ROCKS, STORMS, AND PERIL -1868 -1874 417 



He set at work to disentangle the business relations of 

 Mr. Cornell with the university, and of both with the State. 

 Every member of the board, every member of Mr. Cor 

 nell s family, indeed, every member of the community, 

 knew him to be honest, faithful, and capable. He labored 

 to excellent purpose, and in due time the principal finan 

 cial members of the board were brought together at Ithaca 

 to consider his solution of the problem. It was indeed 

 a dark day; we were still under the shadow of &quot;Black 

 Friday, &quot; the worst financial calamity in the history of 

 the nation. Mr. Finch showed us that the first thing 

 needful was to raise about two hundred and fifty thou 

 sand dollars, which could be tendered to the comptroller 

 of the State in cash, who, on receiving it, would im 

 mediately turn over to the trustees the land scrip, which 

 it was all-important should be in our possession at the 

 death of Mr. Cornell. He next pointed out the measures 

 to be taken in separating the interests of the univer 

 sity from Mr. Cornell s estate, and these were provided 

 for. The sum required for obtaining control of the land 

 scrip was immediately subscribed as a loan, virtually 

 without security, by members of the board then present; 

 though at that depressing financial period of the country 

 strong men went about with the best of securities, unable 

 to borrow money upon them. In a few days Mr. Cornell 

 was dead; but the university was safe. Mr. Finch s plan 

 worked well in every particular ; and this, which appeared 

 likely to be a great calamity, resulted in the board of 

 trustees obtaining control of the landed endowment of 

 the institution, without which it must have failed. But 

 the weeks while these negotiations were going on were 

 gloomy indeed for me; rarely in my life have I been so 

 unhappy. That crisis of our fate was the winter of 1874. 

 The weather was cold and depressing, my family far off in 

 Syracuse. My main refuge then, as at sundry other times 

 of deep personal distress, was in work. In the little south 

 west room of the president s house, hardly yet finished and 

 still unfurnished, I made my headquarters. Every morn- 



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