300 History of Wake Forest College
College at Associational meetings. Though he had refused to accept
the appointment as general agent Mr. Purefoy in reality served in that
capacity for several years. On November 3, 1859, Mr. W. M.
Faulkner of Person County was appointed collecting agent, and taking
up the work continued in it until the opening of the Civil War. By
spring 1860 the total amount collected on the $50,000 subscribed
amounted to about $19,000.
Perhaps it would be profitable to review here the collections since
the beginning, in 1834. The farm was bought and paid for at a cost of
about $2,000. It had to be equipped with horses and farm implements
for the manual labor work. This cost about another thousand dollars,
which was paid by subscriptions made in 1833-34. Armstrong and
others raised for the College Building in 1834-35 subscriptions on
which was realized as much as $13,500. Beginning with the agency of
Wait in 1839 probably fifty thousand dollars were pledged in the
various campaigns to raise funds to pay the debts. From this was paid
the interest on the College debts for a dozen years, averaging perhaps
a thousand dollars a year, and all the Berry debt of $10,000. At the
Commencement of 1855 the Trustees found that of the notes and
subscriptions taken by Jordan, Thompson and McNabb the amount
still unpaid was $31,433.90. It seems that hardly any of this was ever
paid. On the scholarship plan the amount subscribed was $45,000. Of
this there was collected about $18,500. Probably the collections all
told before the Civil War amount to a full $100,000. The amount
pledged was $150,000.
Not all the funds collected got into the endowment. At the Com-
mencement in June, 1855, the Board ordered that money be borrowed
from the endowment to pay the professors'
salaries.14
As we have seen
the final payment on the debt due the State Literary Fund amounting
to $3,103.01 was ordered paid out of the
endowment.15
The Treasurer's book shows that there was collected by J. S.
Purefoy, Treasurer, on the $50,000 plan to May 20, 1858, $5,319;
additional to June 1, 1859, $6,379.34; additional to June 1, 1860,
―――――――
14
Proceedings, p. 106.
15
Proceedings, p. 126, June 12-13,
1860.
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