1869 | contents | 1871
Centre College Board of Trustees Minutes (Vol. 3 - 1870)

Page 178 [view image]

Danville, Kentucky. June 28, 1870

Board of Trustees of Centre College, pursuant to adjournment, met in the office of the Financial Agent. Members present Rev. Thomas H. Cleland, D.D., Rev. William J. McKnight, Levi L. Warren, John B. Temple, Rev. Hemin H. Allen, John S. Hays, D.D., Ormond Beatty.

In the absence of the Chairman of the Board, the Rev. Thomas H. Cleland was on motion appointed pro tem, Chairman, and on taking the Chair opened the meeting with prayer.

The minutes of the regular annual meeting of the Board held in Danville June 22nd & 23rd

Page 179 [view image]

in 1869, and the minutes of the meeting held October 14th in Louisville, were read and approved.

The report of the Financial Agent was read & received & committed to Levi L. Warren & John B. Temple for examination. The Board then adjourned to 8 1/2 o'clock tomorrow morning.

Board reassembled. Rev. James P. Hendrick & Rev. Stephen Yerkes D.D. appeared and took their seats as members.

Letters were received from Messrs. William Ernst & John T. Boyle giving their reasons for nonattendance & the Secretary was directed to make note of it on the minutes.

Prof's. Salvador DeSoto, James C. Randolph & Jason W. Chenault presented certificates of having taken the oath of office required by the Charter when entering upon the discharge of the duties appertaining to their office as Professors.

A letter from General J. T. Boyle was read, proposing a settlement of certain Building Fund notes that he owed the College by the relinquishment of two perpetual scholarships which he holds, and also offering as a donation to the Board a bond for $1,000 No. 414 of the Evansville, Henderson & Nashville Rail Road Company, bearing 7 percent interest payable semi-annually, to establish the Henry Barret Boyle Prize Class of 1872 of the College of New Jersey. The whole subject was referred to a committee, viz Messrs. Hemin H. Allen & James P. Hendrick with instructions to bring in a suitable minute.

The annual report of the Faculty of the

Page 180 [view image]

College was read, received, and approved, and ordered to be spread in the minutes and is as follows:

The Faculty of Centre College would respectfully submit to the Board of Trustees, and through them to the Synod of Kentucky, their annual report as follows:

It is already known to the Board that Mr. Marquis, who at its last annual meeting, was elected President, has declined the appointment. The studies falling to the department of the President have been taught in part by other members of the Faculty, but chiefly by Dr. Yerkes, who kindly lent his aid in the work of instructing the College classes.

Profs. DeSoto, Randolph & Chenault, having accepted the Chairs to which they were elected, entered upon their duties at the beginning of the session & have discharged them up to the present time.

The only material change in the course of study is in the introduction of the French & German Languages. An opportunity is now furnished the students to study these languages & during the past year quite a number have taken advantage of it.

With comparatively few exceptions the students have been diligent in their studies and have made commendable progress. The Faculty would recommend for the Bachelor's degree the following young gentlemen members of the Senior Class, viz William M. Duncan, William S. Hogue, Lewis S. McMurtry, George Moore,

Page 181 [view image]

Henry C. Rodes, William Turner.

In the religious condition of the College there is little worthy of special remark. Some five or six young men are preparing for the ministry and the general tone of morals in the College has been good. The Faculty regret to state that they were compelled to separate from the College several young gentlemen who were neglecting their studies.

The accompanying annual catalogue herewith submitted, will show that the number of students

In the College Proper is60
In the Preparatory60
Total120
An increase in College Proper of17
A decrease in Preparatory of7
Leaving a total gain of10

All of which is respectfully submitted.

Messrs. Hays & Warren were appointed a committee to examine the bonds, certificates of stock, etc., in the keeping of the Financial Agent & to compare them with his report.

Rev. James T. Lapsley offered his resignation as a member of the Board of Trustees. Whereupon the Secretary of the Board was directed to call the attention of the Synod to the fact.

