212 History of Wake Forest College
the three institutions, of which account will be given in the chapter on
In closing my account of this section I register my conviction that
but for the loan from the Literary Fund of the State the friends of the
Wake Forest College would have given up in despair. Coming in the
time of sorest need it was this loan alone which saved the cause of
Baptist education in North Carolina and the progress of our
denomination from a most serious reversal.14
13 Proceedings, pp. 86, 88. Journal of Legislature, 1852.
14 Referring to the fact that Wake Forest College alone of the seven literary
institutions which borrowed money from the Literary Fund repaid it before the
outbreak of the Civil War and hence in the currency of the United States and not
that of the Confederate States, Professor M. C. S. Noble, in the work cited above, p.
123, says: "This note of Wake Forest College, signed as it was by President Wait,
the two Trustees, Crocker and Crenshaw, and thirty-six other Baptists, constitutes
an honor roll of which not only the denomination but the State as whole may well
be proud because of their sacrifice for higher education. The denomination raised
the money and paid the debt before money had depreciated, and the loan cannot in
any sense be called a case of state aid to a church college."