Danville, June 1, 1863
Board of Trustees of Caldwell Institute met at the public call of the Chairman. Present - George F. Lee (President), George W. Welsh, Alexander Sneed, Dr. J.M. Meyer, and Ormond Beatty.
On motion, Ormond Beatty was appointed Secretary in the place of David A. Russel deceased.
George F. Lee from the committee appointed to loan Mr. Sloan ten thousand dollars made a verbal statement of the condition of this fund, whereupon the following minute was adopted.
The Board have heard with regret the statement made by Mr. Lee that the interest on the money loaned to Mr. Sloan has not been paid. In the opinion of the Board it is absolutely necessary to the welfare, not to say existence, of the Institution not to allow this debt to grow. While, therefore, the Board desire to express their sincere sympathy with the Principal of the Institute in the difficulties and trials to which he has been subjected in the disturbed condition of the country and to renew assurances of unabated confidence in the skill and success with which he has conducted the school, and to pledge themselves anew in every effort to sustain it, at the same time they consider it due to candor to say to him that they regard it as all important to the best interest of the Seminary not to allow any increase of their liabilities; and do hereby appoint George F. Lee and Ormond Beatty a committee to confer with Mr. Sloan on the subject, and to try and effect an assessment which will secure the payment of at least $1,000 a year upon the money he has borrowed from the committee of the Board, and to report at the earliest practicable [illegible word].
It was further ordered that the Chairman of the borrowing committee, George F. Lee, be directed to prepare an accurate statement both of the obligations of the Board for money borrowed for the use of Mr. Sloan, and of Mr. Sloan's obligations to the Board, to be spread on the books of the Secretary or Treasurer - such statement to embrace a full history of these transactions from the beginning.
Adjourned to meet on Thursday 11th of June at 8 P.M.
Ormond Beatty, Secretary
Thursday June 11, 1863
Board met according to adjournment. Minutes of the last meeting read and approved. Present - George F. Lee (President), George W. Welsh, Dr. J.M. Meyer, & Ormond Beatty.
The following minute was adopted.
After the completion of the front building, it was ascertained that there remained a debt against the Board of about $2,800, for which the President of the Board was directed to execute a mortgage to the Building Committee. A subscription was taken up to liquidate this debt. The terms of the subscriptions being that the subscribers were to have an interest in the mortgage or building lien proportionate to the amount of their subscriptions. The Treasurer is directed to spread on his books an exact account of the subscriptions which have already been paid, and of all that shall hereafter be made. Adjourned.
Ormond Beatty, Secretary