Messrs. Levi L. Warren, Edward P. Humphrey & John B. Temple were appointed a committee of investment, to whom was committed the subject of making permanent investments of the College funds.

The sale of 82 shares of the Bank of Louisville stock & the purchase of 41 Davies County

Page 182 [view image]

bonds, each $100, and of 5 Louisville Canal bonds, each $1000, was approved and ratified by the Board.

The report of the Committee on the Financial Agent's report was read, received and adopted and is as follows.

The Committee to whom was referred the Report of the Financial Agent respectfully report that they have made such examination of the various statements submitted to them as the time at their disposal has enabled them to do. They feel constrained to say that the statements are not altogether as intelligible as might be desired, but they gather pretty clearly the following facts:

According to the report of 1869 the invested Permanent Fund account was$106,543.02
which was increased during the year by the purchase of 41 Davies County bonds of $100 each$4,100.00
and of 5 canal bonds of $1000 each$5,000.00
gross total investments$115,643.00
But there has been converted of the investment 83 shares of Bank of Louisville stock par$8,200.00
and collected of J. M. Meyers note principal$213.68$8,413.68
Leaving investments$107,229.34
But the report states that an examination made since date of last report the accounts of individual notes is found by actual inspection of notes to be short $2,321.68. But it is evident from the face of the report that this is an error to the extent of Meyer's note paid $213.68$2,108.00
Admitting this deduction the invested fund on bonds are$105,121.34

Page 183 [view image]

The cash on hand belonging to Permanent Fund, as appears from Paper B Section 4, at the beginning of the year was$578.44
Add Meyers note collected$213.68
Add proceeds of 82 shares Bank of Louisville stock$7,257.00
Making balance from last year's other cash receipts$8,049.12
Of this amount invested in 41 Davies County $100 bonds$3075.00
In 5 $1000 canal bonds$4162.50$7,237.50
Leaving cash belonging to this fund, the immediate investment of which is recommended$8,811.62
Your Committee also find that there has been received from rents, interest on bonds, & notes of bond & dividends on stocks, together with tuition fees $6,666.28
From Overton Estate$300.00
Income of Theological Fund$453.27
$7,419.55
Add cash balance of Overton Estate$206.80
Add cash balance miscellaneous income$1,502.78
Total$9,129.13
There have been expended for salaries, contingent expenses, improvements & repairs$8,340.94
Amount paid to Danville Theological Seminary$453.27$8,794.21
Balance in hand from this source$334.92
Balance cash of Permanent Fund$811.62
Balance cash of income$334.92
Making cash balance total$1,146.54

which agrees with the Agent's balance

Your Committee has not compared the account of credits with vouchers or the investments with the evidences thereof, not being in possession of the means to do so. Your Committee invite the attention of the Board to the discrepancy in the account of individual notes & the reduction of the Perma-

Page 184 [view image]

nent Fund by dropping out a considerable amount without explanation. The Committee is informed that the matter is susceptible of a full and satisfactory explanation of which they do not doubt, but suggest that fidelity to the trust committed to it, and a due regard to the Agent himself, requires that the Board should have some explanation on its records. Your Committee find that last year an item of $250, J. Barbour's Scholarship, appears as a part of the investments of that year while no further account is taken of the matter. A number of such settlements of individual notes will doubtless account for the aforesaid discrepancy. In view of all the facts the Committee recommend that the report be referred to an auditor to restate the accounts & account so far as can be done for the discrepancy between the notes now on hand & those which have, heretofore, been embraced in the lists of assets. Your Committee would also recommend that the auditor be requested to report a more clear method of statement, in detail by classes, of the different items of investment, including a complete list from year to year of the individual notes on hand.

Your Committee does not concur in the recommendation of the Agent to invest in Missouri County bonds, but would recommend an authority to the Committee on investments to convert all bank stocks belonging to the College, & the collection of all private notes & investments in regular dividend paying

Page 185 [view image]

bonds.

