Centre College Board of Trustees
Financial Committee Minutes (1865-1875)

Danville February 20th 1865

Financial Committee met pursuant to call. Present G. F. Lee, E. P. Humphrey & 0. Beatty.

Ordered, That a loan of $3,500 of the Building Fund be loaned to Ths. Barbee and G. 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. P. E. and B. 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 [unknown word] property was refused.

0. Beatty

Danville February 24th 1865

Financial Committee met pursuant to call. Members present - J. F. Lee, Chairman, Dr. E. P. Humphrey & 0. Beatty.

Ordered that 0. Beatty be requested to attend to the duties of the Financial Agent and Treasurer until an Agent is appointed in the place of Mr. 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.

0. Beatty

March 6th 1865

Financial Committee met pursuant to adjournment. Present G. F. Lee (Chairman) E. P. Humphrey and 0. 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, & 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.

0. Beatty, Sec.

March 6th 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.

0. Beatty, Sec.

April 17th 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 B. Fund.

Ordered that $1,000 be loaned to J. P. Fisher, T. Barbee and R. A. Johnstone.

0. Beatty, Sec.

May 8th 1865

Financial Committee met. Present Lee, Humphrey & Beatty. Minutes of the two preceding meetings read and approved. Mr. Beatty reported that the loan to J. P. Fisher, T. Barbee and R. 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 G. F. Lee, J. M. Meyer & 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. H. H. Allen to prepare the annual Financial report. His expenses to be borne & a liberal compensation to be given him.

0. Beatty

Office of Financial Agent May 20, 1865

The Committee met & invested as directed at last meeting, $2,000 in U.S. 7-30 Bonds & loaned to G. F. Lee, J. M. Meyer & J. W. Webb $1,701.30 on a joint note payable 20th May 1865 with interest from date. Bought McChords Scholarship for $250.

October 3, 1865

Financial Committee met, 4 o'clock p.m. Present, G. F. Lee Chairman E. Humphrey, 0. Beatty, J. A. Jacobs & R. 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 & asking that her note to C. C. 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 Genl. McCalla & request him to press its collection at once.

R. 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 R. 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 & occupy the house to be fixed by this committee hereafter. Adjourned sine die.

R. A. Johnstone

February 1, 1866, 3 o'clock p.m.

Chairman of Financial Committee called the Committee together in lst National Bank, the members present were G. F. Lee, 0. Beatty, & R. A. Johnstone. Wm. Irvine applied to the Committee for the loan of $500, five hundred dollars, for six months. It being made clear to the Committee that funds belonging to the Building Fund of C. C. 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, G. E. Lee, G. W. Welsh executed their note, February 3, 1866, for $515.00 payable to Trustees of Centre College, six months from date.

Office F. Agent, April 10, 1866

Financial Committee met. Present, E. F. Humphrey, J. A. Jacobs, 0. Beatty & 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 0. 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. 0. Beatty being allowed to remove from the ground certain locust trees specified by him, & the Committee agreeing to remove the fence forming the present Eastern boundary between 0. Beatty & 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 0. Beatty - this purchase being subject to the approval of the Board of Trustees of Centre College - also it was ordered that the Treasurer of C. C. pay for the land & take the necessary [unknown word]. This order was carried out April 14, 1866 - See below - **

**The ground bought of 0. Beatty - bounded as follows - beginning at the South East Corner of the lot bought by Beatty of J. L. Bell & running thence with one of its sides N 1 1/2 E.35 92/100 poles; thence with another of its sides S.87 3/4 E 17 56/100 poles; thence S 1 1/4 W 35 44/100 poles - thence N 89 W 17 60/100 poles to the beginning.

April 14, 1866, Office F. Agent, 4 o'clock p.m.

The Financial Committee met. Present, Geo. F. Lee, J. A. Jacobs, E. F. Humphrey & R. A. Johnstone & 0. Beatty.

The application of Mrs. Mary Green, referred by the Board of Trustees of C. C. 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. L. 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.

