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Danville, Kentucky. June 23, 1868

Board of Trustees of Centre College met pursuant to adjournment & was opened with prayer by the Rev. Aaron A. Hogue. Members present Rev. Edward P. Humphrey (Chairman), Rev'ds William L. Breckinridge, William C. Matthews, Sidney S. McRoberts, Richard Valentine, Aaron A. Hogue, Messrs. William Ernst, Levi L. Warren, Thomas Barbee, 0rmond Beatty

Minutes of last annual meetings in Danville (June 26th, 27th, & 28th 1867) were read and approved as also the minutes of the meetings in Covington October 11th & 12th 1867.

Financial Agents report was read and referred to a committee, viz Messrs. Warren & Ernst.

Messrs. Barbee & McRoberts were appointed a committee to compare bonds, certificates of stock, etc., with the report of Financial Agent.

Adjourned to meet at 8 o'clock tomorrow morning. Closed with prayer.

June 24, [1868]

Board reassembled pursuant to adjournment.

Report of Building Committee was read, accepted, and is as follows:

The Building Committee would beg leave

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to report that in obedience to the order of the Board made at its last annual meeting, ground has been purchased & a contract made for the erection of a Preparatory Building to be completed by the 1st of August 1868. Work is now in progress on the building.

In regard to the main College Edifice the Committee has done nothing more than contract for the heavy lumber, which has been in part delivered & the contractors are delivering the remainder daily. By the contract it was to have been all delivered by the first day of January, but delay beyond the power of control by the Committee has occurred.

Efforts have been made to secure lodging rooms for the students, but your Committee has been unable to effect satisfactory arrangements.

The action of the Committee in contracting for a Preparatory Building was approved & the Committee directed to urge the work to its completion.

The Building Committee is directed to suspend work on the main College Edifice until further orders of the Board.

The same committee is authorized & directed to fit up the house now occupied by the janitor for the purpose of affording lodging rooms for the students, and if not needed for this use to rent it to a suitable tenant.

Letters giving reasons for absence from the meeting of the Board were received from

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David J. Curry & James Barbour, and the secretary was directed to make note of it on his minutes.

The annual report of the Faculty was submitted, accepted, and is as follows:

The catalogue, herewith submitted, shows the whole number of students for the year now closing to be 128 - to wit - 9 Seniors, 8 Juniors, 6 Sophomores, 7 Freshmen, 13 Scientific, and 85 in the Preparatory Department.

Nothing of any special interest has taken place in the College during the year, no death or serious illness among the students, nor any case of flagrant misconduct calling for the exercise of discipline. The standard of diligence in study, taking an average of all the Classes, has been about as usual.

In the College Proper there are twelve professors of religion, of whom five have the ministry in view; two of these being members of the Senior Class, having already entered the Theological Seminary here.

We have still to regret the absence of the Trustees, as of other friends of the institution, from the examinations; only one of the Trustees having attended this year.

We recommend the following named young gentlemen, composing the Senior Class for the first degree in the arts, viz George N. Biggs, John Boyle, William L. Burdett, George Denny, William H. Evans, William E. McAfee, Logan McKee, John W. Walker, George C. Young; & for the second degree Henry M.

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Buford, James Graham Moore of the Class of 1864, and Robert E. Dunn of the Class of 1860.

Signed Alfred B. Nelson, Secretary of Faculty

The degree of Bachelor of Arts was conferred upon the nine young gentlemen recommended by the Faculty, (see their names above) and also the degree of Master of Arts upon the three recommended for this distinction.

The degree of D. D. was conferred on the Revds.
Henry Neill, of Pittsfield, Massachusetts
Thomas H. Cleland of Lebanon, Kentucky
E. Erskine of Chicago, Illinois
J. G. Reasor of Leavenworth, Kansas

Prof. Ormond Beatty was added to the committee on the Preparatory. This committee now consists of Sidney S. McRoberts, Edward P. Humphrey, George W. Welsh, & Ormond Beatty.

