to be decided hereafter both by any extraordinary amount of services which they may have to render in this case and by their friendly regard to the interests of the College. Adjourned. William L. Breckinridge, Chairman of Committee, Robert A. Johnstone, Secretary Office of Financial Agent, May 27, 1868, 4 o'clock p.m. The Financial Committee of the Trustees of Centre College met. Present William L. Breckinridge, chairman, John A. Jacobs, Thomas Barbee, Ormond Beatty, George W. Welsh, and Robert A. Johnstone. The condition of the Farmers Bank was considered, and the Committee understanding that a meeting of the stockholders of said bank is called to meet in Frankfort on lst Monday of May next to elect directors. Prof. Ormond Beatty, Secretary of the Board of Trustees of the Centre College, was requested to prepare a proxy and sign the same in due form in behalf of the Trustees of said College to be used in the pending election of directors of said bank at the meeting aforesaid, and put the same into the hands of the Financial Agent of Centre College. Also, Robert A. Johnstone, Financial Agent of Centre College, was requested to visit Frankfort as soon as possible and investigate the condition of said bank, and in case he cannot report to this Committee in time for it to act upon his report prior to said meeting of the stockholders of said bank, then that he give the proxy to such person, as in his discretion, he may judge to be suitable and proper to use the same in said election. Adjourned. Robert A. Johnstone, Secretary Office of Financial Agent, June 27, 1868 �The Financial Committee of Trustees of the Centre College met. Present William L. Breckinridge, chairman, Ormond Beatty, George W. Welch, Thomas Barbee, Aaron A. Hogue, and Robert A. Johnstone, Financial Agent. Application was made to the Committee by William I. Moore in behalf of the school commissioners for the Danville District, asking that leave be granted to them to use the Preparatory Building during the College vacation as a district school house, i.e. from July 1, 1868, to September 14, 1868. This application having been considered, on motion it was referred to George W. Welch and Robert A. Johnstone, with full power to settle the same with said school commissioners. Also the selling of the Old Preparatory building was referred to George W. Welch and Robert A. Johnstone. Adjourned. Robert A. Johnstone, Secretary June 27, 1868 The Trustees of Centre College residing in Danville met in the office of the Financial Agent, William L. Breckinridge in the chair. Others present, Ormond Beatty, Thomas Barbee, George W. Welch, and Aaron Hogue. The question as to whom the appointment of assistant teacher of the Preparatory should be given was considered at some length, agreeably to the recommendation of the Board of Trustees at their recent annual meeting, and on motion Mr. Welch and Barbee were appointed a committee with all reasonable powers to see the principal of the Preparatory, Mr. Ralston, and give the appointment to the person whom they and the principal may judge to be the suitable person for the place. Adjourned. Robert A. Johnstone, Acting Secretary of the Committee Office of Financial Agent, October 26, 1868, 2 1/2 o'clock p.m. The Financial Committee of the Trustees of Centre College met. Members present, Ormond Beatty, chairman pro tem, John A. Jacobs, Aaron A. Hogue, Thomas Barbee, and Robert A. Johnstone. The matter of insuring the new Preparatory building was considered, and the Financial Agent was directed to insure the said building for $4,000 in such office, as upon inquiry, he may judge to be preferable and best. The case of janitor for Centre College was brought to the attention of the Committee, and after some consideration it was referred to Prof. Ormond Beatty for settlement. The house occupied by the President, being about to become vacant, and the Board of Trustees at their recent meeting having directed this committee to take charge of the same and rent it out for the present, and the Rev. Aaron A. Houge having informed the Committee that he desired to rent the said house, after some consideration the Committee agreed to rent the house to Mr. Houge on the following terms and conditions, to wit 1. The rent per annum shall be $300, paid at least half yearly. �2. That Mr. Hogue may use the house to some extent as a boarding house, but in that case he shall furnish board to students of Centre College at five dollars per week exclusive of working, and in case this Committee or the Faculty of the College shall ask him to board students of the College for a less price than five dollars per week, this Committee agree to deduct the difference from the annual rent of the house, and that the said house shall be vacated by Mr. Hogue on the demand of this Committee. The bonds of the State of Kentucky belonging to Centre College being nearly due, the Financial Agent was directed to make inquiry as to the best forms of investment and report to this Committee. The Committee next considered the terms on which the teachers of the Preparatory Department shall be allowed to use the new Preparatory Building. And it was agreed that in consideration of the small number of pupils in the Preparatory Department at this time and further, in consideration of the reduction recently made in the price of tuition, the said building shall for the current college year be rented to the said teachers - Ralston and Burbank - for the sum of $150, on the conditions that the said Ralston and Burbank will agree to use diligence in keeping the house and grounds from trespass and injury or damage of any kind, both on the part of their own students and all other persons and animals, during session and vacation. And further that they will agree to keep the house and grounds in good repair. All temporary improvements on house and grounds such as glass, locks, gate hinges are to be at their expense, while all permanent improvements shall be at the expense of the Board of the Trustees of the College. The furnishing of the new Preparatory Building with seats was considered and Ormond Beatty and Robert A. Johnstone were appointed to confer with the teachers of the Preparatory Department in relation to this matter, and make such arrangements therein as to them may appear wise and proper. The question as to the propriety of selling the house, now occupied by Robert A. Johnstone, having been referred to this Committee to do in the matter whatever to them may appear best for the interest of the College, John A. Jacobs, Ormond Beatty, and Thomas Barbee were appointed a committee to examine into the condition of said property, and report to this Committee what in their judgment the interests of the College demands in the matter. The said persons after viewing said property reported that in their judgements it is but for the interests of the College that said property be retained in the possession of the College. Their report was approved and then, on motion, the Committee adjourned. Robert A. Johnstone, Secretary Office of Financial Agent, December 1, 1868, 3 o'clock p.m. The Financial Committee met upon call of Ormond Beatty, temporary chairman. Present Ormond Beatty, John A. Jacobs, George W. Welsh, and Robert A. Johnstone, Financial Agent. On motion, John A. Jacobs was chosen permanent chairman of the Committee. The Financial Agent reported that letters had been recently received by him from Messrs. William Ernst, Levi L. Warren, and Edward F. Humphrey in relation to the best forms in which to reinvest the money about to be paid by the State of Kentucky in redemption of the Kentucky State bonds held by the Trustees of Centre College. On motion, their letters were �severally read in the hearing of the Committee, and after maturely considering the various forms of investment therein represented, the Committee agreed that in their judgement the Louisville City bonds, mentioned in the letter of Levi L. Warren of November 28, 1868, to wit, those bonds issued to the Elizabethtown and Paducah Rail Road offer a very good form in which to reinvest the money to be received in payment of the Kentucky State bonds, and thereupon directed the Financial Agent, Robert A. Johnstone, to correspond with Mr. Levi L. Warren immediately, and ask him to purchase on behalf of this Committee the number of said bonds which may be desired in this case. The question as to the wisdom of exchanging U.S. bonds of 1862 for U.S. bonds of 1868 was raised and considered at some length, and the Financial Agent directed to ascertain what is the number of bonds of the class of 1862 now in possession of Trustees of Centre College, and report to this Committee at some date before January 1, 1869. On motion, the Committee adjourned. See January 29, 1869 for opinion. Robert A. Johnstone, Secretary Office of Financial Agent, Danville, Ky., March 24, 1869, 4 o'clock p.m. Committee met. Members present, John A. Jacobs, chairman, Ormond Beatty, Thomas Barbee, George W. Welsh, and Robert A. Johnstone Ormond Beatty read in hearing of the Committee a letter from General J. T. Boyle making certain propositions as to settlement of his notes due to Centre College Building