The Loan from the State 207
It is a striking fact that many Senators from the districts which were
sending students to the College voted against the bill, while its
supporters were largely from districts from which no students were
coming to the College.
When the result was known the joy of the friends of the College
was great. Ingram tells of Wait's return to Wake Forest with his face
covered with smiles and his joyful announcement, "The College is
saved! The Legislature has lent us ten thousand dollars!" while the
students replied, "Good news, Mr. Wait, thank God, thank God!"
The loan was to run for four years, with interest payable and the
bond to be renewed annually. The rate of interest was not stated, but
was doubtless the legal rate of six per cent.7
At the end of the four years for which the note was authorized to
run nothing had been paid on the principal and as payment at time
was impossible, renewal was necessary. This was done by the
President and the Directors of the Literary Fund without referring the
matter of the Legislature. In the meantime, however, some of the first
signers had either died or left the State and it was necessary to get
others in their place, and several of
Hellen (Carteret), Hill (Duplin), Johnson (Granville), Kern (Caswell), Mitchell
(Wilkes), Moore (Stokes), Myers (Anson), Pasteur (Craven), Puryear (Surry),
Shepard (Pasquotank), Speed (Gates and Chowan), Spiers (Hertford), Waddel
(Orange), Ward (Lincoln), Williams (Person), Worth (Randolph).
Noes: Arrington (Nash), Cooper (Martin), Etheridge (Camden), Exum (Wayne),
Faison (Northampton), Welcher (Cabarrus), Melvin (Brunswick), Morehead
(Guilford), Moye (Pitt), Pollock (Onslow), Reid (Rockingham), Ribelin (Rowan),
Selby (Beaufort), Sloan (Sampson), Spruill (Washington), Whitaker (Wake),
Not voting, Joyner, Speaker, (Halifax), Hawkins (Franklin), Edwards (Warren),
Wilson (Edgecombe), McDiarmid (Cumberland), Montgomery (Moore), Hargrove
(Davidson), Parks (Iredell), Orr (Mecklenburg).
7 The resolution authorizing the loan reads as follows: Resolved, That the
President and Directors of the Literary Fund of this State loan to the President and
Trustees of Wake Forest College, for the term of four years, the sum of ten thousand
dollars, upon taking bond with a good and sufficient security for the same, to be
approved of by the President and Directors of the Literary Fund. The interest of the
said loan to be paid annually, and the said bond to be renewed upon each annual
payment of the interest, with liberty on the part of the said President and Trustees,
to pay any portion of said principal sum at an earlier period. (Ratified, the 11th day
of January, 1841).