Danville February 20, 1865
Financial Committee met pursuant to call. Present George F. Lee, Edward P. Humphrey and Ormond Beatty.
Ordered that a loan of $3,500 of the Building Fund be loaned to Thomas Barbee and George 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. Thomas J. and Robert 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 [illegible word] property was refused.
Ormond Beatty
Danville February 24, 1865
Financial Committee met pursuant to call. Members present, George F. Lee, chairman, Dr. Edward P. Humphrey, and Ormond Beatty.
Ordered that Ormond Beatty be requested to attend to the duties of the Financial Agent and Treasurer until an agent is appointed in the place of Mr. Heman H. 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.
Ormond Beatty
March 6, 1865
Financial Committee met pursuant to adjournment. Present George F. Lee (chairman) Edward P. Humphrey, and Ormond 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, and 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.
Ormond Beatty, Secretary
March 6, 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.
Ormond Beatty, Secretary
April 17, 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 Building Fund.
Ordered that $1,000 be loaned to J. P. Fisher, Thomas Barbee, and Robert A. Johnstone.
Ormond Beatty, Secretary
May 8, 1865
Financial Committee met. Present Lee, Humphrey, and Beatty. Minutes of the two preceding meetings read and approved. Mr. Beatty reported that the loan to J. P. Fisher, Thomas Barbee, and Robert 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 George F. Lee, J. M. Meyer, and 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. Heman H. Allen to prepare the annual financial report. His expenses to be borne and a liberal compensation to be given him.
Ormond Beatty
Office of Financial Agent May 20, 1865
The Committee met and invested as directed at last meeting, $2,000 in U.S. 7-30 bonds and loaned to G. F. Lee, J. M. Meyer and J. W. Webb $1,701.30 on a joint note payable 20th May 1865 with interest from date. Bought McChord's scholarship for $250.
October 3, 1865
Financial Committee met, 4 o'clock p.m. Present, George F. Lee, chairman, Edward Humphrey, Ormond Beatty, John A. Jacobs, and Robert 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, and asking that her note to Centre College 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 General McCalla, and request him to press its collection at once.
Robert 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 Robert 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 and occupy the house to be fixed by this Committee hereafter. Adjourned sine die.
Robert A. Johnstone
February 1, 1866, 3 o'clock p.m.
Chairman of Financial Committee called the Committee together in 1st National Bank, the members present were George F. Lee, Ormond Beatty, and Robert A. Johnstone. William Irvine applied to the Committee for the loan of $500 for six months. It being made clear to the Committee that funds belonging to the Building Fund of Centre College 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, George E. Lee, George W. Welsh executed their note, February 3, 1866, for $515.00 payable to Trustees of Centre College, six months from date.
Office Financial Agent, April 10, 1866
Financial Committee met. Present, Edward F. Humphrey, John A. Jacobs, Ormond Beatty, and 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 Ormond 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. Ormond Beatty being allowed to remove from the ground certain locust trees specified by him, and the Committee agreeing to remove the fence forming the present Eastern boundary between Ormond Beatty and 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 Ormond Beatty. This purchase being subject to the approval of the Board of Trustees of Centre College, also it was ordered that the Treasurer of Centre College pay for the land and take the necessary [illegible word]. This order was carried out April 14, 1866.
The ground bought of Ormond Beatty bounded as follows: beginning at the southeast corner of the lot bought by Beatty of J. L. Bell and running thence with one of its sides north 1 1/2 east 35 92/100 poles; thence with another of its sides south 87 3/4 east 17 56/100 poles; thence south 1 1/4 west 35 44/100 poles; thence north 89 west 17 60/100 poles to the beginning.
| Containing 3 acres | $200 per acre | $600.00 |
| Containing 3 roads | $150.00 | |
| Containing 28 fences | $35.00 | |
| $785.00 |
April 14, 1866, Office Financial Agent, 4 o'clock p.m.
The Financial Committee met. Present, George F. Lee, John A. Jacobs, Edward F. Humphrey, Robert A. Johnstone, and Ormond Beatty.
