You are aware that the whole country has been under very heavy financial pressure since you met here last August.
The financial affairs of the college are now in such a condition that a little more time, spent in earnest effort and wise management will remove the last vestige of debt and leave us with very valuable college property. On the other hand, if you should, at this meeting, fail to adopt wise and vigorous measures, the College must sustain serious loss.
S. M. Luckett, President & Financial Agent
I have visited the following points since you met at Huntsville on the 24th of June last, viz. Austin City, Wallace Prairie, Marshall and Tyler. I have also corresponded with Waverly and Georgetown. All of these places manifest a strong desire to secure the location and will contribute considerable sums to secure it.
As gentlemen are here from some of these places, and letters are here from others I deem it unnecessary to go into particular in this report.
S. M. Luckett, Chairman
Committee on Removal of the College
Letters were then read from A. T. Hill of Waverly, and Sam Hume of Denison, and propositions were submitted from Sherman, Tyler, Georgetown, and Wallace Prairie respecting the removal of the College to those places.
Resolved that the Board respectfully decline the several propositions made for locating the college considering all of them inadequate to the purposes of the institution. Resolved that for consideration, fully discussed by the Board the preference of the Board is for some location in Northern Texas, at or near the Central Rail Road. But that the Board is unwilling to locate without a valid subscription of at least $35,000 to be expended in the buildings for the College.
Communications were read from J. R. Holland, Wallace Prairie; W. B. Boss, Denison.
Gen. A. R. Johnson and Mr. J. L. Britton of Georgetown were introduced to the Board and conversation held with them in relation to the propositions to be submitted on behalf of Georgetown. . . Rev. R. E. Sherrill appeared before the Board and submitted to the Board a proposition for the location of the College at Sherman, and by invitation addressed the Board on the subject.
The Rev. Dr. J. S. Grasty appeared before the Board and addressed it in behalf of Austin, as the proper place for the location of the College.
Genl. Johnson presented the subscription of the citizens of Georgetown. He and Mr. Britton advocated the claims of that place for the location of the College. The Board then on motion went into secret session. . . .
Resolved that the citizens of Austin be requested to report to the Board by 11 a.m. on Friday next what they could do.
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