Repository: UIHistories Project: Board of Trustees Minutes - 1868 [PAGE 79]

EXTRACTED TEXT FROM PAGE:

67

the more important matters referred to us, might be of interest to you, we herewith submit the following: 1. SALE OF SCRIP.—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.

2. FUNDS FOR CURRENT EXPENSES.—In accordance with a resolution offered by Mr.

Bmrchard, at our last meeting, the Treasurer sold twenty thousand dollars ($20,000) of Champaign county bonds, using money obtained from the sale of scrip for the purchase of the same j thereby keeping our one hundred thousand dollars of Champaign county bonds good. 3. LOCATION OF SCRIP.—A resolution of the Board instructed our Committee to take immediate steps to ascertain the practicability of obtaining desirable lands, and if, in their (our) judgment, a judicious location of such lands can be made, they (we) were authorized to locate the same to the extent of one hundred thousand acres. The Committee having become convinced, after extensive inquiries, that excellent lands could be obtained, instructed the Regent and their Chairman, with such other Trustees as they might call in to aid them, to proceed to make locations in the four States of Minnesota, Iowa, Kansas, and Nebraska. The Regent and Mr. Goltra proceeded to Minnesota, and, after a careful inspection, located about sixteen thousand acres in that State. At a later date, Mr. Goltra proceeded to Nebraska, and located about nine thousand acres ; making in all, located to this time, something over twenty-five thousand acres. Mr. Geltra expresses his opinion that thirty thousand acres, in addition, can be advantageously located during the next four months ; and that, by taking a little further time, the balance, to make the entire amount of one hundred thousand acres, can be well located. It is believed that the lands already obtained will, within a few years, bring from three to five dollars per acre. As soon as the location of the 100,000 acres is completed, a descriptive catalogue should be issued and measures taken to secure an early sale. Upon application to the Regent for a detailed statement of the expenditures thus far, he furnished the following, which, upon examination, seems to be correct, and in accordance with instructions of the Board and Executive Committee : EXPENDITURES.—The total expenditures made thus far, for all purposes, is twentyfive thousand six hundred and twenty-two dollars and thirty-five cents ($25,622 35). Some of the warrants embraced in this amount are, probably, still outstanding, and may not, therefore, appear in the Treasurer's statement. Of these expenditures, much the larger part, viz: fourteen thousand and eightytwo 35-100 dollars, ($14,082 35,) was paid for additional grounds. The other expenses were as follows, viz ; For expenses of meetings of boards and committees $1,032 30 For grading grounds 902 32 For furniture, stationery, printing, etc 690 00 For cut stone, lumber, labor, etc 3,053 07 For salary of Regent 2,333 33