The order made last year, directing the sale of the stock of the Bank of Kentucky, was rescinded & then so far modified as to leave the matter discretionary with the Financial Committee.

The action of the Financial Committee at their meeting March 6, 1868, arranging and paying fees to counsel in the College suit is approved and hereby ratified.

Mr. McRoberts, as the agent of this Board, is hereby authorized to sell & convey title to the Williams land; and the Financial Committee is directed to pay any expenses that may be incurred in effecting the sale.

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Messrs. Hogue, Barbee & Valentine were appointed a Committee to report on the subject of salaries.

The Committee to whom was referred the report of the Financial Agent presented their report, which was received, adopted, and is as follows:

The Committee to whom were referred the report of the Financial Agent ask leave to report that the expenses of the College for the year

Year ending 1867 were	$8,927
Year ending 1868 were	$8,764
Decrease	$163
Tuitions June 1867 were	$1,588
Tuitions June 1868 were	$916
Decrease	$762

Your Committee recommend that the report of the Financial Agent paper B, Section 3, viz Investment in Texas land $1,442.18 be so amended as to read as follows - Texas land taken of James Weir in payment of his note.

Of the Permanent Fund of the College $8,650 is in turnpike stock, the income from which the past year was $76.50. Your Committee recommended that the Financial Agent ascertain what can be realized by the sale of the turnpike stock, and if the sale and investment in other stock will increase the income, we recommend the change of the investment. Another item of the permanent investment is loans to individuals $10,613. The Committee are of the opinion that these loans and the individual loans of the Building Fund - $15,600 - should

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be collected, and the amount invested in safe productive stocks or bonds and that the notes due the Building funds be speedily collected and invested in good stocks or bonds.

[Signed] Levi L. Warren, William Ernst

The Financial Committee are instructed to carry out the recommendations of this report.

Dr. William L. Breckinridge signified verbally to the Board his desire to retire from the Presidency of the College, his resignation to take effect at such time as the Board may designate. Whereupon Drs. Edward P. Humphrey, William C. Matthews & William Ernst, Esq., were appointed a committee to confer with Dr. Breckinridge on the subject.

The Committee reported that in conference with Dr. Breckinridge they requested him to withdraw his resignation, but he declined to do so. They then suggested that he should continue to hold his connection with the College until the next meeting of the Synod in October, with the understanding that this Board will hold a meeting at that time to take the subject into further consideration, to which he consented if this be the pleasure of the Board, and now recommend the Board to adopt this as its minute in the case. Adopted.

The report of the Committee on the Pre-

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paratory was received, amended & then adopted and is as follows, viz

The Committee to whom was referred the subject of the Preparatory School, its relation to the College, the appointment and salary of its teachers, etc., would recommend the following action on the subject:

1st. That the Preparatory School be regarded and treated as a department of the College, subject to the control and supervision of the Board of Trustees as are the other departments of the College.

2nd. That the Board of Trustees appoint the teachers in said school, vacancies in recess of the Board to be filled by the Faculty of the College.

3rd. That the salaries of said teachers by arranged by the Board of Trustees. But in case the Board shall fail to arrange for the salaries, then it shall be done by the Faculty.

4. That the tuition fees of said Department be paid into the common treasury of the College unless otherwise directed by the Board of Trustees.

It is ordered that for the ensuing year the teacher of the Preparatory Department shall be entitled to the proceeds of the school, the charges to each pupil not to exceed those of students in the College classes. Also that said teachers shall pay to the Financial Agent a reasonable sum, to be determined

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by the Financial Committee, for the rent of the house and grounds, with proper insurance on the building, and shall receive & instruct without charge all persons whom the Faculty, under the orders of the Board, will admit without charge to the College classes.

The teachers of the Preparatory are directed to make an annual report to the Board of receipts and expenditures.

Mr. Lucien H. Ralston was appointed Principal of the Preparatory Department.

