The Endowment, 1870-1873 95
sense of disappointment, and there was talk of the suspension of the
The Trustees themselves were seriously apprehensive, and
at the Commencement of 1874, while at one time passing resolutions
that the campaign must be pressed with vigor, found the reports of the
Treasurer and Bursar very discouraging, and, through many anxious
sessions, the Board was occupied with the "important matter how to
continue the exercises of the College and keep out of debt."
From materials available it is not easy to determine just how much
was added to the net resources of the College by the campaign for
endowment of 1873-74. According to a report of a committee of the
Trustees, found in the Biblical Recorder of March 1, 1876, and
printed as an appendix to this chapter, the amounts paid as salary to
the agents from June, 1873 to June, 1874, were $4,411.55, and from
June, 1874 to June, 1875, $1,300. The collections from January, 1873
to June, 1873, were $2,252.30, and for the next two years $14,257.19
and $7,298.88 respectively. But in these collections were included
much on notes made in former campaigns and also about $8,000
collected by Rev. J. S. Purefoy in the North. It would be a very liberal
estimate to say $8,000 was realized net from this campaign. Not all of
this went to the endowment; S438.72 went for repairs on the College
Building; $1,963.52 as part payment on the removal of the depot, and
the members of the faculty were loaned on the arrears on their salaries
$2,409.14, in an ill-concealed pretense of keeping the money in the
endowment for which it was designated. The Treasurer in making up
the total assets of the College in June, 1875, disregarded these "loans"
to the faculty and fixed the amount at $23,204.18; the committee of
the Trustees mentioned above, counted them and fixed the total assets
at that time at $26,113.59.
Taking into account the money spent on repairs and for the re-
Mills, Wake Forest Student, II, 316; Mills, however, is in error in supposing
that the pledges were conditional, none to be paid unless the full amount was
subscribed. Such a conditional subscription to obtain $25,000 in pledges of $1,000
each was started in June, 1874, but failed.
Proceedings, June 23-26, 1874; T. H. Pritchard, Biblical Recorder, July 1,
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