Part 30 (1/2)

At the annual meeting of the Board, held June, 1875, the announcement was made of the death of two of its most useful and venerable members, viz., D'Arcy Paul, of Petersburg, and Rev. Henry B. Cowles, of the Virginia Conference.

It would be meet and right to give the tributes paid to these Trustees, so worthy of them, if s.p.a.ce allowed. The first had served most faithfully for a period of thirty-five years, and the other thirty-three.

The annual report of the Financial Secretary was not so satisfactory as to current receipts, the number of students at the College having fallen down to 215, instead of 235. There had been deficiencies in other items.

All these deficiences were caused, in the main, by the financial condition of the country, which was so sadly affected by the panic of 1873. There were some cheering signs, however, to offset these deficiencies. The largest donation ever made to the College up to this time had been received the past year. This was made by Mr. James B.

Pace, of Richmond, Va., viz., $10,000 in Virginia State bonds. This was given to build the Pace Lecture Hall, a building so much needed, and which is now, and will be for years to come, a monument to the liberal donor.

[Ill.u.s.tration: JAMES B. PACE, _Trustee, and Founder of Pace Hall._]

[Ill.u.s.tration: RANDOLPH-MACON COLLEGE, 1880 to 1886.]

[Ill.u.s.tration: PACE HALL.]

Another donation of $5,000 was made by the old and fast friend of the College, Thomas Branch, president of the Board; by others, $808.50--total, $15,808.50.

The financial statement for this year is given in the comparative statement furnished by the Financial Secretary in his annual report:

a.s.sets. Liabilities. Balance.

1872, . . $58,729 65 $23,216 49 $35,513 16 1873, . . 74.611 13 26,377 14 48,233 99 1874, . . 72,496 47 31,538 12 50,958 35 1875, ...91,660 78 20,974 36 70,686 42 Increase, 99-1/4 per cent.

The degree of Master of Arts was conferred on John W. Redd, of Virginia.

Rev. A. G. Brown reported the building by him as a private enterprise of the hotel near the southwest corner of the campus. This was a much-needed improvement.

Notwithstanding the increase in a.s.sets during the year, the current receipts were not sufficient to meet current expenses.

At this meeting Rev. John C. Granbery, who had served the Board faithfully as secretary since 1868, resigned the position, on account of his having accepted a professors.h.i.+p at the Vanderbilt University. He also resigned his place as Trustee of the College.

Rev. Paul Whitehead was elected to succeed him as trustee and secretary, and he has been secretary of the Board from that meeting to the present time (1898).

[Ill.u.s.tration: JOHN B. WARDLAW, _Of Georgia; Sutherlin Medalist, 1874._]

At a called meeting of the Board in October, 1875, President Duncan informed the Board that the condition of his health was such that he felt unable to do the heavy work devolved on him. An arrangement was therefore made to lighten his duties, and he was requested to travel as much as practicable in the interest of the College.

[Ill.u.s.tration: JOHN W. REDD, A. M., 1875. _Prof. Centre College, Ky._]

At an adjourned meeting of the Board, held November, 1875, Rev. A. G.

Brown, Financial Secretary, tendered his resignation. A portion of his letter is here given, partly as history, and in justice to him:

”That my labors have not been more efficient, I deeply regret, yet in what has been accomplished I am not without cause for grat.i.tude to G.o.d, to whose merciful kindness I am infinitely indebted.

[Ill.u.s.tration: REV. PAUL WHITEHEAD, D. D., _Secretary Board of Trustees, 1875-'98._]

”The a.s.sets of the College have been increased in value about one hundred per cent.; nearly fifteen thousand dollars of its debt has been paid; valuable additions and improvements have been made to the grounds and buildings; the State stock owned by the College has been materially increased in value; the annual deficit on account of current expenses, ranging from twenty-five hundred to three thousand dollars a year, has been provided for; all claims for interest on College debts, amounting to about eighteen hundred dollars per annum, have been promptly paid; the salaries of the professors and employees have been paid in full to October 1st, as well as all bills on current account. In no instance has the credit of the College been allowed to suffer. Its business has been systematized so as to be easily understood. The patronage of the College has been largely increased; its interests have been faithfully represented in the patronizing Conferences.... I have never hesitated to use my personal means and influence in financial circles whenever exigencies required my so doing. Meanwhile the country has pa.s.sed through a period of unprecedented financial depression. The wisest schemes have failed; the ample fortunes of wealthy citizens and corporations have been swept away; the active industries of the country have been fearfully impaired, and the shrinkage in the marketable value of property of all descriptions has scarcely been less than one-third.

This sad condition of business, without a parallel in the history of this country, has seriously hindered all our efforts in behalf of the College. I have done what I could. That I have not accomplished more has not resulted from any lack of love or zeal for the College, but is mainly referable to the mysterious adversity which has come upon us.

”In resigning my office as Financial Secretary, I do not abate one jot or t.i.ttle of my interest in the College. No! I love the College as I love the church; and fidelity to the church enjoins upon me and upon all fidelity to the interests of this inst.i.tution. Be a.s.sured of my hearty prayers and co-operation in the future as in the past. As a member of this Board, I shall stand shoulder to shoulder with you to make Randolph-Macon a permanent and ever-increasing blessing to church and state.”

The following resolution, offered by Rev. Paul Whitehead, was then adopted: