The Oregon State Legislature established the university on October 12, 1872, despite the new state’s funding woes. The residents of Eugene struggled to help finance the institution, holding numerous fundraising events such as strawberry festivals, church socials, and produce sales. They raised $27,500, enough to buy eighteen acres of land at a cost of $2,500. The doors opened in 1876 with the name of Oregon State University and Deady Hall as its sole building. The first year of enrollment contained 155 students taught by five faculty members. The first graduating class was in 1878, graduating five students. In 1881, the university was nearly closed; it was $8,000 in debt before Henry Villard donated $7,000 to help pay it. In 1913 and 1932, there were proposals to merge the university with what is now Oregon State University. Both proposals were defeated.