Minutes having been read are approved to this point. The Board adjourned to meet tomorrow morning at 8 o'clock. Closed with prayer.

[June 25, 1868]

Board reassembled. Messrs. Humphrey & Barbee were appointed a committee to confer with Mr. Ralston, as to his associate.

Discretion was given to the Financial Agent to make such allowance to Mr. Friley for improvements on the Overton Estate as his judgment might approve; and the Financial Committee were directed at their discretion to finish the fence around the former.

Messrs. Randolph, Nelson & Tevis were re-appointed for the ensuing year to the positions they at present hold as instructors in the College. Mr. Randolph at a salary of $1,200, Mr. Nelson at a salary of $1,000,

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and Mr. Tevis at a salary of $700 per annum, the increase in the case of the last two to begin with the next academical year in September.

The attention of the Financial Agent is directed to the subject of tuition fees & collection, and authority is given to the Financial Committee to use coercive measures, at their discretion, to secure their prompt payment.

The report of the committee on the subject of the salaries of tutors & professors was read, accepted, ordered to be put on file & referred to the regular annual meeting of the Board in June next.

Ordered that the tuition fee in College proper be reduced to $40.00 per annum, with contingent fee of $5.00, to be paid semi-annually in advance.

The tuition in the Preparatory is fixed at the same rates & terms.

The committee appointed to examine bonds, certificates of stock, etc., reported that they had made this examination & found them to be correct & to correspond with the report of the Financial Agent.

The subject of the appointment of an Assistant Instructor in the Preparatory Department, together with all arrangements as to salary, instructions, etc., was referred to a committee consisting of the local members of the Board, of which Dr. William L. Breckinridge shall be chair-

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man, with full authority to act in the case.

The following Committees were appointed for the ensuing year.

Financial Committee - Dr. William L. Breckinridge, Ormond Beatty, Aaron A. Hogue, Thomas Barbee, George W. Welsh, William Ernst, Levi L. Warren & Financial Agent
Building Committee - Ormond Beatty, Edward P. Humphrey, J. A. Jacobs, William. J. McKnight, George W. Welsh, William L. Breckinridge, & Financial Agent
On Repairs - Financial Agent, Thomas Barbee & George W. Welsh.

The whole subject of the Dod property was referred to the Financial Committee with authority to sell at their discretion, & that of the building now used for a Preparatory School was referred to same Committee with like authority in this case.

The minutes were read and approved, and the Board adjourned to meet at the office of the Financial Agent in Danville at 7 o'clock P.M. on Thursday, October 15, 1868.

Ormond Beatty, Secretary

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Report of the Financial Agent to the Board of Trustees of Centre College, at their annual meeting, June 23, 1868

This report is contained in Papers A, B, C, & D, and closes the accounts on June 1, 1868. The stocks of the old Bank of Kentucky, of the Danville & Lexington Rail Road, and of the Kentucky Statesman, are omitted from the list of stocks in this report.

The overdue Missouri coupons have been recently paid up. Excepting a fractional interest of the College in one coupon of $30, but at a date too recent to be included in the accounts here presented.

The accounts of the Overton Estate have been settled up to March, 1868, and the estate is now leased out for a term of five years from March 1, 1867, at the rate of $350 per year, to J. F. Friley with N. Tapp as security. Mr. Friley asks for an allowance of $30 to defray costs of a corn crib which he has erected on the Estate.

The last coupon has been cut from one or two of the Kentucky State bonds, and the remaining bonds will soon become due. The State of Kentucky will pay off these bonds as soon as presented. The income of the College during the year ending June 1, 1868, has exceeded the

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expenses by $2,122.90.

Respectfully submitted, Robert A. Johnstone, Financial Agent of Centre College

[pages 140-145 consist of a detailed financial report for 1868. A print version can be viewed at Centre College Financial Reports (PDF, 799 Kb)]

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Auditors Report

I have examined the Annual Report of the Financial Agent of Centre College closing with June 1, 1868, and find it correct. The accounts of receipts and disbursements for the year seem to balance properly. All sources of income are embraced by the report, and the disbursements sustained by proper vouchers.

