THE ENDOWMENT, 1876-83
At the commencement of 1876 the Alumni had nothing to report in
way of money contributed on endowment to meet the challenge of
Rev. J. S. Purefoy to match his collections in the North, but the
Trustees voted thanks to Mr. Purefoy and the brethren at the North
who had manifested liberality and kindness to him and the
Of the amount which the Northern brethren subscribed, $10,500, a
total of $9,200 was realized,2 and of this about $8,000 was already
paid in, bringing the total reported endowment to 527,954.18, more
than twice the amount salvaged from the wreck of the Civil War. Part
of the increase came from the appreciation in the value of stocks and
bonds, and the greater part of the remainder from the collections of
Mr. Purefoy just mentioned. Only a small part came from the other
campaigns for endowment. Probably in addition to the amount paid
agents for soliciting and collecting twenty thousand dollars had been
paid into the college treasury, but this had been used to pay the salary
of the faculty and other necessary expenses. In a summary of the
financial affairs of the College since the Civil War Mr. Purefoy says
that those who made the larger subscriptions in the canvass of Rev. R.
B. Jones, including the members of the faculty, consented to have
what they paid used for repairs and to sustain the faculty, and that in
the canvass made by Rev. R. R. Overby and Rev. John Mitchell, the
Trustees, in their care to avoid debt, directed the agents to take
subscriptions with the express understanding that if needed they
would be used for current expenses; in this way the College was
saved through nine years of great embarrassment.3 In June, 1874, the
Board had ordered the endowment to be kept sacred and used for no
other purpose, and yet the next year, the treasurer was ordered to
Proceedings, p. 191.
2 See statement of Professor Mills at head of Chapter IV.
Purefoy's first page article in Biblical Recorder, August 30, 1876.