"Resolved, That in the death of Bishop John Early the College has lost one of its most zealous, faithful and useful friends, and the Board of Trustees one of its most honored and efficient members."
His term of service (1830-1874) was the longest on record.
The School of English, under Prof. Price, had shown great progress, and had become the most popular of all in the College, evidenced by the fact that out of 235 students, 191 took the English course.
The report of the Financial Secretary gave the following items:
Assets, . . . . . . . . . . . . . . . . . . . . $72,496 47
Liabilities, . . . . . . . . . . . . . . . . . . 21,538 12
Net balance . . . . . . . . . . . . . . . . . . $50,958 35
This exhibit of the finances was particularly favorable and gratifying when it is remembered that the country had in the past year passed through one of the severest financial panics ever known, a panic whose withering effects on business did not cease for many years. The College, in common with all other enterprises requiring the use of money, felt the effects of it, and it might be said that it felt it for nearly a score of years.
A called meeting of the Board was held in Richmond during the session of the Virginia Conference, November, 1874. This meeting was held to bring the College more particularly to the attention of the Conference with a view of enlisting its members in a hearty effort to raise $50,000, to be used in increasing the facilities of the College, specially in buildings and apparatus.
The action of the Trustees was laid before the Conference, and the following action was taken thereon:
"1. That we will seek to raise within the bounds of the Virginia Conference $50,000 for the College, to be expended in the erection of suitable buildings under the direction of the Board.
"2. That the Joint Board of Finance apportion this amount among the districts of the Conference.