December 16, 1879

Instructions by the Financial Committee to Dr. John L. McKee, who is appointed by it to collect the unpaid subscriptions and notes due to the Trustees of Centre College.

First - The Committee would call the attention of Dr. McKee to the action of the Board of Trustees taken at the regular meeting of the Board in 1876, and recorded in their minutes for that year on page 356. The following is an extract from these minutes.

In answer to the question what shall be done with those who refuse to pay their subscriptions in the ground stated in Dr. McKeets report, your Committee recommended that legal advice be taken as to the legal value of the plea, and if it should be regarded as an insufficent defense, to request again the parties to pay, and if they still refuse payment or to make some satisfactory arrangement, then to place the notes and claims in suit.

In accordance with the suggestion of the Board of Trustees, the Financial Committee have taken legal advice in the case and have ascertained that in the opinion of counsel whose judgement has been sought, all the notes and subscriptions taken by Dr. McKee during his agency for the College are valid and legally binding upon the parties who executed notes or made subscriptions to the funds of Centre College. Dr. McKee is, therefore, instructed to be governed by the action of the Board of Trustees as quoted above.

Second - Dr. McKee is instructed to collect, as for as possible, all notes and subscriptions now due, or to arrange for their collection at some definite future time. Where, however, parties pay promptly the interest as it falls due on their notes, and desire to have them run for a longer time, he will not press the collection of the principal, unless further indulgence will, in his opinion, involve probable loss to the College.

Third - For his services he shall retain 10 percent of all his collections (including the $1,000 note of Mrs. Wilson of Shelby County) except for what are known as legacy bonds. These are bonds, payable at the death of the parties who have executed their bonds or made subscriptions, or left legacies to the College. For the collection of these, including the $4,000 note of Mrs. Wilson of Shelby County, no provision is made in these instructions. Should Dr. McKee collect such, he must rely on the Board of Trustees for proper compensations for his labor.

Fourth - Dr. McKee shall at his discretion make such arrangement for the speedy collection of such notes, subscriptions, etc., as may not be paid at once by taking new notes payable in bank, or such other forms of security as will be promptly realized. When such arrangements shall be made, and the notes shall be paid at the promised period, Dr. McKee shall then receive his percentage, as upon other notes collected by him.

Fifth - Dr. McKee shall keep an account of his expenses while in the service of the Financial Committee, one half of which shall be paid by this Committee in addition to the 10 percent above promised.

Sixth - Dr. McKee is, as we suppose, authorized to take new notes and subscriptions for Centre College, or for the endowment of his own chair therein. For any service in this time he will look to the Board of Trustees for remuneration.

Seventh - This arrangement expires with the meeting of the Board of Trustees in June 1880.

Signed by Ormond Beatty, George W. Welsh, and George E. Wisemen, Financial Committee of Centre College