The school was organized in 1853 as The New London Literary and Scientific Institution. In 1878, on the completion of the Centennial Endowment, begun by the generous gift of Mrs. James B. Colgate, and in honor of her father, the late Governor Anthony Colby, the name was changed to Colby Academy.
The sum of $81,000.00, invested as a permanent fund, the income of which is devoted to the current expenses of the school, places the academy on a permanent foundation, and opens the way to enlarged fields of usefulness.
The school has been founded and endowed with the design of making it equal in all respects to the best of its kind. To those having it immediately in charge, its character is deemed of more importance than the number of pupils. They desire to secure the attendance of students who are anxious to work, who attend school as a matter of business, and who know how to conduct themselves as ladies and gentlemen; but the idle, vicious and discontented are not wanted. No one will be long retained whose example or influence is pernicious.
Students are not allowed to remain in a class, the work of which they cannot, or will not do; nor are frequent changes from one subject to another permitted. Those who are faithful, but learn with difficulty, are encouraged and assisted, and either assigned to classes suited to their ability or taken a second time over the same ground.
The policy of the school in respect to its discipline is one of confidence. Students are expected to learn to govern and conduct themselves as ladies and gentlemen. A few rules are given to cover cases of ignorance, or error of judgment, and cheerful compliance with these is expected as a matter of course. Every effort is made to regulate the habits of students by instruction and admonition
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