The Committee have been unable to make a very critical examination into the accounts of the Building Fund, but would recommend these changes - that all increase of the fund, from interest or whatever source, be added to the principal of that fund, and that all expenditures be stated under the head of cost of construction or improvements.

Respectfully submitted

The following resolutions were also adopted by the Board, viz

Resolved, That Ormond Beatty be appointed a committee to audit the accounts of the Financial Agent for the past year and as far back as he may deem necessary, and that he & the Financial Agent be authorized to employ the services of a bookkeeper if they deem it necessary to aid in simplifying their form & to report to the Board at its first meeting.

Resolved that the Committee on Investments be authorized, when to them it may seem advisable, to sell & reinvest any of the following securities held by the College:

Covington & Lexington Rail Road bonds$8,000.00
Kentucky Bank stock$10,100.00
Farmers Bank stock$4,000.00
Northern Bank stock$3,300.00$17,400.00
All turnpike stocks$8,640.00
Tennessee bonds$9,000.00

The Board orders & hereby authorizes and directs the Financial Committee at its discretion to

Page 186 [view image]

purchase from Mr. Rodes the Baily lot.

Resolved, When the Board adjourns, it will adjourn to meet at 3 o'clock this afternoon, and the first order of business after recess shall be the subject of the Presidency of the College.

It was stated that the Financial Committee had effected a sale of a portion of the lot on which the Preparatory Building stands to Ormond Beatty & if it approved the sale, the Board was requested to make an order directing a conveyance to be made: whereupon it is ordered that Edward P. Humphrey, the Chairman of the Board, be directed & is hereby authorized to convey to Ormond Beatty, in such way as the Charter of the College requires, a title to the ground purchased by him.

The committee appointed to examine certificates of stock, bonds, etc., reported that they had made this examination & found them to correspond to the statement in Financial Agent's report.

The following resolution in reference to a President of the College was adopted, viz

Resolved, That the Committee heretofore appointed to correspond & inquire in reference to a President be continued, and requested to prosecute their work with the utmost diligence; and when the Board adjourns it will adjourn to meet at the call of the Chairman, at such time and place as he may designate, for the purpose of electing a President of the College if the way be clear.

The Committee to whom was referred General

Page 187 [view image]

Boyle's letter & proposition, introduced the following paper which was adopted, viz

The Board of Trustees, having received a communication from General Boyle of Louisville, Kentucky, proposing to relinquish the two scholarships in the College held by him, with certain conditions annexed; and also donating to the Trustees a one thousand dollar first mortgage bond of the Evansville, Henderson & Nashville Rail Road Company, to be held by this Board as the foundation of a "Prize" to be called the "Henry Barrett Boyle Prize, Class of 1872, College of New Jersey."

The Board hereby accepts Mr. Boyle's proposition according to the terms stated in the communication above referred to, & which is recorded below as a part of this minute, and directs its Chairman to convey to him in appropriate terms, its thanks for his generous donation.

The Financial Committee is hereby authorized to receive from Mr. Boyle the scholarships referred to, and, thereupon to surrender to him his notes for $500 given to the Building Fund and charge the same to the Permanent Fund.

The Faculty of the College are directed to take steps at once to carry out the purpose of Mr. Boyle in reference to the "Prize."

The following is Mr. Boyle's communication referred to in the foregoing minute:

Louisville June 18, 1870

Rev. Edward P. Humphrey, D.D., President of Board of Trustees of Centre College

Dear Sir

I hold two scholarships

Page 188 [view image]

in the Centre College. I have held them since 1853. I executed to the Centre College my individual note for, I believe, the sum of $500. There is probably some small amount paid by me on it and credited on the note. I am entitled to credits for legal services in attending to cases against Alexander Sneed, William Dod, in matter of Overton's will, case against Fishback, etc., probably to amount of half the note.

Now I propose to settle the note and establish a Prize for the Sophomore Class in memorium to my son Henry Barrett Boyle, in manner explained in the communication accompanying, and if the same is agreed to by your Board, I desire the proper entries on the record of the proceedings of the Board.

