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Danville June 25, 1867
Board of Trustees of Centre College met pursuant to adjournment, and was opened with prayer by the Chairman, Dr. Edward P. Humphrey.
A certificate of Sidney S. McRoberts, Stated Clerk of the Synod of Kentucky. was presented declaring that the Rev'ds Richard Valentine, Aaron A. Hogue, John L. McKee, D.D., Sidney S. McRoberts, William C. Matthews, D. D., and Messrs. George W. Welsh & David J. Curry were elected members of the Board of Trustees of Centre College for three years by the Synod of Kentucky at Henderson in October last. Certificates that they had taken the oath of office required by the Charter were placed by all these parties in the hands of the Secretary of the Board and ordered to be filed.
Members present, Rev. Edward P. Humphrey, Chairman, Rev'ds Richard Valentine, Sidney S. McRoberts, William C. Matthews, Messrs. Jeremiah T. Boyle, Thomas Barbee, Tyler T. Alexander, George F. Lee, Levi L. Warren, George W. Welsh, David J. Curry
Minutes of the last meeting were then read.
The report of the Financial Agent was read, received, and referred to a committee, viz Levi L. Warren, Tyler T. Alexander, and George W. Welsh.
Messrs. Barbee and Curry were appointed a committee to examine the
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bonds, certificates of stock, etc., and to compare them with the report of the Financial Agent.
The report of the Building Committee was read, received, and referred to Messrs. Boyle, Matthews and McRoberts.
A contract with the Board of Trustees of the town of Danville in reference to the extension of Green Street was read, received and referred to Messrs. Alexander and Boyle.
The Board then adjourned to meet at the Lecture Room of the Theological Seminary at 8 o'clock tomorrow morning.
June 26,  Lecture Room of Theological Seminary, 8 o'clock a.m.
Board met according to adjournment. In the absence of the Secretary of the Board, Robert A. Johnstone was requested to act in his place. The minutes of yesterday were read and approved. The report of the committee on the report of the Financial Agent of 1866 was read, received, approved, and ordered to be inserted in the blank in the minutes of the Board.
A report from the committee appointed to examine and compare with the financial report, the bonds, certificates of stock, etc., belonging to Centre College, was read, received, approved, and is as follows:
We, the Committee appointed to examine the stocks reported by the Financial Agent, would report that we have com-
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pared them with his account and find the bonds & certificates as reported, except the turnpike stock of which there is no certificate - relying on the books of the companies to show the amounts.
[Signed] Thomas Barbee, David J. Curry, Committee
On a motion made to order certain stocks reported by the Financial Agent to be dropped from future reports, it was ordered that the Financial Agent examine into the value of said stocks; also into the state of all the turnpike stocks and obtain certificates of said stocks and report to the next regular meeting of the Board.
The Faculty of the College laid before the Board the following report:
The Faculty of the Centre College would beg leave to submit to the Board of Trustees, and through the Board to the Synod of Kentucky, the following report for the academical year, which will close on the 27th inst.
The whole number of students present during the year in the College Proper is 65, viz Seniors 14, Juniors 12, Sophomores 16, Freshmen 6, Scientifics 17. In the Preparatory the number is 88, making a total in both departments of 153.
We have nothing of a special nature to report in regard either to the deportment, habits of study, or religious character of the students during the year. In the College
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Proper 25 are professors of religion, two are under the care of the Board of Education, and several others have the ministry in view.
The following persons are recommended to the Board for the degree of A.B., viz
John Fulton Caldwell
William. Bowen Campbell
Robert Wickliffe Cleland
John Logan Grundy
Eugene Wallace Lee
Robert Alexander Lowry
Clarence Underwood McElroy
William Irvine Moore
James Stockton Ray
Charles Henry Rodes
Charles Cyrus Tevis
Two additional vacancies in the Faculty are created by the resignations of Prof. James Matthews, who holds the chair of the Latin Language and Literature, and of Prof. Ormond Beatty, who holds that of the Natural Sciences. These resignations will, no doubt, be laid before the Board, and demand its consideration.
The annual catalogue, herewith submitted, together with the report of the Financial Agent and the reports of the various committees of the Board, will furnish all required information in regard to the affairs of the College.
[Signed] James Matthews, Secretary
On motion it was made the order of the day to take into consideration the state of the Deaf and Dumb Asylum, at 3 o'clock this afternoon
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Letters of resignation from Profs. Ormond Beatty and James Matthews were presented and read. On motion these letters, together with the whole subject of the re-appointment of Dr. Yerkes and Prof. Nelson and the supplying the College with teachers, was referred to a committee, viz Dr. Humphrey, Dr. Matthews & Tyler T. Alexander.
