The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-11-25
STATE UNIVERSITY.
reported specially for the Standard


The Board of Trustees of the University
of North Carolina commenced its first annu-
al session in the Senate chamber at Raleigh
yesterday afternoon, November 18th.
The following State officers. members of
the Board er-etfcio were present
His Excellency Gov W. w. Holden,
President cs-e6fcio, in the chair; Hon. Tod
r. Caldwell Lieut. Governor; D. A Jen-
kins, State Treasurer; Henderson Adams.
State Auditor; G. L. Harris, Superintendent
Public Works; Rev. S. s. Ashley, Superin-
tendent Public Instruction; Fl. j. Mennin-
ger, Secretary of State
g The following members from their re-
spective counties were also present:
Alleghany, Judge A. W. Tourgee; Arson.
Dixon Ingram; Beaufort Judge w. B. Rod
man; Baden. A. w. Fisher; Chatham, B.
I. Howe; Currituck, j. W. Ethcria5e;
Davie, P A. Long; Franklin, R. l. Wynne;
Gates. T. P. Hotter; Granville, r. ". Lassi
ter; Greene, VIM P. Griusley; Johnston,
q. w. Pou; Lenoir. r. W. King; Madison,
G. w. Gahagan; Mcdowell, VIM F. Craige;
Mitchell, j. W. Bowman; Montgomery,
Geo. A. Graham Nash, Edward Cantwell
Northampton, Dr. VIM. Barrow; Onsiow,
John Robinson; Orange. Rev. Solomon
Pool; Person, Judge Edwin G. Reade;
Rockingham, Judge Thomas Settle;
Sampson, DR.. j. c. Monk; Union, Hugh
Downing; Wake, james F. Taylor; Wayne,
q. II. Brogden; Wilkes, c. j. Cowles; Yad-
kin, Judge r. M. Pearson.
After the calling of the roll, the President
said: ~
Many more than quorum being present,
the Board of Trustees is organized, and will
proceed tn business. deem it useless to
attemptto enforce upon this Board the great
Importance of this the first regular annual
meeting of the Trustees of the University.
The duties of the Board are appreciated, I
doubt not. by all, and the condition of the
University is we'll known to all the members
of the Board. There is a mortgage upon
the grounds and the buildings of the Uni
yersity to the amount of some $50, 900, and
the impression OF those who are well in
formed IN regard to the value of the property
is that the grounds, the buildings and the IL
brary are worth at least $l50.000 in currency.
The Executive Committee of the Board of
Trustees, in the absence of the Board, have
confined themselves simply to protecting
and guarding the property. We have in
CURED some unavoidable expense, and have
also taken steps to rent out the property of
the University; first to continue to make
good their claims to everything there, and
secondly to aid in defraying expenses. 1t
will be for the Board to decide in this emer-
gency what shall be asked of the Legisla-
ture. believe the general wish and the
best interests of all the people of the State
comport with the idea of commencing anew,
as soon as possible and on a larger basis, the
operations of the University.
r. w. Lassiter, Secretary and Treasurer,
read report reviewing at length the condi
ton of the University, from which it appear
ed that the Institution is in debt to the
amount of about 100000, distributed nearly
as follows: The University o Sned about 10C
shares in the stocks of the Bank of North
Carolina. for which it owed that bank $500,
900. Tile bank has failed, and that debt has
been compromised by agreeing to pay $25 ,00(
in gold The gold with the premium and
interest is estimated at $4,000 in currency
There is due Miss. Mildred Cameron abou,
$4,000; to Gov SWANS estate $4,000; on tn,
salaries of professors some 1000; interes
and minor items $4,000. There is also {
claim being pressed in Chowan county by ,
woman claiming to be the heir of one OH
,iele, Portuguese. That claim, if recover
ed, will cost the University some $1,000
without interest. There are debts due TIN
University to the amount of some $40, 600
most of it against insovent persons or pay
able in Confederate money. for which littl
or nothing viii be realized.
The report was accepted and two hundred
copies ordered to be printed.
Mr. Taylor moved that the Legislature b
memorialized to appropriate sum suffi
cient to lift the Indebtedness
Judge Pearson did not want to ask tn
Legislature for money, because the peopl
are opposed to further taxation TO supper
the University, unless it was shown upo
what grounds it stood He moved that tn
Chair appoint committee to investigat
the true condition of the finances and repol
at the next meeting of the Board.
After some discussion Mr.. Cantwell offere
the following resolutions as substitute fo
the motions already made:
Resolced, LIST, That committee of thre
be appointed by the chair to inquire int
and report upon the legality of the debt
secured Ivy the deed of trust of the Both {
April 1867, and also all other debts elaine
to he due by the University, with authori.
TO employ counsel and to send for person
and papers.
Resotged, I'd. That committee of thrt
be appointed by the chair to memorial,
the honorable the General Assembly for
sum of money sufficient to cover the expen:
of resuming the exercises at the Universal
at the earliest practicable moment.
The resolutions were adopted, and tt
President appointed, under the first resol
tiou, Messrs Edward Cantwell, E. G. Reat
aud A. w. Tourgee; and under the secor
resolution he appointed w. b. Roflman,
S. Ashley and Solomon Pool.
On motion of Mr.. Cantwell the first col
mittee was instructed to report at the ne
meeting of the Board. The order to pri
the Secretary and Treasurer's report was
scinded in order to print with it this Ii
report when received.
The Board adjourned until Wednesday
three o'clock, P. NJ.