I propose to surrender the scholarships in cancelment of the note or whatever balance may be owing on it, reserving the right to educate any of my children free of all tuition fees or charges. The note to be cancelled & surrendered to me.

I propose to establish, by donating to the Trustees of Centre College, one of the first mortgage bonds of the Evansville, Henderson & Nashville Rail Road Company for one thousand dollars, bearing seven per cent interest per annum, a Prize for the Sophomore Class, to be known & called the "Henry Barret Boyle Prize" in memory of my son of "the Class of 1872, of the College of New Jersey", killed by rail road accident on the 5th January 1870 at Milton, Pennsylvania. The first prize to be awarded in 1872 at the Commencement of that year to such member of the Sophomore as may be

Page 189 [view image]

deemed by the Faculty most deserving, under the terms mentioned in the donation.

The "Prize" I desire to be "medal" in such form as may be fixed by the Trustees or Faculty, with inscriptions upon it. I would suggest for the first Prize of 1872 a watch, with the inscriptions. All this I leave entirely discretionary with the President and Faculty of the College or of the Trustees.

The 1st mortgage bond of the Evansville, Henderson, & Nashville Company herewith handed you, No. 414, you will see bears 7 percent interest payable semi-annually 1st of July & January of each year. The coupon for interest due July 1st 1870, you had better cut off and send to Bank of America for payment. There is no doubt that these bonds are as valuable as any bonds of any railroad in the State. There is but one mortgage for one million of dollars, which is very little over $10,000 per mile, while on almost all the roads within the state they have mortgage for $20,000 per mile. The bonds of the E. H. & N. R.R. Company have not a fixed and established value, but are intrinsically equal in value to any railroad bonds. I gave for this & some other of these bonds 85 in the 100, but most of those sold, were sold for 80 cents.

I regret that important business calls me away and that I cannot be present at the June meeting of your Board, when I would have explained this matter & my views more fully. I think, however, they will sufficiently appear from these papers.

I beg to say that I do not wish this action of mine, if it is approved by your Board, to be given any other publicity than the proper advertisement of it in

Page 190 [view image]

in [sic] your annual publications for notice to students and others desiring to enter as students. I have great aversion to any parade of such matters before the public, especially under the circumstances of this case, when they cannot be urged as an example both from its nature and amount.

I believe you fully appreciate my views and feelings in this regard. Requesting your attention to the matter, and hoping for a satisfactory and most useful and beneficial meeting of the Board, I am very truly, with sincere respect and friendship

Your obedient Servant, [signed] John T. Boyle

The following is the communication referred to in Mr. Boyle's letter & accompanying it:

Donation of a one thousand dollar bond of the Evansville, Henderson, and Nashville Rail Road Company to the Trustees of the Centre College of Kentucky at Danville, to establish the Henry Barret Boyle Sophomore Prize.

I hereby donate & give to the Trustees of the Centre College, at Danville, Kentucky, one first mortgage bond of the Evansville Henderson & Nashville Rail Road Company, number 414, for one thousand dollars, bearing 7 percent interest per annum, payable semi-annually the first day of July and January of each year, at the Bank of America in the City of New York; to be held in trust and the interest thereon to be applied annually or biennially,

Page 191 [view image]

to establish a prize to be known and called the "Henry Barret Boyle Prize, Class of 1872, of the College of New Jersey." The Prize herein provided for, and intended hereby to be established, shall be awarded by the President & Professors of the College to that member of the Sophomore Class of each year, from and after the year 1872, who shall have and exhibit the greatest proficiency and accuracy of knowledge of the Latin language to end at the close of the Sophomore year, and the said Prize shall consist of such medal or thing as may be selected by the Board of Trustees or the Faculty of the College, bearing a proper inscription declaring the merit and excellence deserving it, with the name of the person to whom awarded & the name of the prize - Henry Barret Boyle Prize - Sophomore Class - Centre College and such other device or inscription as the Faculty may deem appropriate. If composition, declamation and elocution shall be adopted as studies to be pursued in the Sophomore year, I desire that the prize shall be awarded for excellence and superiority of attainment in these branches in lieu of proficiency in the Latin Language.

