The college was supported by a state authorized lottery until 1845. By the late 1840s, with the loss of lottery proceeds, the college faced serious financial problems. A scholarship program was adopted to increase enrollment and revenues. Although enrollment did increase to levels that would not be surpassed until the 1900s (there were 118 college students in 1854), the plan was fiscally unsound, and the financial condition of the school deteriorated further. After a student fracas in 1858 resulted in the death of a student, the college suspended operations in 1859, although the academy continued to operate.