The application of Mrs. Mary Green, referred by the Board of Trustees of Centre College 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. Lewis 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.
Robert A. Johnstone, Financial Agent
Office Financial Agent, April 20, 1866, 4 o'clock p.m.
The Financial Committee met, Present, George F. Lee Chairman, John A. Jacobs, Edward Humphrey, Ormond Beatty, and Robert 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, and 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, George F. Lee, chairman, John A. Jacobs, Ormond Beatty, and Robert 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 Centre College in U.S. 7-30 bonds were purchased amounting to $2,000 and $37.60 accrued interest paid on said bonds. Total $2,037.60.
Robert A. Johnstone
November 13, 1866
Financial Committee, present John A. Jacobs, Ormond Beatty, George W. Welsh, and Robert 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 and considered, it was on motion, resolved that John A. Jacobs and Robert A. Johnstone be and are hereby appointed to look after the same and report to this Committee as soon as possible.
Robert A. Johnstone
First National Bank, Danville March 3, 1867, 3 o'clock p.m.
The Financial Committee met. Present George F. Lee, chairman, Ormond Beatty, John A. Jacobs, George W. Welsh, and Robert A. Johnstone, Financial Agent and Thomas Barbee of Committee 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 Ormond Beatty, which was considered at some length by the committee - where, on motion, Ormond Beatty, John A. Jacobs, and Robert A. Johnstone were appointed to confer with the Trustees of the City of Danville in reference to the matters presented in said paper, and report at an early day to this Committee.
The House occupied by Financial Agent as re-rented to Robert A. Johnstone, Financial Agent, at the rate of $200 per annum from February 1, 1867. Also bills and costs of repairs made by Robert A. Johnstone on said house during the year ending January 30, 1867, were presented to Financial Committee by the Committee on Repairs as approved by them and the same allowed in settlement of the rent account for the year just closed.
The Financial Agent was directed to have the 7-30 bonds now ready to be converted into 5-20's - so converted - as soon as it may be desirable to do so. Adjourned.
Robert A. Johnstone, Secretary
First 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 George W. Welsh, chairman pro tem, Ormond Beatty and Robert A. Johnstone.
It was ordered that five 5-20 U.S. bonds each for $1,000 be immediately purchased by funds belonging to the Centre College Building Fund now in the Treasury of the College.
Also it was ordered that the Financial Agent retain as counsel in behalf of the Trustees of Centre College the Hon. George F. Bell, in the event of suit being instituted to dispossess the said Trustees of Centre College of their rights to its hold and control the interests and property thereof.
Robert A. Johnstone, Secretary
April 8, 1867
The Committee met. Present John A. Jacobs, chairman pro tem, George W. Welsh, Ormond Beatty, and Robert A. Johnstone, Financial Agent.
It appearing that the minutes of a meeting of this Committee held January 29, 1867, during sickness of the Secretary of Committee, have not yet been recorded, the Secretary was directed to record them in this place. They are as follows.
January 29, 1867, Financial Committee met. Present George W. Welsh, John A. Jacobs, and Ormond Beatty. It having come to the knowledge of the Committee that the Financial Agent had directed suit to be instituted for the collection of the notes of George Lee and 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 and others for $[blank space] upon condition that interest shall be paid to the lst January 1867, and that new and satisfactory notes shall be given for the principal to be paid by January 1, 1868.
A proposition from James [illegible name] of Texas was made to Committee through Thomas M. Paschal to pay off his note to Centre College in Texas lands at rate of $250 per acre. This proposition was accepted, and Financial Agent directed to correspond with Judge Paschall in relation to it.
It was 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, and 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 and 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 and stated his estimate of said services and costs, whereupon the Committee ordered Financial Agent to pay to Hon. J. M. Harlan the sum of $745.90, stating to him that this is all that the funds of Centre College 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 and Messenger
No. 2: Fee of A. J. James
No. 3: Frankfort Commonwealth Adves. Bill
No. 4: Ky. Yeoman Adves. Bill
A letter from James F. Buckner of Louisville, Ky., in relation to balance due on note of Dr. F. G. Montgomery to Centre College was laid before the Committee.
