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Caption: Book - History of the University (Powell)
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202 History University of Illinois seminary project. The Champaign-Urbana memorial was presented in the house on January 31, 1861, and referred to the committee on education. 48 The legislature took no other action in regard to i t On February 21, 1861, however, the legislature granted a charter incorporating the "Urbana-Champaign institute" for the purpose of "establishing and maintaining a seminary of learning comprehending an agricultural, or other departments as the public may demand," 44 but made no provision for state aid of any kind to the institution. The incorporators named in the act, B. P . Harris, William Park, J. T. Everett, John Insley, J. S. Wright, John Penfield, J. W. Sim, Jr., C. P. Columbia and Henry Nelson were to constitute the first board of trustees, and were given authority to manage the property and the financial concerns of the corporation and to confer degrees and diplomas. The real estate in the seminary plat as laid out into lots was to represent the capital stock of the corporation. The capital stock could be increased to two hundred thousand dollars in shares of one hundred dollars each. On August 6, 1861, the corner stone of the institute was laid, Bishop Matthew Simson delivering the address on this occasion.45 By the latter part of August, 1861, there were many evidences of distress in the affairs of the institute. Civil war had begun and finances throughout the country were in such an embarrassed condition that collections were well-nigh impossible. Under these circumstances the trustees of the Urbana-Champaign institute held their first meeting in Champaign on August 31, 1861. After reviewing the financial condition of the institute, and with the express understanding and agreement with the builders, Stoughton and Babcock, the trustees voted to delay the erection of the institute building until the next season when it would be pushed to completion if possible. On September 25 the minutes of this meeting together with a full statement from Stoughton and Babcock were published in the Central Illinois Gazette. The essence of their statement to the people was that "House Journal, 1861, p. 284. **See " a c t of incorporation'> below p. 466. "Central Illinois Gazette, July 81, 1861. * ^ j * £ i *x <*
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