R. A. Johnstone, F. C.

Office Financial Agent, April 20 1866, 4 o'clock p.m.

The Financial Committee met, Present, Geo. F. Lee Chairman, J. 0. Jacobs, E. Humphrey, 0. Beatty, & R. 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 & 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, G. L. Lee, Chairman, J. A. Jacobs, 0. Beatty & R. 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 C. C. U.S. 7 - 30 Bonds were purchased amounting to $2,000 and $37.60 accrued interest paid on said bonds. Total $2037.60.

R. A. Johnstone

November 13, 1866

Financial Committee, Present: J. A. Jacobs, 0. Beatty, G. W. Welsh & R. 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 & considered, it was on motion, Resolved that J. A. Jacobs & R. A. Johnstone be & are hereby appointed to look after the same and report to this committee as soon as possible.

R. A. Johnstone

lst National Bank, Danville March 3, 1867, 3 o'clock p.m.

The Financial Committee met. Present G. F. Lee, Chairman. 0. Beatty, J. A. Jacobs, G. W. Welsh & R. A. Johnstone, F. Agt. & Thos. Barbee of Comt. 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 0. Beatty, which was considered at some length by the committee - where, on motion, 0. Beatty, J. A. Jacobs & R. A. Johnstone were appointed to confer with the Trustees of the City of Danville in reference to the matters presented in said paper & report at an early day to this Committee.

The House occupied by F. Agent - was re-rented to R. A. Johnstone - F. Agent at the rate of $200 per annum from February 1, 1867. Also bills & costs of repairs made by R. A. Johnstone on said house during the year ending January 30, 1867, were presented to F. Committee by the Committee on Repairs as approved by them & the same allowed in settlement of the rent account for the year just closed.

The F Agent was directed to have the 7-30 Bonds now ready to be converted into 5-20s - so converted - as soon as it may be desirable to do so. Adjourned.

R. A. Johnstone, S. C.

lst 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, G. W. Welsh, Chairman pro tem, 0. Beatty & R. A. Johnstone.

It was ordered that five 5-20s U.S. Bonds each for $1,000 be immediately purchased by funds belonging to the C. C. Building Fund now in the Treasury of the College.

Also it was ordered that the F. Agent retain, as counsel in behalf of the Trustees of Centre College, the Hon. G. F. Bell, in the event of suit being instituted to dispossess the said Trustees of C. C. of their rights to its hold & control the interests & property thereof.

R. A. Johnstone, S. C.

April 8, 1867

The Committee met. Present, J. A. Jacobs, Chairman, pro tem, G. W. Welsh, 0. Beatty & R. A. Johnstone, F. Agt.

It appearing that the Minutes of a meeting of this Committee, held January 29, 1867, during sickness of the Secy. of Committee, have not yet been recorded, the Secy. was directed to record them in this place. They are as follows.

January 29, 1867, Financial Committee met. Present, G. W. Welsh, J. A. Jacobs, & 0. Beatty. It having come to the knowledge of the Committee, that the Fin. Agt. had directed suit to be instituted for the collection of the notes of Geo. Lee & 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 & others for $[blank space] upon condition that interest shall be paid to the lst January 1867 & that new & satisfactory notes shall be given for the principal to be paid by January 1, 1868.

A proposition from Jas [unknown word] of Texas was made to Committee through Thos. M. Paschal to pay off his note to C. C. in Texas lands at rate of $250 per acre. This proposition was accepted and Fin. Agt. directed to correspond with Judge Paschall in relation to it.

It was ordered that the Fin. Agt. 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, & 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 & 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 & stated his estimate of said services & costs, whereupon the Committee ordered Fin. Agt. to pay to Hon. J. M. Harlan the sum of $745.90. Stating to him that this is all that the funds of C. C. can afford, at present, and that this matter will be considered as still open for future adjustment.

