1949 USA Washington and Lee University Bicentennial Stamp.
In 1749, Scotch and Irish immigrants founded Augusta Academy, a small classical school deep in the Virginia valley. Inspired by patriotism, the academy trustees changed the name to Liberty Hall. The school relocated to nearby Lexington four years later and was empowered by the Virginia legislature to grant degrees.
In 1796, George Washington saved the struggling academy with an endowment of $20,000 worth of stock. In gratitude, the trustees changed the school’s name to Washington Academy. The donation was one of the largest in its time and continues to offset the university’s operating budget today.
General Robert E. Lee served as the president of the university in 1865. Under Lee’s direction, the university offered the first college courses in business and journalism in the United States. After Lee’s death in 1870, trustees changed the name to Washington and Lee University.
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