The committee on the contract of the Board of Trustees of the College with the Board of the Town presented their report which was received and adopted and is as follows, viz:
The undersigned Committee to whom was referred the matter of agreement made by the Trustees of Danville and the Financial Committee would beg leave to report,
1st. That the agreement and contract aforesaid be approved and confirmed and the agreement be spread at length upon the records of this Board.
2nd. That the same also be entered of record on the Records of the Board of Trustees of the Town of Danville and an acknowledgement of the receipt of the money also entered on said last mentioned records; all of which is respectfully submitted.
[Signed] Jeremiah T. Boyle, Tyler T. Alexander, Committee
The following is the contract above alluded to:
At a meeting of the Board of Trustees
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of the town of Danville 5th of March 1867.
It is now here agreed by the Board of Trustees of the town of Danville, and they hereby covenant with the Trustees of the Centre College of Kentucky, that in consideration that the said Trustees of said College shall pay to the Board of Trustees of the town of Danville that assessment which has been levied against the said College for the improvement and grading and paving of Walnut Street from the Reformed or Christian Church, West, they, the said Board of Trustees of the town of Danville, will not open or cause to be opened and extended further West than the line of the College property the street called Green and running West between the property of Mrs. Batterton and Dr. Ayres, and they hereby relinquish the right to open said street further than the line of said College property. The assessment referred to above is $360.00.
[Signed] M. T. Chrisman, Clerk, Board of Trustees, Town of Danville, April 22, 1867
Circulars on the subject of military education were referred to Jeremiah T. Boyle and Richard Valentine.
The degree of A.B. was conferred upon the young gentlemen of the senior class recommended by the Faculty - thirteen in all (see their names in the Faculty re-
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The degree of a.m. in course was conferred upon the following persons, graduates of the College upon their application.
Joseph K. Thompson|
James M. Ogden
Andrew C. Kemper
Jason W. Chenault
Alfred B. Nelson
Henry A. SScomp/td>
Class of 1843
Class of 1854
Class of 1855
Class of 1859
Class of 1861
Class of 1864
Class of 1864
Also without application on their part upon
Edward W. C. Humphrey
John D. Goodloe
Class of 1864
Class of 1863
The degree of D.D. was conferred upon the Rev. James Matthews of Danville and Rev. Samuel J. Nichols of St. Louis, Missouri.
A letter from Dr. William Speer was laid before the Board presenting a claim for the Chinese Repository and referred to Messrs. Hogue and Curry.
On motion the Financial Agent was authorized to manage or sell the Williams' land at his discretion.
The report of the committee to whom was referred the Financial Committee's report was taken up, when on motion the Board took recess until 3 o'clock p.m.
3 o'clock p.m. The Board reassembled.
The committee on the report of the Building Committee presented a report which was received
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and discussed, when the following substitute was offered and adopted, viz
Resolved, 1st. That the Building Committee at once make arrangement and contracts to erect a building for a Preparatory Department.
2nd. That said Building Committee go forward at once in the erection of a College building as contemplated by the subscribers to the Building Fund, but in doing so they should have the buildings finished in portions, so as to insure its speedy occupation by the Faculty of the College.
3rd. That the Building Committee, so far as practicable, secure a number of rooms by renting temporarily, for the use of such students as may desire them.
It is not intended by this order to require the Committee to make contracts (other than those heretofore made) immediately, but to use a wise and prudent discretion as to time and amount to be paid in view of all the circumstances by which they may be surrounded.
Adjourned to meet at 8 o'clock tomorrow morning. Closed with prayer.
June 27, 1867, 8 o'clock a.m.
Board met. Minutes of yesterday were read.
The Committee on the report of the
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Financial Agent presented a report, which was received and adopted and is as follows, viz
The Committee to whom the report of the Financial Agent was referred report that they have not the time to examine the books of the Agent and the vouchers to verify the correctness of the report, and recommend that the Financial Committee be instructed to make this examination as to the present report and also of the report of June 1866, and that they report to the trustees at their next annual meeting.
Your Committee are of the opinion that an auditor should be appointed to audit the account before the report of the Financial Agent is presented to the Trustees and recommend the appointment of an auditor at the present meeting of the Board.