The donation hereby made shall be held in trust, sacredly for the establishment and perpetuation of the Henry Barret Boyle Prize in Centre College, for the Sophomore Class of that institution, but the power is conferred, hereby, on the Trustees, and reserved by me to change and designate a different study or pursuit in the College course for superior excellence

Page 192 [view image]

in which the said Prize may be offered and awarded.

It is desired that the Prize hereby established, shall be awarded in the form of a "medal" or something ornamental and useful, to be worn on the person, capable of being inscribed, but may be in the form of books when preferred, with the inscriptions printed thereon. And the prize and the name of the successful claimant thereof shall be announced at Commencement by the President of the College or other officer delivering the diplomas to the graduating class.

In testimony whereof I hereunto sign my name and deliver the Bond herein named to Rev. Edward P. Humphrey D.D., President of the Board of Trustees of the Centre College of Kentucky in Danville.

Done this the 18th day of June 1870 in the city of Louisville.

[Signed] John T. Boyle

The following degrees were conferred by the Board, viz

The degree of D.D. upon Rev. R. D. Morris of Oxford, Ohio & upon Rev. Thomas R. Welch of Little Rock, Arkansas.

The honorary degree of a.m. on Rev. Robert Caldwell of Boyle County and in course upon Thomas P. Barbour of the Class of 1855, Thomas H. Drake of the Class of 1857, James J. Lucas of the Class of 1865.

The degree of Ph.D. upon the Rev.

Page 193 [view image]

S. H. Thompson of Hanover College, Indiana, and the degree of A.B. upon William McKee Duncan, William S. Hogue, Louis S. McMurtry, George Moore, Henry C. Rodes, and William Turner, all members of the graduating class.

The Building Committee made a report showing the progress of the Building.

The following paper in relation to the Preparatory Department of the College was adopted, viz

Resolved, That the action of the Faculty and local members of the Board in the employment of teachers of the Preparatory School be and is hereby approved and the Faculty of the College are authorized and empowered to make the best arrangement in their power to promote the success of that school & secure in that way what they may deem the best interests of the College.

A statement was made that a small building belonging to the College was now occupied by four young men, candidates for the ministry, who are without means; it was ordered that they be permitted to use the same without rent, but be required to keep the rooms in order and the building in repair without cost to the College.

By resolution of the Board (p. 154 of minutes) the rent of the President's house was ordered to be paid to the Vice President. Prof. Beatty stated that he had received but $100.00 of this rent, which he had used partly in travelling expenses in the service of the Board & partly in the purchase of chairs and other conveniences for the students. He declined to accept any portion for his personal benefit,

Page 194 [view image]

but requested permission to use any part of the remainder due to him in such way as he might deem best for the advantage of the students & the College. The request was granted by the Board.

The Board then took recess until tomorrow morning at 8 o'clock.

June 30th, Board reassembled

The order of the Board, heretofore made, directing and authorizing the Faculty of the College to supply any instruction that may be needed, by reason of any death, resignation, or other disability of any teacher or teachers occurring or existing, during the recess of the Board is hereby renewed.

It was ordered that the Rev. Edward P. Humphrey, Rev. James P. Hendrick & John B. Temple be appointed a committee to prepare a brief address to the friends and patrons of sound learning, presenting the claims of Centre College for their patronage.

The Standing Committees of the Board were reappointed.

The minutes were read and approved, and the Board adjourned (unless called at an earlier date by the Chairman) to meet in the office of the Financial Agent in Danville at 5 o'clock p.m. on Tuesday before the last Thursday in June 1871.

Closed with prayer.

Ormond Beatty, Secretary

Page 195 [view image]

Louisville, Kentucky September 1, 1870

Pursuant to a call by the Chairman, the Board of Trustees met in the study of Rev. John H. McKee in Louisville. Members present, Rev. Edward P. Humphrey, D.D. (Chairman), John B. Temple, William Ernst, Rev. William J. McKnight, D.D., Levi L. Warren, James M. McCampbell, John T. Boyle, John W. Scott, Thomas H. Cleland, Ormond Beatty.