It was ordered that Mr. Buckner be informed by Secretary of the Committee that the Board of Trustees alone can settle this case, but that this Committee feel confident that the Trustees of Centre College will not enforce the collection of the debt during the life time of Mrs. Montgomery, and 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, and 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 Financial Agent reported that $10,000 U.S. 7-30's had been converted into U.S. 5-20's. Also that one additional U.S. 5-20 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 Centre College Building Fund.
The case of College campus was brought before the Committee, with the statement that the students of Centre College feel aggrieved at not being permitted to use the College campus as playground and for exercises or relaxations. Also that someone or more of the Trustees of Centre College, not members of this Committee, have expressed anxiety that the students shall be permitted to use the College campus for purposes and uses afore said. During prudency of this subject, the Committee adjourned.
John A. Jacobs, chairman pro tem, Robert A. Johnstone, Secretary Committee
First National Bank, Danville, July 27, 1867
Financial Committee met. Present William L. Breckinridge, Y. W. W., and Ormond Beatty
Met and directed the chairman, William L. Breckinridge, to request Dr. Edward P. Humphrey to engage an attorney to attend to the interests of the College in the matter of the will of Mrs. Sarah Liggett deceased. Adjourned.
William L. Breckenridge, chairman, Robert A. Johnston, Secretary
October 5, 1867
Financial committee met. Present William L. Breckenridge, chairman, Ormond Beatty, Thomas Barbee, and Financial 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 Secretary 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 Centre College to the question of selling such U.S. bonds as now bear a high price in the market, and reinvesting proceeds in other securities.
November 6, 1867 4 o'clock p.m.
The Financial Committee met in their office, Danville. Present William L. Breckenridge, chairman, John A. Jacobs, Ormond Beatty, and Financial Agent (Robert A. Johnstone).
The Committee took into consideration the state and condition of certain notes belonging to the funds of Centre College, and having spent some time 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, and 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, and inform them that this Committee is desirous of receiving the principal and interests of their notes as soon as the same shall have become due.
Adjourned to meet in office of Financial Agent tomorrow at 3 o'clock p.m. to consider the condition of the uncollected original notes belonging to the funds of Centre College.
William L. Breckenridge, Chairman, Robert A. Johnstone, Secretary
November 7, 1867, 3 o'clock p.m.
The Financial Committee met according to adjournment. Present William L. Breckinridge, chairman, Ormond Beatty, George W. Welsh, John A. Jacobs, and Robert A. Johnstone, Financial Agent.
The state of the original uncollected notes belonging to Centre College was taken up and considered at some length, and then, on motion, the Financial Agent was directed to collect, as speedily as possible, all such notes. Adjourned.
William L. Breckenridge, Chairman of Committee, Robert A. Johnstone, Secretary
Office of Financial Agent, January 11, 1868, 10 o'clock a.m.
The Financial Committee met. Present William L. Breckenridge, chairman, John A. Jacobs, Ormond Beatty, George W. Welch, and Robert A. Johnstone.
A certain paper signed by J. F. Bell, T. E. Duisenburg, Van Winkle and Fox and Durham and Jacobs, attorneys 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 $1,000, the sum to be paid at once, was read in the hearing of the Committee. Also a letter from Rev. Edward F. Humphrey, D.D., in relation to the general matter of counsels' fees in said case was read. The matter was taken up and considered fully by the committee, and, upon motion, Ormond Beatty and Robert A. Johnstone were appointed to confer with these gentlemen and report to this Committee.
The case of the note of J. M. Meyer and others was brought before the Committee with the statement that Mr. Meyer has not paid the principal of his note due to Centre College on January 1, 1868. Whereupon the Financial Agent was directed to see Mr. Meyer and collect the money due upon his note - interest and 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 and without conditions.