It appears by the report that the Permanent Fund was
The changes during the year are a decrease in board to individuals $1,091.78. Increase in U.S. Bonds $1,000 and in Tennessee Bonds $2,000.
|Income for 1866||$7,548.23|
|Expenses for 1866||$9,848.99|
|Income for 1867||$11,275.37|
|Expenses for 1867||$9,302.07|
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|Tuition for 1866||$1,847.50|
|Tuition for 1865||$1,588.54|
|Increase from bank stock||$804.00|
|Increase from bonds||$2,798.00|
|Interest on same||$1,100.00|
|Salaries in 1866||$5,751.00|
|Salaries in 1867||$6,866.00|
|Improvements & repairs, 1866||$278.00|
|Improvements & repairs, 1867||$641.00|
|Expense Account, 1866||$651.00|
|Expense Account, 1867||$1,420.00|
|Income more than expenses 1867||$1,973.30|
|The Building Fund|
|Whole amount collected principal & interest||$49,058.00|
|Invested in U.S. bonds||$27,350.00|
|Loaned to individuals||$17,353.45|
|Cash on hand||$639.71|
Your Committee recommend that the Financial Agent collect the unpaid subscriptions and loans to individuals belonging to the Permanent Fund, and that the Financial Committee invest the money collected in safe produc-
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Your Committee are of the opinion that the two Tennessee bonds belonging to the income fund are not needed for current expenses and that the Permanent Fund is too small. We recommend that these two bonds be added to the Permanent Fund.
We have not a copy of the act passed by the Legislature of Missouri in reference to the unpaid coupons on Missouri bonds, but understand the State proposes to pay on the lst provision one half of the amount due and unpaid January 1, 1867, in cash and the other half in bonds. We recommend that the Financial Committee accept the money for the half and if they cannot get the whole in money that they take bonds for the other half.
Your Committee are of the opinion that the sale of the stock of the Bank of Kentucky and investment of the proceeds will increase the income of that investment and recommend the sale of the 101 shares of stock of the Bank of Kentucky, and that the proceeds be invested in the 7 per cent bonds of the Louisville, Frankfort & Lexington Rail Road.
Of the amount collected of the Building fund $27,350 is invested in U.S. Bonds. Loaned to individuals $17,353.
Your committee do not think it wise or prudent to invest the whole, or the lar-
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ger part of any trust fund, in one class of securities, regarding it as unsound in principle and hazardous in practice, and recommend the speedy collection of loans to individuals and unpaid subscriptions belonging to this fund, and that the money collected, so far as it is not needed for building, be invested in safe productive bonds and bank stock.
[Signed] Levi L. Warren, Tyler T. Alexander, George W. Welsh, Committee
The committee on the letter of Dr. Speer presented their report, recommending the letter be referred to Prof. Beatty to make further inquiry on the subject.
On motion resolved that hereafter all young men of suitable character who apply for education in the College may be admitted to all the privileges of the College classes without the payment of tuition fees, which may be paid hereafter, if they shall be able to do it, and that the Financial Agent of the College give public notice of this action.
The committee to whom was referred the resignations of Profs. Matthews and Beatty and the report of the Faculty, presented their report which was received and adopted and is as follows:
The Committee on Faculty report & recommend to the Board the following resolutions:
1st. This Board has heard with much
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regret Prof. Beatty's letter of resignation of his offices in the College. This Board unanimously and most earnestly requests Prof. Beatty to withdraw his letter of resignation and to resume his duties in the College. This Board is assured and assure Prof. Beatty that it is the earnest desire of the Synod and of the alumni and students and friends of the College that he should continue in his most useful labors.
2nd. Prof. Matthews having stated that his engagements are of such a nature as requires him to remove from Danville, this Board accepts his resignation, thanking him for his faithful services in the College.
3rd. The Faculty is requested to supply instruction in the Latin & Political Economy.
4th. The Rev. Dr. Yerkes is reappointed Professor pro tem of the Greek Language.
5th. Mr. Alfred B. Nelson is appointed temporary Professor of Mathematics for the year ensuing.
6th. In case any of these professors should decline to serve, the Faculty is authorized to supply instruction in the vacant department.
In accordance with the recommendation of the committee on the Financial Agent's report, the Board hereby appoints Thomas E. Quisenberry auditor.
The Committee to whom was referred the circular on military education pre-
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sented their report, recommending after mature deliberation that no action be taken on the subject.
Ordered that Messrs. Ralston & Yerkes be appointed teachers in the Preparatory Department, and if they decline, the Financial Committee are directed to supply their places.
The following committee was appointed to report on the whole subject of the Preparatory Department, viz McRoberts, Humphrey & Welsh.
The matters relating to Mr. Youce's will was referred to Financial Committee.