On motion it was ordered that, hereafter, until further order the College term shall open on the 1st Monday in September.

Mr. Beatty having left the meeting of the Board at the suggestion of the Chairman, privately given, Dr. Thomas H. Cleland was appointed Secretary pro tem.

The subject of the Presidency was taken up, & the Board after mature deliberation elected Prof. Ormond Beatty to the office of the President of the College by a unanimous vote.

The following minute of the election was then unanimously adopted. The Board having heretofore been deterred from tendering to Prof. Beatty the Presidency of Centre College by his known reluctance & opposition to occupying that position and believing that the interests of the College demand that he should withdraw or waive his objections and accept the office of

Page 196 [view image]

President to which he has now been unanimously elected, hereby appoint the Chairman and Secretary pro tem a committee to inform him of his election and urge his acceptance of the office.

And then the Board adjourned to meet in Frankfort on Thursday, October 13, 1870 at 7 1/2 p.m.

Frankfort, October 13, 1870

A few members of the Board met pursuant to adjournment, but a quorum not being present the Board adjourned to meet at 6 o'clock p.m. in the office of the Financial Agent in Danville on Tuesday before Commencement June 27th 1871.

Ormond Beatty, Secretary

Page 197 [view image]

Report of the Financial Agent, June 28, 1870

This report is made up of the usual parts, to wit: Balance Sheet - a statement of the funds belonging to the College; Cash Account - an exhibit of the Building Fund, & also an exhibit of the Theological Fund of Centre College. The several parts are given in papers A, B, C, D, & E. In February last the stock of the Bank of Louisville belonging to the College and consisting of 82 shares of $100 each amounting to $8,200 face value was sold for $7,257, in which sale a loss was sustained in amount of $943, & the proceeds were reinvested in 41 Davies County bonds of $100 each. Also in 5 Canal bonds, Louisville, of $1000 each, by which there was gained $1862.50 making a net gain to the funds of the College of something over $900, counting the face value of the stocks. The expenditures of the College have exceeded the income this year by $1374.66 2/3. There was, however, on June 1st 1870 a balance of $1146.53 1/3 in the Treasury, and since that date a considerable amount of tuitions then due has been paid into the Treasury of the College. Since the last financial report an examination has been made into the condition of the individual notes belonging to the Permanent Fund, and the true amount of said notes ascertained and stated in this report at $7497.37. Of these notes those of Baily & Mitchell, of J. M. Meyer, J. P. Fisher, F. T. Fon, Mrs. J. C. Fry, B. M. Hall, A. G. Hodges, W. C. Lyle, C. Rhodes, R. Taylor, and Jno. Yeiser are supposed to be good, while the remainder, amounting to about $1364.14, are considered valueless.

Page 198 [view image]

In previous reports the amount of these notes has been stated considerably above their present ascertained value, and owing to this fact in connection with the excess of expenditures above income this year, we have to report something of a decrease of the Fund since June 1st 1869.

A very small amount of tuitions in Preparatory had been paid on June 1, 1870. In the statement of expenditures, an item of extra expense of $100 is mentioned. This was paid out of the rent of President's house and the expense was incurred by the Vice President of the College, partly in services in the public interests of the College at a distance from home, and partly in affording aid to indigent students in the College.

The entire rent of said house was directed by the Trustees at their last meeting to be paid to the Vice President of the College in consideration of his services as Vice President. But he has declined to receive any portion of said rent as salary & used the afore mentioned $100 as aforesaid. The state of Tennessee has paid no interest since January 1869.

It is hereby suggested that the funds of Centre College & the income from the same may be very much increased by selling old bank stocks and all U. S. bonds now belonging to said funds & reinvesting proceeds in certain classes of Missouri County bonds that can be purchased on favorable terms.

