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The new University raised a debt of nearly $175, 000. The University council, tired of the way the chancellor interfered with professors and the high debt accrued by him, had asked Chancellor Mathews to step down from office (Jones 45). The next chancellor Theodore Frelinghuysen helped relieve a great deal of this debt; he had raised endowments of $75,000 in 1839, $35,000 in 1843, and $40,000 in 1847 from donations (Jones 60, 63)The debt was then abolished with third chancellor, Isaac Ferris with an endowment of $70,000 in 1854 (Jones 71)...
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By this time the financial instability of the University was diminishing an already delicate reputation the college had (Jones 73). At this point it seemed attaining a better reputation would be difficult. Starting on a rocky financial foundation, put the University at a disadvantage.
The University's academic pursuits were on the constant move...
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