—266—
Friday, March 21,1924*
' The Board mot in called session at 3 P.M*,
the President presiding*
Ray.
The meeting v/as opened with prayer by Dr.
The following were present: Miss Foster,
Mrs. Moore, Waite, Clark, Pitt, Jenkins, Gaines, Gwa thine
у
,
Powell, Cousins, Harris* Algo Secretaries love , Ray, Hester ,
and Treasurer SandBrs*
Dr. Pitt stated the object of the meeting.
He was followed by Brethren Gaines and love*
The committee of five appointed Mar .13th,
reported that «they did not send message to Dr. Mullins, but
ask for further advice*
On motion the action of Mar 13th was re¬
considered. Brother Cousins moved to amend the motion so as
to read that we accede to the request of the Southern Baptist
Theological Seminary for $28,571*43 The motion was carried.
Brethren Clark, Jenkins and Waite asked to be recorded in
the negative*
On motion it was voted that a committee
be appointed to formulate the sentiments of the Board as a reply
to the communication from Dr .Mull ins.
The following committee v/as appointed:
Cousins, Harris and Pitt»who formulated the following which
v/as sent to Dr .Mullins:
The Foreign Mission Board of the Southern Baptist
Convention has heard and considered the recent correspondence
between Secretary love and President E.Y. Mullins touching the
matter of further advances of money to the Southern Baptist
Theological Seminary undor the action of the Convention in
1920. In response to President Mullins’ request for a ftirther
advance at this tine of $28,571.43, and, too, of his intimation
that an additional request for a further advance of $26,000
will likely be made, the Board takes the following action:
The request for $28,571*43 on the loans to the
Southern Baptist Theologicul Seminary finds this Board in pe¬
culiarly distressing circumstances. The receipts of this Board
have for three years fallen far short of the expectations of
the denomination when in 1920 we were instructed to make loans
to our theological schools. In consequence, of this disappoint¬
ment in receipts and the actual debt for borrowed money of
$1*439,905*25, the Board is facing a financial crisis in its
work and a possible crippling of its credit v/ith the banks upon
whoso generosity v/e have this year been able to avert the most
serious calamity to the foreign mission work of Southern Bap¬
tists.
But, notwithstanding the Bourd’s embarrassment
and that $229,159.37 have already been borrowed to make these
loans to our theological schools the Board horeby instructs
the Corresponding Secretary to make an additional note, if om
of the banks will accept it, for $28,571*43, and to send this
money to the Southern Baptist Theological Seminary*
Dr. Mullins, ie, however, hereby informed that
the circumstances of this Board do not allow it to make a
further loan to which he refers*
It is true that Dr .Mullins suggests that tls
Southv/estern Theological Sominary and the Hew Orleans In¬
stitute, have received proportionately larger loans than the
Southern Baptist Theological Seminary, but the reason for this
is that these instituZIons made their requests for the loan in
advance of the Southern Baptist Theological Seminary and
before our financial situation had become so aoute much of