Respectfully submitted, June 28th 1870, [Signed] Robert A. Johnstone, Financial Agent

[pages 199-209 consist of a detailed financial report for 1870. These pages are available in a typed transcript form (PDF, 5.9 Mb)]]

Page 209 [view image]

The committee appointed to audit the last Financial Report (June 1870) & in connection with the Financial Agent to report a more accurate method of keeping the accounts would beg leave to report in part as follows, viz in reference to the discrepancy between the individual notes reported & those found in the hands of the Financial Agent.

In the first place we have found on 339th page of the ledger in handwriting of Mr. Allen, the late Financial Agent, a list of Bills Receivable, which after deducting the credits entered by himself on the same page, amount to the sum of $12,315.88 which is the exact amount report by Mr. Allen in his last annual report. We are therefore confident that we are correct, at the point where we begin our investigations.

Page 210 [view image]

We append, herewith, a list of these notes, after deducting the credits.

Caldwell, Lee & others
Mary Biswell
Walter Bullock & wife
J. Barbour
A. Bonta
J. P. Fisher
J. T. Fox
W. N. Fishback
J. C. Fry
J. F. Green
B. N. Hall
J. W. & G. L. Harbison
A. G. Hodges
Total		 $4,000.00
$500.00
$250.00
$134.78
$75.00
$500.00
$553.47
$500.00
$350.00
$84.64
$250.00
$250.00
$250.00
$7,697.89		 Brot forward
Jno. S. Hoskins
W. C. Lyle
F. G. Montgomery
Overton & Whitney
Clifton Rodes
Alex. Sneed
R. S. Taylor
James Weir
M. G. Younce
Jno. Yeiser
Younce, Henderson & Rice
Balance of J. H. Irvine
Total		 $7,697.89
$62.50
$500.00
$250.00
$250.00
$500.00
$500.00
$125.00
$1,200.00
$981.36
$100.00
$143.00
$6.13
$12,315.88

We have endeavored to trace the history of each one of these notes & for the purpose of exhibiting the facts more clearly we classify them.

Class 1
Notes on Hand June 1st 1870

J. M. Meyer
Bailey & Mitchell (p. $1,230.27)
Interest on same ($52.92)
J. P. Fisher
F. T. Fox
Mrs. J. C. Fry
B. M. Hall
J. V. Harbeson
Forward		 $1,729.04
 
$1,283.19
$500.00
$535.00
$350.00
$250.00
$250.00
$4,897.23		 Brought forward
A. G. Hodges
W. C. Lyle
Overton & Whitney
Clifton Rodes
R. S. Taylor
Jno. Yeiser
Total, Class 1		 $4,897.23
$250.00
$500.00
$250.00
$500.00
$125.00
$100.00
$6,622.23

Page 211 [view image]

Class 2
Settled, but not fully credited by Mr. Allen

Walter Bullock & wife
F. G. Montgomery
Total Class 2		 $250.00
$250.00
$500.00

These notes were each originally for $500 & were settled by the payment of one-half, viz., $250 & the relinquishment of the right of Scholarship in discharge of the other half. They were entitled each to a credit of $500 but in fact were credited by only $250 the amount of cash paid, & thus the list of notes is swelled, by the amount of $500, too high.

Class 3

Notes placed in Attorney's hands & for which receipts were taken & are now held; & are of little or no value.

Alfred Bont., Mr. Boyle
J. F. Green
Jno. S. Hoskins		 $75.00
$84.64
$62.50		 Wm. Fishback, Pulaski court
Younce, Henderson & Rice Quisenberry
J. H. Irvine-released by Board
Total Class 3		 $500.00
$143.00
$6.13
$871.27

The parties against whom these notes are held are all insolvent except the estate of J. G. Green. A small sum may also be received from Hoskins who has gone into bankruptcy. The remainder are regarded as worthless. The notes were all either donations or for rent.

