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Caption: Book - History of the University (Powell)
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) The University Located 251 & " I n addition to this a proposition is now pending before the people of the County of McLean, to be decided on the 5th, inst. for a further issue of $200,000 of 10 per cent bonds, having a like time to run, with every prospect of its being carried by a decided majority, " I t is proper to observe in this connection that arrangements Lave also been consummated with Eastern Capitalists by which all our bonds to be issued for this object, are to be cashed at their par value; thus securing their conversion into currency without any dimunition to the State as fast as the money is needed by the Board of Trustees, 'rio well assured are we of this fact, that this convertibility of our bonds is guaranteed by responsible parties. Nor is this all. Subscriptions of over 7000 acres of real estate— including two or more magnificent sites for the University buildings—and other valuable property are offered by various individuals, the various cash value of which cannot be estimated by any competent unprejudiced mind at less than $100,000—thus making an aggregate of $300,000 which has already been secured, with the prospect amounting to almost a certainty, that Two Hundred Thousand Dollars more will be added, making in all $500,000. "To recapitulate, we submit the following items of property, to wit: 1. City Bonds of Bloomington $100,000 2. Bonds of the Town of Normal $100,000 3. Real Estate and other valuable Property. .$100,000 Making our present offer $300,000 With a contingent offer, as above stated, of $200,000 Making in all . . . . , | $500,000 " I n fixing values to the property covered by the 3rd item above enumerated, the undersigned have been scrupulously careful to avoid any unfairness or disposition to exaggerate, preferring rather to be under than above the actual cash value of the Property therein referred to. \ \ To each and all of these items, both in regard to their value and the title by which they are held, we challenge the closest, ^M
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