The daily gazette., 1882-03-20
For the Gazette.
Wesleyan Female College.

property seems to have given It an H.
terest In some quarters where very little
was felt or manlf. sted before, and the
proverblal zeal Of young conve.t1 has
been 10 this case, as in others, more
ardent than wlss. Matters are terribly
misunaerstoOd, mystifed and misrepre-
sented,Until the SO sker after truth has
hard road to travel. Paragr apis in the
city paperD have kept the subject before
the public, and It seems proper now TO
ask the favor Of space for @ simple
statement CT facts.
The property was Durchas I'd from the
original proprietor aud founder Of the
school, about 80 years ago, without
money, and placed In charge Of Board
Of Trustees fixed proportion OF whom
were to be members OF the Philadelphia
Conference, OF NJ. K. Church, then In
clnd. ns the present Wilmington Confer
ence. General subscriptions were made
by order Of the Conference, cousldera-
bic money was raised the building was
repaired and Lev one erected, the debt
greatly increased, and the whole mort
| grsed to lis utmost limit. Scholarships
were then sold, and the money received,
not invested to produce Q revenuS, but
spent on the buildings and 10 current
expenses. For $50 . scholarship was
sold giving yeats tuitlon-$12,50 per
| year, certainly cheap! This plan, Of
course, filed the buildings with pupils,
but not the Treasury with funds. Em-
barrassments soon come. The only hope
was that tie Conference would raise
money to relieve the College, but this
was only partially ealized. Preat. Will
son, In his first year, found bImse.f so
much hampered by unpaid interest aud
the floating debt, that he expressed TO
chancellor Bates and soma other tIus-
tees, bis Intention TO resign, but was
by item dissuaded from his purpose, In
the belief that the debts could be re-
duced TO q Manageable condition.
Mfr. Bates made thorough examine
tIon Of the financial condition OF the
college, and prepared q statement for his
associate trustees, aud also a plan for
relief. FIom this paper, In the Chancel-
lor's hand wrlting,the following extracts
are made, as pertinent st the preseat
time:
"rhe condition OF the College aud
It's present eeessity may be briefly
stated thus: We have q funded debLon
which interest is paid, Of say $4,000
(and 9 mortgage Of $1,000 10 cJnfe. ence
Q lucatl0n fund, not bearing interes,).
The principal is not wanted by the cred
itcrs,and the annual interest the College
can pay, over aud above its current ex-
penses, with less patronage than 1t
now has. Its ability 70 do this has been
testified by the last years experience.
1t Is the floating debt that Is embar-
resting the Trnstses, aud to provide for
which ls the special object Of the pre-
sent movement.
The q ating debt Is about $4,000
OF this amount about $4,000 Is in open
account for college expenses incurred
several years ago, and including also,
several certificates of loan. For $1,000
Of the floating debts iudgme nts have
been recovered and executions levied on
the furniture. These executions are
three, one of $4,000, &C. &C.,
Prior to the meeting of the Board
Sherifrs sale was felt by the resident
Trustees to be inevitable. At this
meeting suggestions we're thrown out
looking to the possible adoption of
meas ures, ultimately to relieve the
College of the floating debt and pre-.
vent Sheriffss sale, now imminent"
"Our beloved institution is worth
this effort. / can say from personal
knowledge (having daughter in the
College,, that 1t Is an excellent insti-
tuition, and an honor to the Church and
all connected with 1t.
One word more as to the floating
debt. In 1857 80 three causes con-
CURED to bring it upon us. Our pa.
tronage ran down to 80 or less board
ers; the balance went against us.
President Wilson cannot pay 1t OF,
but With his reduced patronage he has
been able to pay current expenses and
interest. If the floating debt now
existing can be gradually removed, we
have good reason 20 hope tkat here
after these troubles may not be re-
newed."
The ardent hopes expressed by Mr..
Bites were not realized. Tho money
was not raised, and the College was
left to depend entirely on its earnings.
These were discounted in two ways.
/. An average Of about 81, 600 was
CFcultcu Uuo bCuOibtoutRbs Rs AUOub
$500 annually was allowed ON bills Of
ministers, as by resolution Of the
Board, IN consideration OF the intlu-
ences and support OF the Conferences.
In q few years one of the judgment
creditors pressed his claim, and the
Sheriff was about to sell. The execu-
ton was settled by President Wilson
and VIVA. Bright giving their notes for
amount, running over two years, with
personal endorsement of VIM. Bright.
Scarcely were these notes paid when
another JUDGMENT, near $4,000, was
pushed, and it was settled in the same
way aud by the same parties.
These notes were all paid as they
matured, but there was no revenue
apart from income of the College, and
the surplus above expenses was not
enough to pay these notes; thcre was
not an actual reduction Of the debt to
that amount, but only q change oil
form, in part. Perhaps it would have
been wiser to have allowed the Sheriff
to sell ut that time, but faith too
strong, as the result proves, in the as
surance of the relief, determined
otherwise. Relief did not come. The
College driited along until it again
struck rock; no friend came to the res
cue and it was allowed TO change own
orehip.
The College will be closed during
the summer and the buildings thor
.. oughly renewed inside and out, 30 as