Fund. After some consideration of said propositions, they were accepted and the Financial Agent directed to complete the settlement with General Boyle agreeably to the terms offered in his letter. The question of selling a certain portion of the new Preparatory lot was raised and considered, an offer having been made to pay $250 per acre for a portion of said lot within specified boundaries. It was concluded by the Committee that it will be for the interests of the College to accept said offer, and on motion the said offer was accepted, and the Financial Agent directed to complete the sale and make conveyance. Subject to the approval of the Trustees of Centre College, Financial Agent reported that order on page 60 has been executed. The state of the College grounds was considered, and upon due deliberation it was unanimously ordered that no stock of any description shall be permitted to run upon and pasture in any portion of the public grounds belonging to Centre College without special permission of this Committee, and that any stock which may now be pasturing on said grounds shall be removed against April 1, ensuing (1869). Also, the Financial Agent was directed to present to Mr. Ralston, principal of Preparatory School, a copy of the minute of this Committee touching the terms on which the teachers of the Preparatory Department shall be allowed to use the new Preparatory building recorded on page 55 of minutes, and then on motion, the Committee adjourned. Robert A. Johnstone, Secretary Office of Financial Agent, January 29, 1869, 4 o'clock p.m. �The Financial Committee met. Present John A. Jacobs, chairman, Ormond Beatty, George W. Welsh, Thomas Barbee, and Robert A. Johnstone. The Financial Agent reported that the order on page 57 of minutes relative to the Kentucky State bonds had been executed, and that six 7 per cent bonds of City of Louisville have been purchased with proceeds of the Kentucky bonds, and are now in the tin box containing the public securities belonging to Trustees of Centre College. Also, the Financial Agent reported that the order on page 58 relative to the U.S. 5-20 bonds of the class of 1862 had been executed, whereupon it was ordered that the Financial Agent exchange the bonds of said class for U.S. 5-20 bonds of the class of 1868, and then on motion the Committee adjourned. Robert A. Johnstone, Secretary Office of Financial Agent, June 3, 1869, 4 o'clock p.m. The Financial Committee met on call of chairman. Present John A. Jacobs, chairman, Ormond Beatty, and Robert A. Johnstone. An account for commissions on collections made for the Building Fund of Centre College by Van Winkle and Fox was presented to the Committee by Financial Agent, and said account being considered reasonable and proper, the Financial Agent is hereby ordered to pay the same. Adjourned. Robert A. Johnstone, Secretary June 26, 1869, Office Financial Agent, 9 o'clock a.m. The Financial Committee of the Trustees of Centre College met on call of chairman. After some consideration of the care of the present janitor of the College, it was ordered that notice be given to him, H. Wickliffe, that at the end of next quarter the present contract of this Committee with him as janitor will be terminated, and then on motion the Committee adjourned. Robert A. Johnstone, Secretary [no minutes between June 26, 1869 and January 16, 1874] January 16, 1874 Financial Committee borrowed from the First National Bank $1,365, for which said Committee executed its note to pay the money that had been advanced by the Second [Presbyterian] Church to Dr. John L. McKee whilst he was in the service of the Board of Trustees. Also renewed their note for including interest $2,625 borrowed under the direction of the Board to pay the salaries of professors. June 21, 1875 Financial Committee met. Present, Welsh, Wiseman, and Beatty. �Ordered that the Secretary of the Board of Trustees be requested to issue to Dr. John L. McKee his warrant for his salary as Financial Agent of the College, quarterly in advance, upon which he may check weekly. Ordered that Dr. McKee be allowed $50 a year for [illegible word] him in his work. January 16, 1874 Financial Committee borrowed from the First National Bank $1,365, for which said Committee executed its note to pay the money that had been advanced by the Second [Presbyterian] Church to Dr. John L. McKee whilst he was in the service of the Board of Trustees. Also renewed their note for including interest $2,625 borrowed under the direction of the Board to pay the salaries of professors. June 21, 1875 Financial Committee