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June 26, 1866
Board of Trustees of Centre College met pursuant to adjournment and the meeting was opened with prayer by Rev. Ezekiel Forman.
Members present (Chairman) Rev. Edward P. Humphrey, Rev'ds Aaron A. Hogue, Sidney S. McRoberts, John L. McKee, Robert L. Breck, Ezekiel Forman, Robert A. Johnstone, Stephen Yerkes, Messrs. William Ernst, Levi L. Warren, Thomas Barbee, Glass Marshall, Jeremiah T. Boyle.
The following members were duly qualified before taking their seats as members of the Board, viz Jeremiah T. Boyle, Ezekiel Forman, Levi L. Warren and Robert L. Breck. The minutes of the last meeting were read and approved.
On motion the Financial Report was committed
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to Messrs. Ernst & Warren. Messrs. Breck & Boyle were appointed a committee to examine the bonds, certificates of stock, etc., and compare them with the Financial Agent's report.
The Board received, through one of its members, a request from Dr. Robert J. Breckinridge to have an hour appointed in which he might have an opportunity of conferring with the Board in reference to important matters. The Board acceded to the request and appointed 3 o'clock tomorrow as the hour when they would hear Dr. Breckinridge.
A similar request was made by the Revds. G. Craig and W. L. Green. The Board agreed to hear them and appointed the hour of 9 o'clock tomorrow morning for that purpose.
A statement having been made that the Board was in some manner related to certain trusts created under the will of the late Michael G. Youce, Messrs. Boyle and Breck were appointed a committee to examine the will and report upon the whole subject.
A letter was received from Prof. Jacob Cooper tendering his resignation of the Chair (Greek Language & Literature) which he now holds under the appointment of the Board. The resignation was accepted.
Board then adjourned to meet at 8 o'clock tomorrow morning.
June 27,  8 o'clock. Board reassembled.
Rev. Robert F. Caldwell and Messrs. Tyler T. Alexander and George F. Lee appeared and took their seats as members. Messrs. Alexander and Lee having been first duly
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The Building Committee presented a report which was received and put on the docket.
A report from the Faculty was read, and on motion was received and put on the docket.
The subject of the Preparatory Department was referred to a committee of which Jeremiah T. Boyle shall be Chairman, with whom by appointment of the Chairman of the Board are associated Mr. Alexander and Mr. Yerkes.
Ordered that the salary of Prof. Cooper be paid for the entire year (to September 10th) the full duties of which he has discharged.
Revds. W. L. Green and G. Craig in accordance with their request on yesterday were heard in relation to an application of Mrs. Dr. Green, who asks to be released from obligation to pay the subscription of Dr. Lewis W. Green to the Building Fund. After a free conversation on the subject the following resolution was adopted, viz
Resolved that the action of the Financial Committee in regard to the application of Mrs. Dr. Green for the remission or surrender of Dr. Green's notes to Centre College be approved, and that the matter is again referred to the Committee for their action with recommendation that sixty days from 1st July be given for the acceptance of the proposition of the Committee for settlement and payment the notes.
The report of the Building Committee was taken up and is as follows:
Immediately after the adjournment of the Board last year, the Committee advertised for proposals to furnish all the heavy lumber that would be needed in the erection of the new College edifice. A number of
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propositions were received and the Committee accepted one from Messrs. Helm and Afford of Stanford, which they deemed upon the whole the most favourable. A written contract was made with these parties to saw and deliver in Danville a large bill of lumber furnished by the architects of the Board, and including all the heavy timbers which would be needed. They bound themselves under a penalty for failure, to be determined by disinterested referees, to saw the lumber between the first of November 1865 and the first of May 1866 and to deliver the same upon the College grounds as might be required between the first of August and the first of November 1866. These parties have wholly failed to comply with contract, but have recently offered to renew it. Your Committee, however, believe that they can now get the lumber on more favorable terms elsewhere, and do not feel inclined to renew their engagements with parties who have so signally failed to comply with their contracts. The cost of materials and labor continue so high, that the Committee have felt unwilling, as yet, to take any further steps than those stated above to secure lumber that might be seasoned and ready when the time for building should come. A building which was estimated at the time the plans were drawn to cost $30,000 would not at the present rates be erected for less than $45,000 or $50,000.
