Danville, February 1, 1873
Board met pursuant to the call by the Chairman. Members present - George F. Lee, James M. Meyer, Josiah E. Lee, Camillus W. Metcalfe, Thomas Barbee, J.B. Caldwell and Ormond Beatty.
Minutes of the last meeting were read and approved, except that the Secretary was directed to correct them by substituting the name of William B. Holmes for that of S.V. Roland on the committee to report on Dr. Meyer's claim.
The committee who were requested to confer with Mr. Barbour in reference to the extension of his lease reported that they were unable to effect any arrangement with him on this subject. The report was received and the committee discharged.
Mr. Metcalfe asked to be excused, and the name of Mr. Welsh was substituted for his on the committee to report some plan for securing against loss these members of the Board who had become personally liable for its debts - Messrs. Josiah E. Lee, & 0rmond Beatty were added to the committee which now consists of Messrs. Rowland, Welsh, Josiah E. Lee & Ormond Beatty.
The Committee of Repairs & the Treasurer of the Board were directed to settle with Mr. Barbour.
Board then adjourned to meet in Session room of 2nd Presbyterian Church at 2 o'clock p.m. February 15th.
Ormond Beatty, Secretary
February 15, 1873
Board met pursuant to adjournment. Members present - George F. Lee, James M. Meyer, S.V. Roland, Speed S. Fry, George W. Welsh, William B. Holmes, Thomas Barbee, George E. Wiseman, Camillus W. Metcalfe, & Ormond Beatty. Minutes of the last meeting were read and approved.
Mr. Metcalfe, from the committee on Dr. Meyers claim, made a verbal report, stating that of the two members of the committee neither of them were members of the Board at the time the claim was created, and that they were insufficiently acquainted with the facts in the case, and begged to refer the matter back to the Board. The report was received & the committee was discharged.
Messrs. Beatty & Holmes were then appointed a committee to ascertain the amount of the claim and report it to the Board.
Mr. Welsh from the committee to report a plan for securing against loss those members of the Board who had become personally liable for the debts of the Board, made a verbal report, stating that there were several ways in which this end might be effected. The report was received and after the various plans were discussed a motion was made & unanimously adopted.
That the Trustees of the Caldwell Institute do make and adopt the following by-law in regard to the sale, mortgage, etc., of the real estate of the Institute, viz.
BY-LAW
All mortgages, conveyances, or transfers of the real estate of the Institute, which may require the execution of a deed contract or other instrument of writing, to be made of public record, shall, unless the Board otherwise direct, be executed under the direction of the Board by the President & Secretary of the Board, who when authorized by resolution shall have the full power & authority of the Board to execute for it said instruments of writing.
Resolved that Josiah F. Lee & Ormond Beatty the President and Secretary be and are hereby authorized and directed to execute a mortgage for the entire property of the Institute - grounds, buildings, & furniture of every kind - to the parties from whom money has been borrowed for its use.
Mr. Wiseman was directed to confer with Insurance Board and see what can be effected in order to have the rate of insurance lowered.
A committee of two from each church, viz Messrs. Josiah E. Lee & Roland from the 1st [Presbyterian] Church and Welsh and Beatty from the 2nd [Presbyterian] Church, were appointed to see whether money can be raised in the form of stock to pay off the debt of the Institute. Adjourned to meet Monday February
Ormond Beatty, Secretary
Monday February 1873
Board met pursuant to adjournment. The committee appointed to try and raise money to pay off the debts of the School, having failed to raise the necessary sum & seeing no ground of encouragement to make further effort at the present time, were discharged.
It was then resolved that the President and Secretary be directed to have the notes of the parties from whom money had been borrowed for the use of the Institute renewed, and to execute to said parties a mortgage of the entire property of the Institute in accordance with the action of the Board at its meeting in February 15th 1873.
Messrs. George W. Welsh & Josiah E. Lee were appointed a committee to arrange the business for the execution of the mortgage.
The Treasurer is directed to pay interest at the rate of 10 per cent per annum on a note held by J. Givens in the interest of 1st Presbyterian Church. Adjournment to meet on Monday 10th of March 1873.
Ormond Beatty, Secretary
February 10, 1873
Board met at call of the chairman. Members present - George F. Lee, S.V. Roland, James M. Meyer, Thomas Barbee, George W. Welsh, Alexander R. McKee, William B. Holmes, Josiah E. Lee, Speed S. Fry, & Ormond Beatty.
Minutes of the last two meetings read and approved. The committee appointed to have the notes renewed and a mortgage executed to the parties from whom the Board had, through its committees, borrowed money reported that they had attended to this business as follows, viz.
| Mrs. E.S. Russel - March 1st 1873 for | $5,250.00 |
| Enos S. Ironwinkle (Curator) March 1st 1873 for | $5,200.00 |
| Miss Jane Whelan March 1st 1873 for | $4,000.00 |
To whom the President & Secretary had executed a joint mortgage for these respective sums.
The report was received and adopted, the Board approving the acts of its committees ratifying & making these acts its own.
The committee on Dr. Meyer's claim reported that the claim including principal and interest to that date amounted on the 1st of February 1873 to $926.37.
The Board received & adopted the report and now recognizes the debt to Dr. Meyer as of equal obligation with other debts of the Board and agrees to allow interest at the rate of 10 per cent per annum on the above amount from the 1st day of February 1873.
The Board directs the Treasurer to appropriate to the payment of the two small notes, one due to 1st Presbyterian Church (or its assignee), the other to Clifton Rodes (or his assignee) - each for about $700 - the two notes of Lewis G. Barbour still due, each for $500, one note of Mr. Barbour to each of these notes.
Adjourned to meet on the 2nd Tuesday of March 1874 at 3 o'clock p.m.
Ormond Beatty, Secretary