The case of the note of George Lee and others was brought before the committee, with the statement that Financial 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 Financial Agent was directed to see Mr. Lee and inform him that the Finance Committee desire immediate payment, if possible, and 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 Financial Agent was also directed to report, in relation to this case, to this Committee at an early day. Adjourned.
William L. Breckenridge, Chairman of Committee, Robert A. Johnstone, Secretary
Office of Financial Agent, January 24, 1868, 1 o'clock p.m.
The Financial Committee of Centre College met. Present William L. Breckenridge, chairman, John A. Jacobs, Thomas Barbee, Ormond Beatty, George W. Welsh, and Robert A. Johnstone, Financial Agent.
The Financial Agent reported compliance with the order given to him to confer with J. M. Meyer and 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 (Financial Agent) has seen Mr. George Lee in relation to his note, and 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 and 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, and to make any definite promise as to when he would pay any part of the principal.
Respectfully, Robert A. Johnstone, Financial Agent, Centre College
This report was maturely considered by the Committee, and finally the following action was taken with reference to it.
- That the report be received
- That so much of it as relates to Dr. J. M. Meyers note is satisfactory to this committee and is approved, and
- 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, and have his note renewed with the same securities and made negotiable and payable in the First National Bank, Danville, Ky., on July 1, 1868.
Adjourned.
William L. Breckenridge, Chairman, Robert A. Johnstone, Secretary
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 William L. Breckinridge, chairman, John A. Jacobs, Thomas Barbee, Ormond Beatty, and Robert A. Johnstone, Financial 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, 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, and learned from him that the sum of $1,000 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 $500, 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 and he is hereby directed to pay at once the sum of $1,000 to the said attorneys, including General 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 and by their friendly regard to the interests of the College. Adjourned.
William L. Breckinridge, Chairman of Committee, Robert A. Johnstone, Secretary
Office of Financial Agent, May 27, 1868, 4 o'clock p.m.
The Financial Committee of the Trustees of Centre College met. Present William L. Breckinridge, chairman, John A. Jacobs, Thomas Barbee, Ormond Beatty, George W. Welsh, and Robert 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. Ormond Beatty, Secretary 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 Financial Agent of Centre College. Also, Robert A. Johnstone, Financial Agent of Centre College, was requested to visit Frankfort as soon as possible and 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 and proper to use the same in said election. Adjourned.
Robert A. Johnstone, Secretary
Office of Financial Agent, June 27, 1868
The Financial Committee of Trustees of the Centre College met. Present William L. Breckinridge, chairman, Ormond Beatty, George W. Welch, Thomas Barbee, Aaron A. Hogue, and Robert A. Johnstone, Financial Agent.
Application was made to the Committee by William 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 September 14, 1868. This application having been considered, on motion it was referred to George W. Welch and Robert A. Johnstone, with full power to settle the same with said school commissioners.
Also the selling of the Old Preparatory building was referred to George W. Welch and Robert A. Johnstone. Adjourned.
Robert A. Johnstone, Secretary
June 27, 1868
The Trustees of Centre College residing in Danville met in the office of the Financial Agent, William L. Breckinridge in the chair. Others present, Ormond Beatty, Thomas Barbee, George W. Welch, and Aaron 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 and 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 and the principal may judge to be the suitable person for the place. Adjourned.
Robert A. Johnstone, Acting Secretary 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, Ormond Beatty, chairman pro tem, John A. Jacobs, Aaron A. Hogue, Thomas Barbee, and Robert 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 and best.
The case of janitor for Centre College was brought to the attention of the Committee, and after some consideration it was referred to Prof. Ormond 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 and rent it out for the present, and the Rev. Aaron 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 and conditions, to wit
- The rent per annum shall be $300, paid at least half yearly.
- 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, and 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, and 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 and 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 and 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 and Burbank - for the sum of $150, on the conditions that the said Ralston and Burbank will agree to use diligence in keeping the house and grounds from trespass and injury or damage of any kind, both on the part of their own students and all other persons and animals, during session and vacation. And further that they will agree to keep the house and grounds in good repair. All temporary improvements on house and 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 Ormond Beatty and Robert A. Johnstone were appointed to confer with the teachers of the Preparatory Department in relation to this matter, and make such arrangements therein as to them may appear wise and proper.
