between the State and the University for the past quarter of a century, will show the amount of the tuition and room-rent of those young men, added to the benefactions of the Societies, is greatly in excess of all the direct contributions for its support derived from the public authorities. Nay, more, that these sums, added to the hundred thousand dollars resulting from the net earnings of the institution, were quite equal in amount to the entire endowment now annihilated by the repudiation of the war-debt, and the consequent insolvency of the Bank of North-Carolina, in the stock of which more than the entire endowment was invested. Can any other College in the United States say as much? At the opening of the war, the ardor with which the young men rushed into the military service may be inferred from the fact that of the eighty members of the Freshman class, but _one_ remained to continue his education, and he was incapacitated by feeble health from joining his comrades in the field. Five members of the faculty volunteered for the war; and those who remained in their chairs, being incapacitated by age or by their sacred profession from serving their country otherwise than as teachers, resolved to keep the doors of the University open as long as a dozen boys could be found amid the din of arms who might be able to profit by it. When conscription was resorted to, to fill up the depleted armies of the South, the trustees resolved to appeal to President Davis in behalf of the University, lest it should be entirely broken up by too rigid an enforcement of the law. The results were an important part of our State history during the war, and embodied facts which had a significant influence at the close. "RALEIGH, October 8, 1863. "At a meeting of the Board of Trustees of the University this day, present: His Excellency Governor Vance, President; W.A. Graham, Jonathan Worth, D.M. Barringer, P.H. Winston, Thomas Ruffin, J.H. Bryan, K.P. Battle, Charles Manly. "_Resolved_, That the President of the University be authorized to correspond with the President of the Confederate States, asking a suspension of any order or regulation which may have been issued for the conscription of students of the University, until the end of the present session, and also with a view to a general exemption of young men advanced in liberal studies, until they shall complete their college course. "That the President of the University open correspondence with the heads of other literary institutions of the Confederacy, proposing the adoption of a general regulation, exempting for a limited time from military service the members of the _two higher classes_ of our colleges, to enable them to attain the degree of Bachelor of Arts. "Charles Manly, Secretary."