met. Present, Welsh, Wiseman, and Beatty. Ordered that the Secretary of the Board of Trustees be requested to issue to Dr. John L. McKee his warrant for his salary as Financial Agent of the College quarterly in advance, upon which he may check weekly. Ordered that Dr. McKee be allowed $50 a year for [illegible word] him in his work. December 16, 1879 Instructions by the Financial Committee to Dr. John L. McKee, who is appointed by it to collect the unpaid subscriptions and notes due to the Trustees of Centre College. First - The Committee would call the attention of Dr. McKee to the action of the Board of Trustees taken at the regular meeting of the Board in 1876, and recorded in their minutes for that year on page 356. The following is an extract from these minutes. In answer to the question what shall be done with those who refuse to pay their subscriptions in the ground stated in Dr. McKeets report, your Committee recommended that legal advice be taken as to the legal value of the plea, and if it should be regarded as an insufficent defense, to request again the parties to pay, and if they still refuse payment or to make some satisfactory arrangement, then to place the notes and claims in suit. In accordance with the suggestion of the Board of Trustees, the Financial Committee have taken legal advice in the case and have ascertained that in the opinion of counsel whose judgement has been sought, all the notes and subscriptions taken by Dr. McKee during his agency for the College are valid and legally binding upon the parties who executed notes or made subscriptions to the funds of Centre College. Dr. McKee is, therefore, instructed to be governed by the action of the Board of Trustees as quoted above. Second - Dr. McKee is instructed to collect, as for as possible, all notes and subscriptions now due, or to arrange for their collection at some definite future time. Where, however, parties pay promptly the interest as it falls due on their notes, and desire to have them run �for a longer time, he will not press the collection of the principal, unless further indulgence will, in his opinion, involve probable loss to the College. Third - For his services he shall retain 10 percent of all his collections (including the $1,000 note of Mrs. Wilson of Shelby County) except for what are known as legacy bonds. These are bonds, payable at the death of the parties who have executed their bonds or made subscriptions, or left legacies to the College. For the collection of these, including the $4,000 note of Mrs. Wilson of Shelby County, no provision is made in these instructions. Should Dr. McKee collect such, he must rely on the Board of Trustees for proper compensations for his labor. Fourth - Dr. McKee shall at his discretion make such arrangement for the speedy collection of such notes, subscriptions, etc., as may not be paid at once by taking new notes payable in bank, or such other forms of security as will be promptly realized. When such arrangements shall be made, and the notes shall be paid at the promised period, Dr. McKee shall then receive his percentage, as upon other notes collected by him. Fifth - Dr. McKee shall keep an account of his expenses while in the service of the Financial Committee, one half of which shall be paid by this Committee in addition to the 10 percent above promised. Sixth - Dr. McKee is, as we suppose, authorized to take new notes and subscriptions for Centre College, or for the endowment of his own chair therein. For any service in this time he will look to the Board of Trustees for remuneration. Seventh - This arrangement expires with the meeting of the Board of Trustees in June 1880. Signed by Ormond Beatty, George W. Welsh, and George E. Wisemen, Financial Committee of Centre College � https://d1y502jg6fpugt.cloudfront.net/3575/archive/files/1051b1b0e579ed8bd4fdc2b46477a2d1.pdf?Expires=1779926400&Signature=Zu6%7E9d6S8uvTUDjM%7EdQ1NUeBxy3rdnW2b3ujbU7kuGeIJQ-jnNyxlnG44gyaqeC4F5C7cCKTUEQ1e6GDoPWico0F9gJuwFy0H1eOJctUkfikzZUOHcyzGKemVyAC6gUbYseYNjnDIDzEcyB4uclmV-FSxCUQ1-c5BSguNhzF3MtcfFuNTwswefVWYUMzD1x4MQ6ice3NSRE0c25qxWwOFMdwt9LJos8RJxx6DW7eNHqX1B9G7pkG-EaxRFInzicQIdF6Rw3NMhkjKbzKXnRFAL1OBYBGZI6w8p3lsbuVpwEYTbV0hYE4rqe8xMpb6h29yTAyOJ2xhzMKD4EuCyDSgA__&Key-Pair-Id=K6UGZS9ZTDSZM b4bc572d4307d927ddb05afe89c3c1b9 PDF Text Text �������������������������������������������������������������������������������������������������������������������������������������������������������������������������� Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Centre College Board of Trustees Description An account of the resource