116 History of Wake Forest College
Trustees in raising subscriptions to the amount of $21,000 in those very
years of stress from the 20,000 Baptists of the State. And what is equally
remarkable is the fact that $13,000 had been realized on these
subscriptions by May, 1838, at which time the Chowan Association
under the leadership of Charles W. Skinner pledged $1,800 additional, of
which $200 was given by Mr. Skinner
himself.38
It was probably this burden of debt that first caused the Board of
Trustees to consider the expediency of laying off a town at
―――――――
38 "Reports of Wake Forest institute," signed by W. C. Skinner, Chairman, in the
minutes of the Chowan Association for 1838. "The subscriptions taken some years
since for the purpose of erecting buildings amounted to about $21,000; of this sum
about $13,000 have now been collected, leaving $8,000 yet unpaid. Of the money
collected, part had been paid out for improvements before the college building was
erected. This building cost about $15,000, of which about $8,000 is paid; leaving
yet unpaid about $7,000. It will be seen, therefore, that the amount of subscriptions
yet unpaid exceeds the debt now owing for the building by $1,000. But it is
probable that there will be a loss on the subscriptions of at least $3,000. It will then
fall short of paying the debt by about $2,000. Besides, there is a debt on the
Institute, separate from the building department of about $1,800, making the whole
debt of the Institute, which it has not probable available means of paying, about
$3,800."
I find in the archives in the Bursar's vault the following:
Statement Showing the Condition of the Wake Forest Institute from its Com-
mencement to the First of January, A. D. 1838:
Cost of the College building complete .....................……..$14,200.00
Cost of land when first purchased ……….. ..................……..2,000.00
Cost of 2 houses built by Young and 1 by Fort ……………...1,500.00
Cost of Professors' Houses ...........................................……..3,000.00
Cost of all other buildings supposed ..............................……...300.00
Amount due the Institute from Subscriptions ……………...10,915.88
Amount from Institute to Capt. Berry .... …… $10,000.00
Amount due for Professors' Houses ........... 6,000.00
Amount due from all others from Institute…… 1,966.56
Cost of household, kitchen furniture, stock,
crop and every article of property on the
premises not before mentioned ....................….22,949.32
$37,915.88 $37,915.88
P.S. Agreeable to the valuation of the property above
.at first cost with debts due the Institute the real gain
in favour of the Institute is to first of January 1833..$22,949.32
The statement is incorrect in omitting $3,000 cost of one professor's house in
column of assets and shows other descrepancies. The amount due Capt. Berry,
$10,000 includes the cost of additional work he did on the College Building
and
other buildings, a total of $1,320.65. Statement in archives in Bursar's vault.
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