"That my labors have not been more efficient, I deeply regret, yet in what has been accomplished I am not without cause for gratitude to God, to whose merciful kindness I am infinitely indebted. [Illustration: REV. PAUL WHITEHEAD, D. D., _Secretary Board of Trustees, 1875-'98._] "The assets 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 passed 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 tittle 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 institution. Be assured 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: "_Resolved_, That the resignation of Rev. A. G. Brown as Financial Secretary be accepted, to take effect December 1, 1875, and that the Board hereby express their appreciation of the fidelity, ability, and integrity with which he has discharged the duties of his office."