Said papers are as follows:

No. 1: Sum of Costs Legal Services & Messenger
No. 2: Fee of A. J. James
No. 3: Frankfort Commonwealth Adves. Bill
No. 4: Ky. Yeoman Adves. Bill

A letter from Jas. F. Buckner of Louisville, Ky., in relation to balance due on note of Dr. F. G. Montgomery to C. C. was laid before the Committee.

It was ordered that Mr. Buckner be informed by Secy of the Committee that the Board of Trustees alone can settle this case. But that this Committee feel confident that the Trustees of C. C. will not enforce the collection of the debt during the life time of Mrs. Montgomery & 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 & 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 Fin. Agent reported that $10,000 U.S. 7-30s had been converted into U.S. 5-20s. Also that one additional U.S. 5-20s 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 C. C. Building Fund.

The case of college campus was brought before the Committee, with the statement that the students of C. C. feel aggrieved at not being permitted to use the College Campus as play ground & for exercises or relaxations. Also that someone or more of the Trustees of C. C., not members of this Committee, have expressed anxiety that the students shall be permitted to use the College Campus for purposes & uses afore said. During prudency of this subject, the Committee adjourned.

J. A. Jacobs, Chairman, pro. tem., R. A. Johnstone, S. C.

1st National Bank, Danville July 27, 1867

Financial Committee met. Present, W. L. B., Y. W. W. & 0. B.

Met & directed the Chairman, W. L. B., to request Dr. E. P. Humphrey to engage an atty to attend to the interests of the College in the matter of the will of Mrs. Sarah Liggett deceased. Adjourned.

W. L. Breckenridge, Chairman, R. A. Johnston, Secy.

October 5, 1867

Financial committee met. Present, W. L. Breckenridge, Chairman. 0. Beatty, Thos. Barbee & F. 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 Secy. 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 C. C. to the question of selling such U.S. Bonds as now bear a high price in the market & reinvesting proceeds in other securities.

November 6, 1867 4 o'clock p.m.

The Financial Committee met in their office, Danville Present, W. L. Breckenridge, Chairman, J. A. Jacobs, 0. Beatty & Financial Agent (R. A. J.).

The Committee took into consideration the state & condition of certain notes belonging to the funds of Centre College and having spent sometime 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 & 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 & inform them that this Committee, is desirous of receiving the principal & interests of their notes as soon as the same shall have become due.

Adjourned to meet in office of F. Agent tomorrow, at 3 o'clock p.m. to consider the condition of the uncollected original notes belonging to the funds of Centre College.

W. L. Breckenridge, Chairman, R. A. Johnstone, Secy.

November 7, 1867, 3 o'clock p.m.

The Financial Committee met according to adjournment. Present, W. L. Breckinridge, Chairman, 0. Beatty, G. W. Welsh, J. A. Jacobs & R. A. Johnstone, F. Agt.

The state of the original uncollected notes belonging to Centre College was taken up & considered at some length & then on motion, the Financial Agent was directed to collect, as speedily as possible, all such notes. Adjourned.

W. L. Breckenridge, Chairman of Committee, R. A. Johnstone, Secy.

Office of F. Agent, January 11, 1868, 10 o'clock a.m.

The Financial Committee met. Present, W. L. Breckenridge, Chairman, J. A. Jacobs, 0. Beatty, G. W. Welch & R. A. Johnstone.

A certain paper signed by J. F. Bell, T. E. Duisenburg, Van Winkle & Fox and Durham & Jacobs, attys 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 a thousand dollars - the sum to be paid at once - was read in the hearing of the Committee. Also a letter from Rev. E. F. Humphrey, D. D. in relation to the general matter of counsels' fees in said case - was read - The matter was taken up & considered fully by the committee and upon motion, 0. Beatty & R. A. Johnstone, were appointed to confer with these gentlemen and report to this Committee.

The case of the note of J. M. Meyer & others was brought before the committee with the statement that Mr. Meyer has not paid the principal of his note due to C. C. on January 1, 1868. Whereupon the F. Agent was directed to see Mr. Meyer & collect the money due upon his note - interest & 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 & without conditions.