In reference to the other subject referred to the Committee, viz the erection of suitable buildings for lodging the students, nothing more has been done than to make inquiries for plans and cost. The same reasons which deterred the Committee from proceeding
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with the erection of the main building have prevented them from taking any further steps towards providing lodgings for the students, viz cost of materials and labor. The whole Building Fund would doubtless be insufficient to erect at the present time the main building and suitable and permanent lodgings for the students.
Respectfully, signed Ormond Beatty, Chairman
On motion the report was approved and the Committee was continued under the previous instructions of the Board.
The Faculty report was taken up and is as follows:
The Faculty of Centre College would beg leave to submit to the Board of Trustees the following report for the academical year which will close on the 28th inst.
The whole number of students present during year is 92 in College proper and 53 in the Preparatory: Senior Class 11; Junior 19; Sophomore 19; and Freshman 26; Scientific 17.
We have nothing of a special nature to report in relation either to the deportment or habits of study of the students during the year. Some marks of disorder in the beginning of the session were repressed by what was deemed suitable and timely discipline, which appeared to correct the evil.
During the last year a gracious revival of religion occurred in the congregations of this place, in the blessings of which, as we trust, the students shared largely. Fourteen from the College Proper and six from the Preparatory were added to the Church, and upon many others very deep impressions were made, which under
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the influence of the Divine Spirit we hope may never be effaced, but prove an awakening to a new life. There are 35 professors of religion in the College. Of these we hope that some may yet have their minds turned to the gospel ministry.
The Faculty recommend for the degree of Bachelor of Arts the following young gentlemen, members of the senior class, viz John H. John Boyle, John Samuel Harbison, Alexander Pope Humphrey, Thomas Moore Paschal, George Robinson Pryor, Antonio Demetrius Richards, James Richard Russel, Caleb Clay Weedin, William Samuel Wilson, William Lovell Yerkes.
The Faculty have all, under God's blessing, been at their posts during the entire year, except when other duties seemed to call them away for brief periods. One of our number, Prof. Jacob Cooper, under a call to another and distant field of labor, has felt it to be his duty to resign his Professorship of Greek, a post which he has held since his connection with this institution. His resignation will doubtless be laid before the Board, who will take care to make such provision for the case as their wisdom shall dictate.
The annual catalogue herewith submitted, with the report of the Financial Agent and the Committees of the Board, will furnish all requisite information in regard to the internal affairs of the College.
Respectfully submitted by order of the Faculty signed James Matthews, Secretary
In accordance with the recommendation of the Faculty, the Board conferred the degree of A.B.
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upon the above named young gentlemen who had completed their regular collegiate course.
The degree of A.M. was conferred in course on the Revds. Henry M. Scudder, 1855 and Joseph M. Evans, 1862.
The honorary degree of A.M. on Rev. Thomas J. Dodd of Paris, Kentucky. The degree of D.D. upon the Rev. William Speer of Philadelphia, Rev. Joseph H. Calvin, President of Oakland College, Mississippi.
A motion was made and passed to take up the subject of filling the vacancy occasioned by the resignation of Prof. Cooper.
Recess until 3 o'clock P.M.
Pending the subject the Board took a recess until 3 o'clock P.M.
3 o'clock P.M. Board reassembled
In accordance with the previous arrangement the Board heard a statement from the Rev. Robert J. Breckinridge in regard to the removal of the Theological Seminary from Danville, and in regard to the relations of this Board to the whole subject. Upon motion Messrs. Johnstone, Alexander, and Ernst were appointed a Committee to confer with Dr. Robert J. Breckinridge, who had been appointed by the General Assembly upon this subject, and to report to the next meeting of this Board.
The subject of filling the vacancy occasioned by the resignation of Prof. Cooper was taken up, discussed, and several ballots taken without result.
A motion was then made and adopted that when the Board adjourns it will adjourn to meet at 8 o'clock this evening.
A report from the Committee to whom the Financial report had been referred, was received, adopted, and is
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Your Committee to whom was referred the report of the Financial Agent respectfully report that it appears to be correct. But owing to the unclassified condition of the vouchers, your Committee are unable to compare them with the items of expenditure as set forth in the report of the Financial Agent. It also appears that there is an error of $21.33 in the stock account, which neither the Financial Agent nor your Committee are able to explain. The report shows a decrease in the Permanent Funds of $1,850.28 during the present year, an increase in the current income of $410.83 as compared with last year, an increase from tuition fees of $805.03, and an increase in the current expenditures of $2,511.77.