The question as to the propriety of selling the house, now occupied by Robert 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, John A. Jacobs, Ormond Beatty, and Thomas 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.
Robert A. Johnstone, Secretary
Office of Financial Agent, December 1, 1868, 3 o'clock p.m.
The Financial Committee met upon call of Ormond Beatty, temporary chairman. Present Ormond Beatty, John A. Jacobs, George W. Welsh, and Robert A. Johnstone, Financial Agent.
On motion, John A. Jacobs was chosen permanent chairman of the Committee. The Financial Agent reported that letters had been recently received by him from Messrs. William Ernst, Levi L. Warren, and Edward F. Humphrey in relation to the best forms in which to reinvest the money about to be paid by the State of Kentucky in redemption of the Kentucky 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 Levi L. Warren of November 28, 1868, to wit, those bonds issued to the Elizabethtown and Paducah Rail Road offer a very good form in which to reinvest the money to be received in payment of the Kentucky State bonds, and thereupon directed the Financial Agent, Robert A. Johnstone, to correspond with Mr. Levi L. Warren immediately, and ask him to purchase on behalf of this Committee 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, and 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 Committee at some date before January 1, 1869.
On motion, the Committee adjourned. See January 29, 1869 for opinion.
Robert A. Johnstone, Secretary
Office of Financial Agent, Danville, Ky., March 24, 1869, 4 o'clock p.m.
Committee met. Members present, John A. Jacobs, chairman, Ormond Beatty, Thomas Barbee, George W. Welsh, and Robert A. Johnstone
Ormond Beatty read in hearing of the Committee a letter from General 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 General Boyle agreeably to the terms offered in his letter.
The question of selling a certain portion of the new Preparatory lot was raised and 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 Committee 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 and make conveyance. Subject to the approval of the Trustees of Centre College, Financial 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 and pasture in any portion of the public grounds belonging to Centre College without special permission of this Committee, 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 Committee 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.
Robert A. Johnstone, Secretary
Office of Financial Agent, January 29, 1869, 4 o'clock p.m.
The Financial Committee met. Present John A. Jacobs, chairman, Ormond Beatty, George W. Welsh, Thomas Barbee, and Robert A. Johnstone. The Financial Agent reported that the order on page 57 of minutes relative to the Kentucky State bonds had been executed, and that six 7 per cent bonds of City of Louisville have been purchased with proceeds of the Kentucky bonds, and are now in the tin box containing the public securities belonging to Trustees of Centre College.
Also, the Financial 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, and then on motion the Committee adjourned.
Robert A. Johnstone, Secretary
Office of Financial Agent, June 3, 1869, 4 o'clock p.m.
The Financial Committee met on call of chairman. Present John A. Jacobs, chairman, Ormond Beatty, and Robert A. Johnstone.
An account for commissions on collections made for the Building Fund of Centre College by Van Winkle and Fox was presented to the Committee by Financial Agent, and said account being considered reasonable and proper, the Financial Agent is hereby ordered to pay the same. Adjourned.
Robert A. Johnstone, Secretary
June 26, 1869, Office Financial Agent, 9 o'clock a.m.
The Financial Committee 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, and then on motion the Committee adjourned.
Robert A. Johnstone, Secretary
[no minutes between June 26, 1869 and January 16, 1874]
January 16, 1874
Financial Committee borrowed from the First National Bank $1,365, for which said Committee executed its note to pay the money that had been advanced by the Second [Presbyterian] Church to Dr. John L. McKee whilst he was in the service of the Board of Trustees.
Also renewed their note for including interest $2,625 borrowed under the direction of the Board to pay the salaries of professors.
June 21, 1875
Financial Committee met. Present, Welsh, Wiseman, and Beatty.
Ordered that the Secretary of the Board of Trustees be requested to issue to Dr. John 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 [illegible word] him in his work.