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In 1817 the Kentucky General Assembly passed an act allowing the Trustees of the Town of Danville to sell half of the Public Square (Constitution Square), the proceeds to go to the Trustees of the Danville Academy. A second enabling act, passed February 3, 1818, permitted the town to sell the remainder of the Public Square, one-half of the proceeds also to go to the Trustees of the Danville Academy. With the merger of the movement to establish the academy with that to found Centre College, the monies received from the sale of the Public Square passed to the Trustees of Centre College. The two sales took place of March 1 and November 28, 1819, and netted $5,757.42 for the College. This money, along with the $10,975 subscribed to the Danville Academy, which also passed to the Trustees of Centre College, comprised the college's initial funds.
| Trustees of Danville In a/c With Centre College of Kentucky Cm. | ||
| 1819 | ||
| Mar 1 | To amt of sales of Public Ground | $5029.92 |
| Nov 28 | [To] half proceeds of 2nd sale of [Public Ground] | $666.00 |
| Balance due Trustees of Town | $61.50 | |
| $5757.42 | ||
| 1819 | ||
| By Thomas Harrison's note | $1161.00 | |
| By James G. Birney's [note] | $673.00 | |
| By Richard Davenport's [note] | $567.00 | |
| By Gray & Stewart's [note] | $546.00 | |
| By Wm A. McDowell's [note] | $561.00 | |
| By John Bailey's [note] | $1519.92 | |
| By David Bell's 2 notes | $393.00 | |
| By Stephen Fisher's 2 notes | $165.75 | |
| By Willis Curd's 2 notes | $168.75 | |
| $5757.42 | ||
| By Balance | $61.50 | |
| We Joseph McDowell, David G. Cowan & Edward Worthington, Committee of the Centre College of Kentucky and Ben H. Perkins, William Miller and Michael G. Younce, Trustees of the Town of Danville, do certify that we believe the foregoing account to be accurate and just. Given under our hand this 16th May 1820 | ||
| Jo. McDowell D. G. Cowan Edwd. Worthington Michael G. Younce Wm. Miller B. H. Perkins | ||