http://e-archives.lib.purdue.edu/botpdf/BOTM18780221.pdf(Indianapolis) Thursday, February 21st, 1878. Executive Rooms, Indianapolis, Ind. Thursday, February 21st, 1878. Pursuant to a call of President Manson the Trustees met at the above place and time; present the President, Genl. Manson, Mess. [Messieurs] Sutherland, Wells, Haynes, Ratliff and Dobelbower, Trustees; Governor J.D. Williams, Col. B.C. Shaw, Treasurer of State, Hon. E. Henderson, Auditor of State, and M.L. Peirce, Treasr. [Treasurer] of the University. Mr. Peirce addressed the Board and submitted for their consideration the propriety of disposing of a sufficient amount of the U.S. Bonds now held as part of the Endowment Fund to raise $200,000—to be re-invested in bonds of the State of Indiana, which the Governor, Auditor and Treasurer of State offer to issue under authority of an act of the General Assembly of Indiana, approved March 12, 1875, entitled “An act to amend section one of an act entitled “An act authorizing the Governor, Auditor and Treasurer of State to make a temporary loan,” approved March 10, 1873.” (see Acts Special Session 1875 pages 60-61.) Mr. Peirce laid before the Board the following written communication: “La Fayette, Ind. Feby. [February] 20th, 1878To the Hon. Board of Trustees of Purdue University; Gentlemen, With other friends of Purdue University I united in advising the call of the present meeting of the Board, to order as to the re-investment of $200,000, part of our Endowment Fund, in the 5 pr ct. [per cent] Bond of the State of Indiana; to bear date April 1st and payable in three years, interest payable at La Fayette quarterly; and I consider it the interest of the University as well as the State for the Board to arrange for the re-investment, and would advise the sale of the 55,000 Currency bonds & the balance of the amount required by sale of part of the U.S. 5% bonds of 1881, and doubt not the sale & exchange can be effected without Commission or other charge. If the Board would prefer my personal attention in New York to the sale & exchange on the 1st April I will do so by their paying my expenses from home. Very respectfully yours, M.L. Peirce, Treasr. [Treasurer] P.U.