Agency of Mitchell 291
as the campaign to sell them was instituted. Scholarships were for
$500 and at first were to run for fifty years, paying full tuition in the
College for one student year by year. From February, 1839, this
tuition was in the Collegiate department $45 a year, in the Classical
department $35 a year, and in the Preparatory department $25 a year.
In June, 1856, a change was made, fixing tuition in the Collegiate
department at $25, and in the Preparatory department at $20, a session
of five months. If well invested a scholarship would hardly yield more
than six per cent, or $30 a year, which was $20 less than the fees of a
student who paid cash, a reduction of 40 per cent. As more and more
scholarships were sold and more and more students were offering
them in payment of their tuition the treasury of the College began to
feel the effects in depleted revenues. This was aggravated by a change
made in the scholarships to make them more salable. This plan,
proposed by Wingate, was to shorten the number of years for which
the scholarship was to run from fifty to twenty-four, and increasing
the number of students which might be sent in any one year. As
Wingate had thought this made the scholarship much more desirable
for individual purchaser since it allowed him to use the benefits of it
in his lifetime. But for the College the results were almost disastrous,
since it served to decrease considerably the proportion of students
who were paying their tuition in cash at the advertised price of $45,
which was fifty per cent more than the $30 which could be realized in
any year from a scholarship. To make matters worse, many who had
subscribed for scholarships were sending students to enjoy them and
be credited with tuition fees on them before they had paid for them. In
this distressing situation the College Bursar, Professor W. T. Walters,
put an advertisement in the Biblical Recorder warning persons having
scholarships to bear in mind that such scholarships would not be
honored unless they were paid in full or the interest had been paid
promptly in advance; otherwise tuition would in all cases be charged.3
How serious the situation had become was indicated in an edi-
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3 Biblical Biblical Recorder, January 4,
1855.
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