Denmark Loan Fund 149
the charter, which was prepared by Dr. W. G. Simmons, and ratified
by the Legislature
The capital authorized in the charter of 1877 was $25,000 which
was increased in 1887 to $100,000. It began with a paid in capital of
$150, which has gradually increased. Among the large contributors
have been Matthew Tyson Yates, who in the '80's donated $4,350;
and General Julian S. Carr who added $1,100, and Mr. George Watts
who added $500, at the close of the century; and Mr. Denmark
himself who in the year of his death, 1922, donated $1,000. In 1893
the fund was $8,700; in 1903, $15,100; in 1913, $21,300; in 1923,
$33,600; in 1933, $47,200; in 1938, $56,115. The treasurers have
been W. O. Allen, W. B. Royall, W. C. Powell, R. E. Royall, W. J.
Ferrell, J. B. Carlyle, E. W. Sikes, J. H. Gorrell, G. S. Patterson.
The method of making and securing loans is indicated in the
following statement:
Since the beginning the "revolving" principle initiated by Mr. Denmark has
prevailed in the conduct of the Fund. In other words, a fixed amount, $60 or $80, is
loaned per year to the beneficiary, at six per cent. This note is matured in the year
subsequent to his graduation and any other notes granted will mature at the end of
each succeeding year. As rapidly as this principal and interest is paid, the combined
amount is again loaned. The beneficiary must present a good academic and moral
record antecedent to securing the loan and maintain such records, to be entitled to
subsequent financial favors. Each note is secured by signature under seal of the
beneficiary together with two other parties, each of whom must show the possession
of property listed of the minimum value of $1,500.... Amounts that may be on hand
not needed for actual demands, are invested as a
Ibid. pp. 13ff. The nature of the interest and enthusiasm at Wake Forest may be
seen from the following: "As soon as adjournment was announced, John M. Davis, a
student who had walked all the way from the mountains and was working hard with
his axe to make his way through college, rushed to the Treasurer and handed him a
dollar. Mr. Davis had, from the first mention of the idea to him, been about the most
enthusiastic supporter the idea had among the students, though there was unusual
enthusiasm among them, and had declared that he intended,, if possible, to pay the
first dollar, and at his success he overflowed with expressions of his delight."
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