Trustees and Endowment, 1865-1872 77
tion, and Elder J. S. Purefoy paid S750 in goods to the members of the
It was entirely in accord with the terms of subscriptions made in the
canvass of Elder Jones and of other agents of the College of this
period, Overby and Mitchell, that if needed the payments should be
used to pay the running expenses of the College including the salaries
of members of the
Accordingly, the members of the faculty
had a primary interest in their collection, since they made a pleasing
and necessary addition to what they received by way of tuition fees.
Professor Mills tells how one man paid his subscription with flour for
which he charged $26 a barrel, which a member of the faculty sent a
wagon and team twenty miles to bring to Wake Forest.
One reason for the poor collection of the subscriptions made to
Jones was the poor crop year of 1867. When they were taken in 1866
the crops were good and cotton was selling at thirty-five cents a
pound, but in 1867 the continuous rains ruined the North Carolina
cotton crop, while the crop in the South as a whole was unexpectedly
large and prices fell to thirteen cents a pound, of which three cents
had to be paid as a Federal tax. The year 1867 was long rememebred
as the most disastrous for North Carolina farmers ever known.8
After Elder Jones had given up the work, the Trustees, on October
17, 1867, elected Elder R. R. Overby "to complete the endowment,"
that is, to bring it up to fifty thousand dollars. Mr. Overby was a
minister, since 1860 serving churches in the Chowan Association and
residing at Elizabeth City, a man much beloved and of much
influence. He continued in the agency for a year and a half, resigning
the work in June, 1869. Like Jones he had been remarkably
successful, and as he gave up the work he reported that he had taken
notes to the amount of 56,625, and collected in cash $2,597.74, and
for the term of his service had
Biblical Recorder, August 30, 1876. Statement of J. S. Purefoy.
8 Mills, Bulletin of Wake Forest College, II, 154ff. The market reports of prices
for this period are somewhat at variance with the statement of Professor Mills.