Wheaton Academy Founding
Financial Struggles
J.A. Martling took over as principal in 1856, and Cholae Merric became head of the Academy. Lucius Matlack served as president. They struggled to keep the Institute solvent during the financial depression of 1857–1858, and in order to pay salaries to teachers, school property and personal property of some of the trustees were mortgaged. The Institute accumulated $6000 of debt. Matlack later recalled that the school was "continually doing one of two bad things, either sinking deeper into debt or consuming the vitals of the institution by devouring the endowment fund." Matlack soon resigned.