The case of the note of Geo. Lee & others was brought before the committee, with the statement that F. 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 F. Agent was directed to see Mr. Lee and inform him that the F. Committee desire immediate payment, if possible & 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 F. Agent was also directed to report, in relation to this case, to this Committee, at an early day. Adjourned.

W. L. Breckenridge, Chairman of Committee, R. A. Johnstone, Secy.

Office of Financial Agent, January 24, 1868, 1 o'clock p.m.

The Financial Committee of C. C. met. Present, W. L. Breckenridge, Chairman. J. A. Jacobs, Thos. Barbee, 0. Beatty, G. W. Welsh & R. A. Johnstone, F. Agt.

The F. Agent reported compliance with the order given to him, to confer with J. M. Meyer & 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 (F. Agent) has seen Mr. George Lee in relation to his note & 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 & 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 & to make any definite promise as to when he would pay any part of the principal.

Respectfully, R. A. Johnstone, F. Agt. C. C.

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 & is approved & 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 & have his note renewed with the same securities and made negotiable & payable in the First National Bank, Danville, Ky., on July 1, 1868. Adjourned.

W. L. Breckenridge, Chairman, R. A. Johnstone, Secy.

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, W. L. Breckinridge, Chairman. J. A. Jacobs, Thos. Barbee, 0. Beatty & R. A. Johnstone, F. 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) one thousand dollars, 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 & learned from him that the sum of one thousand dollars 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 five hundred dollars, 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 & he is hereby directed to pay at once the sum of one thousand dollars to the said attys, including Genl. 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 & by their friendly regard to the interests of the College. Adjourned.

Wm. L. Breckinridge, Chairman of Committee, R. A. Johnstone, Secy.

Office of F. Agent, May 27, 4 o'clock p.m.

The Financial Comt. of the Trustees of Centre College met. Present, W. L. Breckinridge, Chairman, J. A. Jacobs, Thos. Barbee, 0. Beatty, Y. W. Welsh, & R. 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. 0. Beatty, Secy. 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 F. Agent of Centre College. Also, R. A. Johnstone, F. Agent of C. C., was requested to visit Frankfort as soon as possible & 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 & proper to use the same in said election. Adjourned.

R. A. Johnstone, Secy.

Office of F. Agent, June 27, 1868

The Financial Committee of Trustees of the Centre College met. Present, W. L. Breckinridge, Chairman. 0. Beatty, G. W. Welch, Thos. Barbee, A. A. Hogue, & R. A. Johnstone, F. Agent.

Application was made to the committee by Wm. 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 Sept. 14, 1868.

This application having been considered, on motion it was referred to G. W. Welch & R. A. Johnstone with full power to settle the same with said School Commissioners.

Also the selling of the Old Preparatory Building was referred to G. W. Welch & R. A. Johnstone. Adjourned.

R. A. Johnstone, Secy

June 27, 1868

The Trustees of Centre College residing in Danville met in the office of the F. Agent. W. L. Breckinridge in the Chair. Others present, 0. Beatty, Thos. Barbee, G. W. Welch & A. 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 & 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 & the principal may judge to be the suitable person for the place. Adjourned.

R. A. Johnstone, Acting Secy 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, 0. Beatty, Chairman, pro tem., J. A. Jacobs,, A. A. Hogue, Thos. Barbee & R. 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 & best.

The case of janitor for Centre College was brought to the attention of the Committee & after some consideration it was referred to Prof. 0. 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 & rent it out for the present & the Rev. A. 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 & conditions - to wit -

First, the rent per annum shall be three hundred dollars, paid at least half yearly.

Second, 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 & 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 & 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 & 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 & 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 & Burbank - for the sum of one hundred & fifty dollars, on the conditions that the said Ralston & Burbank will agree to use diligence in keeping the house & grounds from trespass & injury, or damage of any kind, both on the part of their own students & all other persons & animals, during session & vacation. And further that they will agree to keep the house & grounds in good repair. All temporary improvements on house & 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 0. Beatty & R. A. Johnstone were appointed to confer with the teachers of the Preparatory Department in relation to this matter & make such arrangements therein as to them may appear wise & proper.

