Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 24]

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24

University of Illinois

Resolved, That the hearty and sincere thanks of this Hoard be and arc hereby tendered to the Metropolitan National Hank, of Chicago, the First National Bank, of Champaign, and the First National Bank, of I'rbana. Resolved, That the Secretary of this Hoard forward a copy of these resolutions to the banks named. (June 9, 1897; XIX, 124; The following resolution, offered by Mr. Billiard was adopted: WHEREAS, The Fortieth General Assembly of the State of Illinois has passed an act* requiring the University of Illinois to turn over to the State Officers named in the act, the bonds of the endowment fund of the University, and all bonds, stocks, securities, and other property, except books and papers of account and land contracts, which the late Treasurer of the University, Charles W. Spalding, yielded to the University in final settlement of his account with the University, therefore be it Resolved, That the Finance Committee take charge of this matter and that the President and Secretary of the Board be authorized and instructed to make all transfers, sign all papers and bonds, and do such other acts as may be necessary to carry out in full the purpose and intent of said act. (June 9, 1897; XIX, 124) Paper 0 is a receipt for $106,150.00 endowment bonds. The Board is requested to take the necessary action to cash these bonds under Senate bill 451. (June 9, 1897; XIX, 130) Resolved, That the Board communicates an expression of the sincere gratitude of its members and of all friends of the university to Governor Tanner and to the Senate and Representatives of the 40th General Assembly for the admirable course taken by the State in relation to the misappropriation of more than $450,000 of University moneys by the former Treasurer of the Board. Special credit is due to the members of the Senate Investigating Committee for the patience and thoroughness with which they performed their duty, and particularly for the wise and courageous provisions of the bill which they proposed for the relief of the University, and which has become a law. The act of the Legislature making appropriations sufficient to repair all losses, charging the State with liability for the endowment and providing for the regular and continuous payments of interest thereon, and relieving the Board from the care of the numerous actions and proceedings at law resulting from the defalcation may fairly be taken as indicating a strong purpose on the part of the people of the State to make the best possible provision for higher learning, and to adopt the State University more closely and completely as their own. The outcome of the whole unhappy affair reflects the greatest credit upon the State and secures to those who have contributed thereto the warmest thanks of all interested in higher education. Beyond that, it inspires the friends of the University, and particularly all charged with responsibility for its management, to leave nothing undone that they can do to build up a great State University, which in the breadth and thoroughness of its work shall be second to none in the country and in every way worthy of the great State which it behind it and for which it seems destined to do so much. (June 29, 1897 XIX, 139)

SOURCES OF THK ENDOWMENT I«YM>

O N J< NK 11, 1897, the Hoard of Trustees of the University of Illinois in accordance with the enactment of the 40th General Assembly trans