THE ENDOWMENT, 1870-1873
As told in the last chapter, the activities of the various agents before
June, 1870, resulted in practically no addition to the invested funds of
the College;1 what money was paid in was needed and used for other
purposes than endowment. We have seen that the little endowment
salvaged from the wrecks of the war was invested in Raleigh and
Gaston Railroad stock, 292 shares with a par value of $50. On the
peremptory order of the Board of Trustees in November, 1871, to sell
this stock at the highest price obtainable the treasurer sold it at 845,
realizing $13,140, and immediately reinvested the money in bonds of
the city of Raleigh at $90, getting stock of the par value of
In securing an endowment an agent to travel and solicit funds was
indispensable. Not every man you please would make a good agent;
he must be a man of recognized worth and acceptable to the Baptists
of the State on account of his known piety and interest in
denominational affairs; he must know the need of the College and
have some enthusiasm for his work; he must have some sense of
business values; he must be able to address churches and associations;
he must be able to endure the hardships of travel over the bad roads of
North Carolina, through bogs and mountain passes: he must have
some social graces. To find a proper agent and induce him to
undertake the work was no little task. At their meeting in June, 1870,
electing Rev. James A. Delke, who did not accept, the Trustees left
the matter to the executive committee of the College. The executive
committee had done nothing when the Trustees again met in Raleigh,
Subscriptions in the shape of cash, bonds and pledges amounted all told to not
less than $45,000; of this amount R. B. Jones secured $23,000, R. R. Overby
$19,000, while smaller amounts were secured by Wingate and others.
2 See statement in preceding chapter.
Previous Page Next Page