Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 12]

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Excerpts from the Minutes of the Board of Trustees

SALK OF LAND SCRIP

Resolved, That true policy reciuires thai the land scrip under the control of this Botrd, i»r the greater part oi it, should be sold at as early a day a* practicable, and the proceeds thereof invested in interest-bearing securities; therefore. Resolved. That the Treasurer he authorised and directed to sell not leas than one hundred and eighty thousand (180,000) acres, and not in..re than three hundred thousand (300,000) acres of the said scrip, for the best possible price: Prodded, That he shall sell no part thereof at a less pnc< than fifty-four cents per acre: And provided, also. That he shall make no sale without the advice and consent of a majority of the Finance Committee. (May K, 1867; I. 37)* Mr. Quick offered the following as a substitute for Mr. Browa*! resolutions: Resolved, That the Treasurer be instructed to sell, with the advice and consent of the Regent and Finance Committee, scrip to the amount of one hundred and eighty thousand (180,000) acres of land, on the best possible terms, and at the earliest period practicable. This substitute was adopted. (May 8, 1867; I, 37) Resolved, That the Treasurer and Finance Committee be instructed to sell none of the land scrip at less price than fifty-four (54) cents per acre. (May 9, 1867; 1. 43) As per your instructions, the Treasurer, Regent, and Chairman of the Finance Committee advertised and sold 180,000 acres of the scrip, realizing therefor $101,764.50. This sale being considered favorable at the time, induced the Executive Committee to recommend to the Trustees the sale of an additional 100,000 acres. Your approval, in writing, having been obtained, the sale was conducted in the same manner as the first, realizing therefor the sum of $58,427.91. (Nov. 26. 1867; I, 67) Mr. Cobb, from Finance Committee, read a proposition from Mr. Lewis for the purchase of one hundred thousand acres of scrip at eighty-five cents per acre. (Nov. 26, 1867; I, 71) The Committee also recommend the sale of 100,000 acres of the land scrip, at 90 cents per acre [$90,000.00, not all cash]. (Nov. 27, 1867; I, 95) Resolved, That the Treasurer be authorised to sell, 50,000 acres of the remaining land scrip, at such prices as he may be able to obtain: Provided, be shall not sell at a lower price than may be approved by the Finance Committee. On motion of Mr. Pearson, it was laid on the table until Thursday mornim* M*"* » • (Mar, 9, 1869; II, 70) •The date in parent heeia refera to the date of action by the Board of Trvataoa. aarf the ro«UMi ami arabtc miinbars which follow the data ifcjLmia a aa*e\ 1 . 3 f-2 Man il) Report and the page numbers therein, far exaaiHe, the refaeaiieT^ifV? iiTia)

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