Class 4
Notes paid in full

Mary Boswell
M. G. Younce
J. Barbour
Alex. Sneed
James Weir
Total of Class 4		 $500.00
$981.36
$134.78
$500
$1,200.00
$3,316.14		 Ledger page 99
Ledger page 22
Ledger page 46
Ledger page 30
Ledger page 41

Class 5
Partial payments

(1) Caldwell, Lee & others. This note has never been paid in full, but has been in part exchanged for others, viz., for the notes 1 & 2 of Class 1. The following partial payments have been made:

By J. E. Lee, May 1st 1867, Ledger page 27
By J. E. Lee, Nov. 1st 1867, Ledger page 27
By Dr. Meyer, see sec. Book page 167
By Dr. Meyer, see last report Financial Agent (1870)
Total paid on this note
 
(2) By F. T. Fox principal paid		 $82.84
$84.82
$659.35
$213.68
$1,040.69
 
$118.47
$1,059.16

Page 212 [view image]

Recapitulation

Class 1 Notes on hand
Class 2 Settled but not credited by Mr. Allen
Class 3 In Atty's hand or insolvent
Class 4 Paid in full
Class 5 Partial payments
 
Deduct interest included in Bauley's note
Total		 $6,622.23
$500.00
$871.27
$3,316.14
$1,059.16
$12,368.80
$52.92
$12,315.88

It will be observed that partial payments on the note of Caldwell, Lee & others (Class 5) amount to the sum of $1,040.69. The sum of the two first notes in Class (1) which, in changed form, represent the note of Caldwell, Lee & others amounts to $3,012.23
Total $4,052.92

As the original note was for $4,000, we have placed the excess, viz $852.92 to the account of interest & deducted it from the total sum of the five classes & it leaves the precise amount reported by Mr. Allen.

It will, however, be proper to say, in examining all the entries of partial payments on this note of Caldwell, Lee & others, we could not always distinguish between interest and principal & in attempting to review the calculations of interest due at the several times of payment, we could not always reach the exact figures here reported, as to the amount of interest included in the face of the note. The difference was however small, and as the note of Baily in which the interest was found has been settled since the meeting of the Board, it was arranged on the basis above reported.

We have thus traced out the history of each individual note reported by Mr. Allen in his last report

Page 213 [view image]

& shown either that it is still in hand, or what has been done with it.

We account for the discrepancy between the amount of notes in hand & the amount reported as follows:

1st. In the report of Financial Agent for 1867 the individual notes are reported at $11,148.00. In the report of 1868 these notes are reported $10,613.18. But on page 141 of this book we find that the principal collected during the interval of these two reports was $1,534.82. Subtracting the amount collected from the original sum reported in 1867 we will find the true amount to be $9,613.18 for 1868 instead of $10,613.18, showing an error in addition of $1,000 & which will reduce the discrepancy to this extent.

2nd. In Mr. Allen's report, Waller Bullock & wife & F. G. Montgomery are each charged with $250. We think this is an error. In both cases we believe there was a full settlement by the relinquishment of right of scholarship, & a further reduction of the discrepancy to the extent of $500 is thus effected.

3. The note of Michael G. Youce was for $981.36. He paid $490.68 (or one half) in cash & relinquished his right to two scholarships. For this, his note was surrendered to him. But the books show only a credit of the amount of cash received, viz $490.68, while in reality the credit ought to have been $981.36.

Of the notes in Class (1) it will be seen that one of them is against Overton & Whitney for $250. This Overton is the same person who afterwards left his entire property to the College & the fruit of whose legacy the institution is now enjoying. We recommend that this note, with all the others in the other classes, be dropped from future reports. The true amount of individual notes will be thus reduced to the sum of $6,372.23.

Page 214 [view image]

Possibly small balances may be collected on the notes of J. F. Green & Jno. S. Hoskins.

Respectfully submitted, Ormond Beatty, Chairman

The Board of Trustees at their meeting in Danville June 27th 1871 directed the foregoing report to be spread on the pages of its minute book in connection with the report of the Financial Agent for last year (1870) & it thus appears to precede on the Secretary's book the minute which directed it to be recorded.

Ormond Beatty, Secretary