PROCEEDINGS—EXECUTIVE MEETINGS. 
115 
Knowing that these grounds were the only available piece 
of property in the vicinity of Madison for fair purposes, and 
that the sale of them to private parties would therefore result 
in practically striking Madison from the list of the very few 
cities that could possible accommodate the society, it seemed 
to them important that the purchase should be made for the 
society. Accordingly, after consultation with such members 
of the board as were accessible, the president determined to at¬ 
tend the sale and bid in the property, should it be sold at a 
moderate price. The agent of the heirs owning it having es¬ 
tablished a minimum price which was believed to be above its 
real value, the land was not sold at that time. 
Subsequently, to-wit, on the first day of December, Judge 
Guild, of Philadelphia, who was the senior heir and the agent 
for the property, offered it to the society at $6,000; payable 
as follows : five per cent, in hand, upon the execution of a 
contract for a deed; thirty per cent, at the end.of twelve 
months, when a warranty deed was to be delivered to the pur¬ 
chaser ; and the remainder within ten years from date of pur¬ 
chase, deferred payments to bear seven per cent, interest, pay¬ 
able semi-annually. 
These terms it was thought best to accept, and a contract 
was entered into accordingly ; the secretary paying the five 
per cent, in behalf of the society out of his own private funds. 
At the end of the twelve months named, to-wit: on the 2d 
day of December, being in advance of the date fixed in the 
constitution of the society, for the regular meeting of the 
board, he had paid the thirty per cent, then due, taking a re¬ 
ceipt therefor in the name of the society, trusting to it for the 
ratification of what had been done and for reimbursment. 
With this statement of the facts he left the matter in the hands 
of the board. 
Mr. Field thought the president and secretary were entitled 
to the thanks of the society for making a purchase of prop¬ 
erty the possession of'which, at the time of contracting there¬ 
for, appeared to be highly important, if not necessary, and 