Minutes from the Centre College Board of Trustees. The Centre College Board of Trustees collection was compiled from a mass of papers found in various campus locations in the early 1980's. Since no clearly defined subdivisions existed, the material was simply divided by type of document, assigned a series letter, and then arranged chronologically. Series A, approximately half of the collection, consists of correspondence to, or from, members of the Board and the secretary and financial agent/treasurer, who served as agents of the college's governing body. A significant percentage of the collection deals with fund raising efforts by Centre, and efforts by the financial agents to collect on subscriptions made to the college. Other prominent subjects include: The Kentucky School for the Deaf (then known as the Deaf and Dumb Asylum); efforts to select presidents; faculty relations; consolidation (and aftermath) of Centre and Central University (Richmond, Ky.); consolidation of Centre and Kentucky College for Women; Carnegie foundation grants; and erection of college buildings, particularly Old Main, the "new" Boyle Humphrey Gymnasium (Sutcliffe Hall) and the old octagonal Sayre Library. This collection of correspondence is largely a "patchwork" collection and by no means covers all the vital issues tackled by the board since its inception. The correspondence, for example, from the 1820's to the 1850's is quite diverse, while the correspondence from the 1860's deals almost exclusively with efforts by the financial agent to collect on delinquent subscriptions. A central figure in much of the later correspondence is John Adison Cheek who served as treasurer of Centre from approximately 1889 to 1933. Series B consists of perhaps the most important chronicle of Centre's history - the volumes containing the minutes of the Centre College Board of Trustees, 1819-1853, 1863-present. Minutes from 1819 through 1979 have been digitized, and are available from the Centre College Digital Archives. Interesting circumstances surround volume 2 of the minutes. The volume had been missing for at least forty years when it was discovered by Dr. Miller Hillhouse in a shed between his Danville house on North Fourth Street and the home of Miss Mary Ashby Cheek on North Third Street. The minutes were believed to have been placed in the shed along with other old books and papers in the mid-1930's after the death of Miss Cheek's father, J. A. Cheek. The fate of the volume containing the minutes from 1853-1863 (one of the most interesting decades in Centre's history) remains a mystery. Series C contains miscellaneous reports written by the Board, or committees of the Board, while Series D contains miscellaneous papers concerning the Board, including certificates or pledges for members taking the oath of office and texts of speeches and essays by members of the board. Annual Reports to the Board may be located in CC-2 Centre College Presidents. Public access to Board minutes may be granted for those minutes for which the President is no longer living, or 25 years past the date of the minutes, whichever is longer. Creator An entity primarily responsible for making the resource Centre College Board of Trustees Publisher An entity responsible for making the resource available Centre College Date A point or period of time associated with an event in the lifecycle of the resource 1819-1979 Rights Information about rights held in and over the resource All Rights Reserved Format The file format, physical medium, or dimensions of the resource application/pdf Language A language of the resource English Type The nature or genre of the resource minute books Text A resource containing textual data. Note that facsimiles or images of texts are still of the genre text. Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Centre College Board of Trustees, Financial Minutes (1858-1879) Description An account of the resource Minutes of the Centre College Board of Trustees' Financial and Building committees. Creator An entity primarily responsible for making the resource Centre College Board of Trustees Source A related resource from which the described resource is derived Centre College Special Collections and Archives Publisher An entity responsible for making the resource available Centre College Date A point or period of time associated with an event in the lifecycle of the resource 1858-1879 Format The file format, physical medium, or dimensions of the resource application/pdf Language A language of the resource English Type The nature or genre of the resource minute books