The question as to the propriety of selling the house now occupied by R. 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. J. A. Jacobs, 0. Beatty & Thos. 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.

R. A. Johnstone, Secy.

Office of Financial Agent - Dec. 1, 1868, 3 o'clock p.m.

The Financial Committee met upon call of 0. Beatty, temporary chairman. Present, 0. Beatty, J. A. Jacobs, G. W. Welsh & R. A. Johnstone, F. Agent.

On motion. J. A. Jacobs was chosen permanent Chairman of the Committee. The financial Agent reported that letters had been recently received by him from Messrs. Wm. Ernst, L. L. Warren & E. F. Humphrey in relation to the best forms in which to reinvest the money about to be paid by the State of Ky. in redemption of the Ky. 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 L. L. Warren of Nov. 28, 1868 - to wit - those Bonds issued to the Elizabeth Town & Paducah Rail Road, offer a very good form in which to reinvest the money to be received in payment of the Ky. State Bonds, and thereupon directed the Financial Agent - R. A. Johnstone - to correspond with Mr. L. L. Warren immediately and ask him to purchase on behalf of this Comt. 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, & 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 Comt. at some date before January 1, 1869.

On motion the Comt. adjourned. See page 60 [i.e. January 29, 1869] for opinion.

R. A. Johnstone, Secy.

Office of Financial Agent, Danville, Ky., March 24, 1869, 4 o'clock p.m.

Comt. met. Members present, J. A. Jacobs, Chairman, 0. Beatty, Thos. Barbee, G. W. Welsh & R. A. Johnstone

0. Beatty read in hearing of the Comt. a letter from Genl. 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 Genl. Boyle agreeably to the terms offered in his letter.

The question of selling a certain portion of the new preparatory lot was raised & 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 Comt. 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 & make conveyance. Subject to the approval of the Trustees of Centre College - F. 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 & pasture in any portion of the public grounds belonging to Centre College - (without special permission of this Comt.) 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 comt. 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.

R. A. Johnstone, Secy.

Office of F. Agent, January 29, 1869, 4 o'clock p.m.

The Financial Comt. met. Present, J. A. Jacobs, Chairman. 0. Beatty, G. W. Welsh, Thos. Barbee, & R. A. Johnstone. The F. Agent reported that the order on page 57, of minutes, relative to the Ky. State Bonds had been executed & that six 7 per cent bonds of City of Louisville have been purchased with proceeds of the Ky. Bonds and are now in the tin box containing the public securities belonging to Trustees of C.C.

Also the F. 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 & then on motion the Comt. adjourned.

R. A. Johnstone, Secy.

Office of F. Agent, June 3, 1869, 4 o'clock p.m.

The Financial Comt. met on call of Chairman. Present, J. A. Jacobs, Chairman, 0. Beatty & R. A. Johnstone.

An account for commissions on collections made for the Building Fund of Centre College by Van Winkle & Fox was presented to the Committee by F. Agent and said account being considered reasonable & proper, the F. Agent is hereby ordered to pay the same. Adjourned.

R. A. Johnstone, Secy.

June 26, 1869, Office F. Agent, 9 o'clock a.m.

The Financial Comt. 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 & then on motion the Comt. adjourned.

[MINUTES CONTINUED ON PAGE 112]

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R. A. J. Secy.

Jan. 16, 1874

Financial Committee borrowed from the First National Bank $1365, for which said committee executed its note, to pay the money that had been advanced by the 2nd Church to Dr. J. L. McKee whilst he was in the service of the Board of Trustees.

Also renewed their note for including interest $2625 borrowed under the direction of the Board to pay the salaries of Professors.

June 21, 1875

Fin. Committee met. Present, Welsh, Wiseman & Beatty.

Ordered that the Secretary of the Board of Trustees be requested to issue to Dr. J. 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 [?] him in his work.