1. On Repairs: Financial Agent, Thomas Barbee, and George W. Welsh
2. Financial Committee: Dr. William L. Breckinridge, Ormond Beatty, J. A. Jacobs, Thomas Barbee, George W. Welsh, William Ernst, Levi L. Warren, and Financial Agent
3. Building Committee: Ormond Beatty, Edward P. Humphrey, J. A. Jacobs, William J. McKnight, George W. Welsh, William L. Breckinridge, and Financial Agent
On motion, the salary of Financial Agent was increased $100, making it $766.66 2/3. The salary of Mr. Nelson was raised to $900.
The Board then adjourned to meet at 6 o'clock p.m. on Tuesday, before the last Thursday of June 1868.
Ormond Beatty, Secretary
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The Financial Report to the Board of Trustees of the Centre College at their annual meeting June 25, 1867.
Papers A, B, C, & D show the present state of the funds of the College.
Since June 1, 1866, the State of Tennessee has paid up all the interest due upon her bonds to January 1, 1867, upon the terms which said state had previously offered to her bond-holders, and which this Board of Trustees accepted at their last regular meeting.
The income of the College has been sufficient during the year which closed June 1, 1867, to pay all the ordinary expenditures of the Institution and have a surplus of cash on hands.
The surplus of income of the present year has been passed to the Permanent Fund & invested in Tennessee State bonds. The State of Missouri has, since the last regular meeting of the Board, changed her terms proposed to her bond-holders, and made provision for the final payment of all the interest due on her bonds January 1, 1867, and promises to resume on July 1, 1867, the regular payment of interest on her bonds. For more definite information on this subject the Board are referred to the Act the Legislature of the State of Missouri at its last session.
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The propriety of selling certain stocks belonging to the College, which now command a high premium in the market, and reinvesting proceeds in other forms has been suggested by some who are friendly to the interests of the College. Possibly in this way a valuable increase of the permanent funds of the College might be made. Respectfully submitted.
[Signed] Robert A. Johnstone, Financial Agent
[pages 117-126 consist of a detailed financial report for 1867. A print version can be viewed at Centre College Financial Reports (PDF, 689 Kb)]
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October 11, 1867
Pursuant to call of Chairman, by public notice, the Board of Trustees met & was opened with prayer by the Chairman.
Present Revds. Edward P. Humphrey, William C. Matthews, Sidney S. McRoberts, Aaron A. Hogue, Richard H. Valentine, Messrs Levi L. Warren, William Ernst, Thomas Barbee, David J. Curry
Dr. Breckinridge presented a report from the Faculty of the College which was received and ordered to be put on file.
The action of the Faculty in the appointment of Messrs. Randolph & Tevis to give instruction in the vacant chairs of Latin & Greek until the Board should meet was approved, & these persons appointed by the Board itself to these chairs for the remainder of the year; Mr. Randolph at a salary of $1,200 and Mr. Tevis at a salary of $600 per annum.
The following proposition was offered and adopted.
Ordered that in view of the present state of affairs at Danville, as stated by Dr. William L. Breckinridge, President of the College, he be delivered from the duty of preaching to the students on Sabbath and permitted, at his discretion, to make any arrangements which he may desire to make for preaching at other points on the Sabbath.
The action of the Financial Committee in employing legal counsel to defend the right
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of the Synod to control Centre College in the suit that has been instituted by the Schismatical Board to obtain possession of this Institution is approved. The counsel retained by the Committee are J. F. Bell, John M. Harlan, the firm of Durham & Jacobs, the firm of Fox & Vanwinkle, and T. E. Quisenberry.
Adjourned to meet in the Lecture room of this Church (Mr. Worrel's) at 7 1/2 p.m. tomorrow evening.
October 12, 
The Board reassembled. The Synod having elected new members in place of those whose term of service expired in 1867, the following members were present, viz Revds. Edward P. Humphrey, William C. Matthews, Sidney S. McRoberts, Aaron A. Hogue, Richard Valentine, William L. Breckinridge & Messers Levi L. Warren, William Ernst, Thomas Barbee, David G. Curry & Ormond Beatty.
Messers. Humphrey, Ernst, Barbee, Breckinridge & Beatty, of the newly elected class were duly sworn before taking their seats as members.
Upon application of the President of the College, it was ordered that he be allowed, if he prefer to do so, to rent out the house in which he lives, and to receive the proceeds of the rent.
The action of the Financial Committee in buying a lot for the Preparatory Building is hereby approved by the Board, and the Committee is further directed & hereby authorized to sell so much of same as may be necessary for the use of school.
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Adjourned to meet in Danville at 8 o'clock p.m. on Tuesday before the last Thursday in June 1868.
Ormond Beatty, Secretary.