Thomas E. Quisenberry, Auditor

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October 15, 1868

Board of Trustees met pursuant to adjournment in the office of the Financial Agent in Danville and was opened with prayer by the Rev. William C. Matthews, D.D. Members present Rev. Edward P. Humphrey, D.D. (Chairman), Revs. William L. Breckinridge, D.D., William C. Matthews, D.D., Sidney S. McRoberts, Aaron A. Hogue, Richard Valentine, Messrs. Levi L. Warren, George W. Welsh. David J. Curry, Thomas. Barbee, Ormond Beatty

It was ordered that the name of J. A. Jacobs be added to the Financial Committee.

Adjourned to meet at this place on tomorrow at 7 p.m.

October 16, [1868]

Board reassembled. A letter of resignation from Dr. Breckinridge, the President of the College, was laid before the Board. The resignation was accepted, and Dr. Humphrey was requested to prepare a paper expressing the mind of the Board in relation to this whole subject, & submit it to the Board.

Adjourned to meet at 12 o'clock tomorrow.

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October 17, [1868]

Board reassembled. The following is a copy of Dr. Breckinridge's letter of resignation and of the minute reported and unanimously adopted by the Board in relation to it:

After consideration, the following minute in relation to this subject was unanimously adopted, viz

At the annual meeting of this Board in June last, the President of the College expressed a desire to resign his office and withdraw from the service of the Board. A Committee of the Board, appointed for the purpose, waited upon him, and in their conference with him requested him to withdraw his resignation. On his declining to comply with this request, the Committee earnestly urged him to allow the subject to be postponed until the meeting of the Board in October, holding his office meanwhile; to which proposition he consented if such should be the desire of the Board. The Board approved the report of the Committee and

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adopted it as its own action.

Dr. Breckinridge has appeared before the Board now sitting with a renewal of his desire to be discharged from further service in the Presidency of the College. Amid these circumstances, this Board does not feel itself at liberty to refuse its consent to Dr. Breckinridge's wishes. And painful as is the duty laid upon it, the Board is constrained to accept his resignation, to take effect at such time as may suit his convenience. This Board hereby accords its grateful recognition of the important services which Dr. Breckinridge has rendered to the College. His acceptance of the office in the midst of the late Civil War, when the College was rapidly declining under the disasters suffered by the church and country, was an act of Christian courage; and the faithfulness and unselfishness with which he has labored in the midst of many discouragements has endeared him to the hearts of all his brethren.

The Board is more pained to learn that Dr. Breckinridge proposes to leave the bounds of the Synod, so that the College will be deprived, hereafter, of his wise and faithful counsels. For more than thirty-five years he has, from time to time, served the College either as a member of this Board or as one of its Faculty. Its past prosperity and its future usefulness, when God shall be pleased to restore it to its place, must be largely ascribed to his fidelity in all these trusts.

The best wishes and the prayers of all the brethren for whom we act will follow him to his new field of labor.

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It is further

1. Resolved that Dr. Breckinridge be solicited to continue his daily instructions and the care of the students, so long as he can make it convenient to do so.

2. That he be invited to occupy the President's house so long as it may be agreeable to himself & his family.

3. That the Financial Committee pay him his full salary up to the first of January next.

4. On his retirement from office, the Vice President is requested to assume the duties of the Presidency until further order of the Board.

5. The Faculty is directed to supply full instruction to the Senior Class, and for that purpose they are authorized, at their discretion, to employ additional assistance.

6. The Secretary is requested to hand to Dr. Breckinridge a copy of this minute, and to publish it in the Danville paper and the Western Presbyterian and the Presbyterian.

The Board then adjourned to meet in the office of the Financial Agent in Danville, at 1 o'clock P.M. on Tuesday before the last Thursday in June in 1869.

Ormond Beatty, Secretary

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