Copy of Bond given by Major Kearsley et al, referred to in foregoing Extracts. Know all men by these presents, that we, Jonathan Kearsley as principal, and Oliver Newberry and Robert Stuart as sureties, are jointly and severally held and bound unto the Board of Regents of the University of the State of Michigan in the penal sum of one hundred and fifty thousand dollars, lawful money of the United States, to be paid to the said Board of Regents of the University of Michigan; for which payment well and truly to be made we bind ourselves jointly and severally, and one and each of our heirs, executors and administrators firmly by these presents. Sealed with our seals and dated at Detroit, this sixteenth day of April, in the year of our Lord one thousand eight hundred and thirty-eight. Whereas, The legislature of the State of Michigan did, by an act entitled "an act to authorize a loan of a certain sum of money to the University of Michigan," authorize and direct the Treasurer of the State of Michigan to deliver to the Board of Regents of the University of Michigan, for the use and benefit of the said University and its branches, special certificates of stock to the amount of one hundred thousand: And whereas, The Treasurer of said State, pursuant to said act, delivered to said Board the said certificates of stock, who are about to negotiate and make sale thereof: And whereas, In order to carry into effect their wishes in this behalf, the said Board have appointed the said Jonathan Kearsley their agent, with full power and authority to negotiate the said certificates of stock of one hundred thousand, authorized by said act. Now, therefore, the condition of the above obligation is such that if the said Jonathan Kearsley shall and do faithfully perform the said trust, account to the Board of Regents of the University of Michigan, for the proceeds arising from the negotiation of said stock, then this obligation to be void; otherwise to remain in full force and virtue. J. KEARSLEY, [L. S.] L. S. L. S.] Signed, sealed and delivered in presence of H. K. SANGER, ALEX. H. SIBLEY. Approved, [Copy of endorsement on the said Bond.] ROSS WILKINS,) Committee of Auditors, January 31st, 1839. By the order of the Board of Regents the within bond was cancelled and delivered up to the obligors. 1 C. W. WHIPPLE, Secretary. A 1 Copy of Bond given by Bank of Michigan et al. referred to in the foregoing resolution. Know all men by these presents, that the Bank of Michigan and E. P. Hastings, as President, and H. K. Sanger, as Cashier, together with E. P. Hastings, Charles C. Trowbridge, James Abbott, Degarmo Jones, Darius Lamson and Peter J. Desnoyers, are held and firmly bound, jointly and severally, to the Board of Regents of the University of Michigan in the sum of two hundred thousand dollars, lawful money, to be paid to the said Regents of the University of the State of Michigan, their successors in office, or their authorized agent, to which payment well and truly to be made, we do firmly bind ourselves, and each of us, our and each of our successors, heirs, executors and administrators, jointly and severally by these presents. Sealed with our corporate seal of the said bank, and with our seals this fifteenth day of June, in the year of our Lord one thousand eight hundred and thirty-eight. Now, the condition of this obligation is such that if the said bank of Michigan shall well and truly pay to the Regents of the University of the State of Michigan, their successors in office, or to their authorized agent, the whole moneys due from it, to wit, the sum of one hundred thousand dollars, in three instalments, as follows: the sum of fifteen thousand dollars on the fifteenth day of June, eighteen hundred and thirty-nine, the further sum of thirty-five thousand dollars on the fifteenth day of June, eighteen hundred and forty, and the further sum of fifty thousand dollars on the fifteenth day of June, eighteen hundred and forty-one, with interest at the rate of seven per centum per annum, payable semi-annually at the Bank of Michigan, in the city of Detroit, upon said one hundred thousand dol lars, or upon such balance thereof as may be and remain at any time unpaid: And it is further covenanted and agreed, expressly, that such sums of the said first instalment as shall be necessary for the current expenditures, and shall have been actually expended shall be paid at any time prior to the said fifteenth day of June, eighteen hundred and thirty-nine, and in like manner as respects the second and third instalments respectively then the above obligation shall become null and void, but otherwise remain in full force and virtue. Signed, sealed and delivered in the presence of ELISHA STEELE, Approved, Z. PITCHER, ROSS WILKINS, Committee of Auditors. We hereby consent ond agree, as the spirit and intention of the foregoing obligation, that the Bank of Michigan will make such payment upon either of the instalments mentioned in said obligation, and within the year preceding the day when such instalment becomes due and payable, as may be necessary to meet any application or order made by the Board of Regents. In witness whereof, I have hereunto affixed the seal of said Bank [Copy of Bank Seal.] of Michigan, this 19th day of July, 1838. H. K. SANGER, Cashier. Copy of Report made by Maj. J. Keursley to Board of Regents, of his doings as agent to negotiate loan, dated July 16, 1838. Extract from proceedings of Board of Regents, July 17th, 1838. Mr. Kearsley, the agent to negotiate the loan of one hundred thou-sand dollars, made the following report, which was laid on the table: "The agent appointed by a resolution of the Board of Regents, dated April 16th, 1838, for negotiating the loan of one hundred thousand dollars under the act of the Legislature of Michigan, entitled "an act to authorize the loan of a certain sum of money to the University of Michigan," reports that he has attended to that duty, by negotiating said loan with the Bank of Michigan, in the city of Detroit, and has transferred the bonds of the state for one hundred thousand dollars to said bank, subject to the following stipulation: The bank has covenanted to pay on demand six thousand dollars as a premium on said stock-to pay fifteen thousand dollars of the principal on the 15th day of June 1839, or so much thereof before that time as shall be appropriated and expended by the Board of Regents the further sum of thirty-five thousand dollars on the fif teenth day of June, 1840, with the like covenant to meet the appropriations of the Board prior to that time, and after the 15th day of June, 1839—and the last instalment of fifty thousand dollars to be paid on the 15th day of June, 1841, with the same proviso as in the preceding to meet appropriations. The bank covenants further to keep an interest account with the Board of Regents, and to pay semi-annually seven per cent. per annum interest upon all unpaid balances. The obligation given by the Bank of Michigan to the Board of Regents, and approved by the auditing committee is herewith submitted, and will more fully explain the negotiation. It may be proper to add that previous to the appointment of your agent, their secretary, by direction of the Board, had made application to the several banks in the city of Detroit for proposals of terms upon which they would take this loan, and that the banks had severally declined to submit propositions to the Board. It was therefore inferred by the Board that the loan could not be effected in this |