608 History of Wake Forest College
the possession of which the College did not come until 1860; the
Merritt fund of $2,000 which came to the College in 1853, the Mims
bequest amounting to $500, which the executor sent to the College
Treasurer on June 6, 1863; and the Warren bequest of $1,000, which
came into the hands of the College Treasurer about January 1, 1860.
The funds received from the Blount estate, the Merritt and the Mims
bequests were invested in Confederate bonds and except for some
accruing interest were an entire loss. From the Blount estate, however,
as has been said, one tract of land after the War came back to the
College. This was sold and the proceeds invested in Raleigh City
bonds, and after paying in interest $96.65, was turned over to the
Board of Trustees by J. S. Purefoy, Treasurer, on June 18, 1878, at a
value of $640. The Warren Fund was saved, since it was invested in
Cape Fear and Deep River Bonds and not exchanged for Confederate
bonds. It had yielded interest since, January 1860, at the rate of six
per cent, or $60 a year. Both the Warren Fund and the amount
salvaged from the Blount estate were about 1878 blended with the
general endowment, where, according to Mr. Purefoy, they went to
pay the tuition of ministers and thus carry out the purpose of the
donors.14 The The Merritt fund originally invested in North Carolina
State bonds about August, 1853, bore interest at six per cent, $120 a
year until July 1, 1863, when the bonds were sold and the proceeds
invested in Confederate bonds. The parent sum was a total loss.
That all these early bequests should have been made for ministerial
education shows the interest of the Baptist people generally in it
rather than in the other work of the College. Even though less than
two thousand dollars of the more than fifteen thousand dollars
originally realized from these bequests has been saved, yet this small
portion continues to carry out the purpose for which it was given and
is a lasting monument to the givers. Thanks also to these funds the
Board of Education was enabled to begin work after the Civil War
wholly unencumbered by debt.
At first it seems that the Board contemplated paying for the board
and room of the beneficiaries but not their other expenses.
14Purefoy's Record Book, p. 502.