Your Committee recommend that the Financial Committee be instructed to examine at their convenience the vouchers and compare them with the Financial Agent's report; also to examine into and ascertain if possible the cause of the discrepancy in the stocks account. Your Committee also recommend that the Financial Committee be instructed to take into careful consideration the propriety of securing the stock held by the College in the Bank of Kentucky and in the Bank of Louisville, and investing the proceeds in some way to make it more profitable, and that power be given to that committee to act at their discretion in the premises;
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all of which is respectfully submitted.
Signed William Ernst, Levi L. Warren, Committee
The Board then took recess until 8 1-2 P.M.
8 1-2 o'clock P.M.
Thomas Barbee was appointed in the place of Jeremiah T. Boyle (excused), upon the committee to examine the bonds, etc.
The subject of filling the Chair of Greek was again taken up and Dr. Stephen Yerkes was elected temporary Professor for the ensuing year, with the same salary as that paid to the other professors.
In the event Dr. Yerkes shall decline to accept the appointment, the Faculty and Financial Committee shall have authority to fill the chair of Greek until the next meeting of the Board.
Committee on the Preparatory Department made a verbal report recommending a change in its management. After a free conversation on the subject it was resolved that the Financial Committee be authorized and directed to employ a teacher for the Preparatory Department for the ensuing year.
The following Committee, viz Dr. Stephen Yerkes, John L. McKee, McRoberts, and Prof. James Matthews, was appointed to report upon the whole subject of the Preparatory Department at the next meeting of the Board.
The following standing committees were appointed:
Repairs - Financial Agent, George F. Lee and Thomas Barbee
Finances - George F. Lee, Edward P. Humphrey, Ormond Beatty, J. A. Jacobs, William Ernst, George W. Welsh, Levi L. Warren and Financial Agent - three of whom shall constitute
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New College Edifice - Ormond Beatty, Edward P. Humphrey, J. A. Jacobs, William J. McKnight, George W. Welsh, William L. Breckinridge and Financial Agent
Mr. Nelson was appointed with the salary that was paid to him last year.
Mr. McRoberts, Mr. Marshall, and Tyler T. Alexander were appointed to examine still further Mr. Youce's will and report to the next meeting of the Board.
The committee who were appointed to examine the bonds, certificates of stock, etc., reported that upon examination they found the bonds, etc., to correspond exactly to the statement in the financial report.
The box containing bonds, etc., left to the custody of the Financial Committee.
Adjourned to meet Tuesday before Commencement at 6 o'clock P.M.
Ormond Beatty, Secretary
Financial Report to the Board of Trustees of the Centre College at their annual meeting June 26, 1866.
Papers A, B, C, D exhibit the funds belonging to the College, the receipts and expenditures of the current year, with cash balances.
1. This report shows that the funds expended during the current year exceed considerably the ordinary income collected from June 1865 to June 1866.
2. An error in the account appears under Section 2, Paper B
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to a small amount which possibly can be explained by a more searching view of items in account than has been given.
3. There is an error in the statement made of the principal of the Building Fund. From such examination as could be made it appears that in the report of 1865, the entire amounts of the notes of Ellis Brown and Co., of Mad. McKinny and Co., both the principal and interest were stated as principal.
4. The states of Tennessee and Missouri have recently made propositions to their bond-holders, to which the attention of the Board of Trustees is respectfully directed.
The state of Missouri by act of Legislature requires the surrender of the old 6 per cent bonds and the accrued coupons in exchange for consolidated bonds which bear from the start only 3 per cent interest for 4 years and thereafter each succeeding four years to 1880, 4 and 5 per cent. In 1880 the rate of interest reaches the original 6 per cent.
See New York Weekly Times, March 11, 1866.
Respectfully submitted signed Robert A. Johnstone, Financial Agent, Centre College
[pages 92-100 consist of a detailed financial report for 1866. A print version can be viewed at Centre College Financial Reports (PDF, 621 Kb)]