254 History of Wake Forest College
mittee on the agency with President Taylor as chairman, which was
adopted. The next day, June 9, 1886, the Board by resolution thanked
Taylor for his past services in increasing the endowment and
expressed their earnest desire that he again should go North and
attempt to secure additional
Again he was not
disobedient to their admonition, and on November 2 left Wake Forest
for New York and returned after eight days.9 While in New York he
again saw Mr. Jabez A. Bostwick and secured from him a gift of
$50,000. It consisted of fifty first mortgage bonds of the New York,
Rutland and Montreal Railroad. These were sent from New York on
December 16, 1886, to President Taylor, in a letter sent with the
package Mr. Bostwick made the following conditions: "I give them to
your College on condition that it shall not sell, pledge, hypothecate, or
in any way encumber them, or any portion of them during my natural
life, without my advice or consent in writing, and that the income
shall only be used in the payment of salaries or current expenses, and
not for property, buildings or fixtures." 10
Such a donation, except in one instance before the Civil War, by
bequest, was unprecedented in North Carolina and it aroused much
excitement and most appreciative comment not only from Baptists but
from other public spirited citizens, such as Major William M.
Saunders11 and Captain S. A. Ashe, editor of the News and Observer.
It was now said that the College was firmly
Proceedings, pp. 309, 321, 323.
9 Wake Forest Student.
Proceedings, p. 331, June 7, 1887. The letter was published in the Wake Forest
Student for January, 1887, and in the Biblical Recorder, December 23, 1886. The
wrapping of the express package in which the bonds were sent was sent to the
College museum. Wake Forest Student, February, 1887. The coming of such a great
amount of bonds produced no little excitement at Wake Forest. On receipt of them
by the late afternoon train the station and express agent, Mr. C. F. Reid, felt uneasy
in having in his keeping such a valuable package and at his request President Taylor
came and got it. He took them to the residence of Professor Simmons, the treasurer
of the College, that he might deposit them in his safe. Fifty thousand dollars-Dr. H.
H. McDonald a visiting minister for revival services, had to have the satisfaction of
handling them, and so with trembling hands did every member of the family.
Statement by Mrs. E. W. Timberlake, daughter of Dr. Simmons.
Letter in Biblical Recorder, December 23, 1886.