210 History of Wake Forest College
the debts fell short of their amount only by the sum of $1,713, which
was raised in a week
The Trustees now went about
paying off the claims, especially the notes to which so many of their
names were attached, in a good earnest. At the Commencement in
June, 1850, it was reported that the debt was nearly discharged. In a
few months the Berry note had been taken up, leaving further
collections available to apply to payments on the debt due the
Payments were made as subscriptions for the purpose were paid,
which was rather slowly. The debt to the State had been reduced to
$3,000 at the Commencement of 1855, at which time subscriptions
for its payment were outstanding to the amount of $3,493.30, as we
are informed by Editor J. J. James of the Biblical Recorder, who was
also a member of the Board of Trustees of the College, and who was
using his paper to urge subscribers to pay promptly. But there was
still something due on this debt at the time of the meeting of the
Trustees in June, 1858, when the Treasurer was instructed to collect
the old claims then due, resorting to legal process if necessary, and
pay up the debt. Finally, in June 1860, the Trustees ordered the
Treasurer to pay the debt, borrowing whatever money was necessary.
The final payment of $3,103.01 was made on June
There was, however, a very interesting development in connection
with this loan, without a narration of which the story would be
incomplete. The Trustees sought not a loan but appropriations from
the State.
We have seen that in 1848 the Trustees asked the Legislature to
relieve them from the interest on the note to the Literary Fund. One of
the prime movers in this matter was Professor John
Biblical Recorder, July 14, 1849.
Ibid., June 22, 1850; November 23, 1850.
See Mills, Wake Forest. Student, III, 272. Mills's statement is not inconsistent
with that of M. C. S. Noble, A History of the Public Schools of North Carolina, p.
123, which shows that payments on principal amounted to $4,151.87 and on
interest, $484.44, since Noble seems to group into one amount payments made at
several times.
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