344



                        Kentucky University, Lexington, Ky., June 7th, 1876





                        Your Committee to whom was referred so much of the Regents
                  report as refers to the financial conditions of the University
                  with instructions to report the best means to meet the present
                  exegencies - beg leave respectfully to report..
                        That in the present state of our finances there is no need
                   for dispondency but the necessity for retrenchment is inevitable-
                   Therefore your Committee recommend-
                        That the notes now due the Real Estate & Building fund and
                   the other assets of said Fund together with all the saleable
                   property in the Machine shop and the available proceeds from the
                   Farm be converted into a sinking fund for the payment of the
                   interest and the gradual liquidation of the principal due the
                   Endowment Fund by the Reek Estate and building Fund, the A. & M.
                   College and the Mechanical Department.
                        2. That all the said non prodictive investments together
                   with the unpaid coupons and a-cumlated interest of the University
                   be converted into a sinking Fund for the gradual liquidation of
                   the indebtness of the University on general account _
                        3. That in order to economize - labor and money the instruc-
                   tions of both the College of Art & the A. & M. College be at
                   Morrison College as for as practicable.
                        4. That in said two Colleges we consolidate into our chair
                   as follows -
                        lst. The two chairs of English Literature
                        2nd.  f   it  tf   It Ancient Languages
                        3d.   "   "    "    I Mathematics, Nat. Science and Modern
                  Languages.
    /345/              It is required that the Professors in the Bible College till
                   take charge of such additional classes in the College of Arts as
                   may be assigned them. All of which is respectfully submitted.
                                                W. TD. Withers
                                                W. T. Tibbs
                                                R. C. Ricketts
                                                J. P. T .rbi tt .
Read.                   5. Also that the two chairs in the Bible College be consoli-
after              dated into one under the name and character of the Chair of
                   Sacred History as originally constituted at Bacon College.
                                                               R. R. Sloan
                 . (this who concurs in maj except that the above is a substitute for
                 Res. 4 Provided tne Chair of Comuercial College shall be abolished.

                        Provided that anyone or all of these Chairs & especially in
                   the Bible College be continued if the means can be provided for
                   their support to which the Board hereby invite and pledge and
                   earnest support-/
                       A motion was made to substitute the minority for the majority
                  report pending which and discussion the Board on motion adjourned
                  to meet at 8 otclock to-morrow morning.