250 History of Wake Forest College
applied to the note of Captain Berry. To pay this interest required near
$1,200 a year; the cost of the agencies must have been nearly as
much. Probably not more than two thousand to twenty-five hundred
dollars were realized in any one year. After seven years little net
progress had been made; the College still owed the State $10,000, and
Berry nearly as much.
This was the condition of affairs at the Commencement in June,
1846. Nearly every agent had been handicapped in one way or
another. Wait had been ill for months at a time, and on that account
had to give up the work of the agency. For some reason Jordan had
not served that year. McNabb also had been interrupted by bad health
and so had Thompson, while Poindexter and James did not undertake
the work. A new President, Dr. William Hooper, was elected in
October,
1845,10
and he had been promised that the institution would
be freed from debt at his
coming.11
The College still owed the
principal of the
note12
to the Literary Fund, $10,000, which was
renewed July 1, 1845, and secured by the signatures of nearly all the
Trustees and several other friends, thirty-four in all. The Berry note
no longer constituted more than a moral claim against the College.
Seven members of the Board had taken the debt on themselves by
putting their names to a note in Captain Berry's favor. The face of this
note was $9,000. The signers were William Crenshaw, Samuel Wait,
Foster Fort, David Justice, William M. Crenshaw, R. T. Sanders, and
W. H.
Jordan.l3
The Trustees had much to discourage them. It had been more than
seven years since the institution had begun its career as a college, and
since Wait first took the field to raise money. They had five thousand
dollars in good subscriptions payable on September 1, 1846. The
seven who had signed the Berry note had subscribed from three to
five hundred dollars each. From these subscriptions a total of five
thousand dollars might reasonably be expected, leaving the balance.
still to be raised on the debt $15,000.
―――――――
10
Proceedings, p. 64.
11
Report on Education, minutes of Chowan Association, 1846.
12
For fuller statement about this renewal note see Chap. XIV.
13
Letter of W. H. Jordan, Biblical Recorder, April 17, 1847. According to
others who give no names there were eight names to the Berry note.
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