The Loan from the State 209
No payment had been made on the principal of the note when the
subject was next brought to the attention of the Trustees on June 6,
1848. It was voted however, to have a committee confer with the
signers of the note with reference to its liquidation. It was found that
in the low state of the finances of the College payment of the interest
even was becoming irksome. Accordingly a committee was appointed
to ask the Legislature for relief, the relief to consist in being allowed
to renew the note and be relieved from the further payment of interest
on it.
Mr. George W. Thompson was the Senator from Wake for this year
and probably acted for the Trustees in getting the matter before the
Legislature. But it was first brought before the House of Commons,
the bill being introduced by Mr. Kenneth Rayner of Hertford County,
who was just beginning his brilliant career. When it came up on its
final reading in the House it was found to contain as its second section
the following provision:
That in case the Trustees of Wake Forest College shall pay up the whole of the
principal of said debt of ten thousand dollars, to the President and Directors of the
Literary Fund, as aforesaid, on or before the first day of January, 1851, then, and in
that case, the interest due on said debt, from and after the ratification of this act,
shall be remitted to the Trustees aforesaid, and the payment of the principal shall be
deemed and held in full satisfaction of the whol debt, both principal and interest.9
This section was objected to by Mr. T. J. Person, of Northampton,
and disallowed by a vote of 37 to 33. As amended the bill was passed
and sent to the Senate which promptly ratified it. It is interesting to
note that the same Legislature authorized a loan from the Literary
Fund of seven thousand, five hundred dollars to the Greensboro
Female College.
The action of the Legislature was reported to the Board in June,
1849. The note was again renewed, since the Legislature had allowed
so much. But at last, owing to ten years' activity of the agents of the
Board, the finances of the College were improving. At this meeting it
was reported that subscriptions for
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9 Journal of Legislature for 1848, p.
792.
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