Chronicles of Notre Dame du Lac
Edward Sorin, CSC -- Translated by John M. Toohey, CSC, 1895

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1857

pg 309       face of commerce and business throughout the whole Union.  Banks 
             closed, not one by one nor by dozens, but in whole States.  The 
             most solid houses became bankrupt day after day with millions of 
             dollars of liabilities.
                  The crisis came so suddenly that no one had time to prepare 
             for it.  Notre Dame was less prepated than any one else in the 
             country.  The society had, it is true real estate more than 
             sufficient to cover its indebtedness without touching the grounds 
             or the buildings of the university or the academy; but at that 
             time there was hardly any sale except at a sacrifice of half the 
             actual value of property.
                  There was a mortgage of 30,000fr. on the college lands--a 
             relic of the knavery of Mr. Biemans--which could be foreclosed any 
             day.  In fact no only could the sum be demanded, but it actually 
             was demanded as a result of the total ruin of the Messrs. Harper 
             who had accepted it in 1852.
                  The property of St. Mary's was in like manner burdened by a 
             mortgage of 25,000fr., payable 5,000 fr. annually.
                  Providence allowed the two sums to fall due at a time when 
             there was nothing in the treasury to meet them.  Never had