In its early years, Queen's College was plagued by a lack of funds. In 1793, with the fledgling college falling on hard times, the board of trustees voted on a resolution to merge with the College of New Jersey (now Princeton University). The measure failed by one vote. The problem did not go away, and in 1795, lacking both funds and tutors, the trustees consider moving the college to New York. Instead, they decide to close, only to reopen in 1808 after the Trustees raised $12,000.