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The '''The Preston and Olin Institute''' was a Methodist academy Academy established in 1851 in [[Blacksburg, Virginia]] which operated 1851-1872. Until it was rechartered in 1869, it was named ''The originally chartered as the Olin and Preston Institute''.<ref>{{cite news | first=Peter | last=Wallenstein | coauthors=Kennelly, Tamara | title=Time Line of In 1872 it was acquired by the History of Virginia Tech | date= | publisher= | url=http://spec.lib.vt.edu/archives/125th/timeline.htm | work = | pages = | accessdate = 2008-03-22 | language = }}</ref> The institute fell into financial trouble in its later years closed its doors and was reorganized as an [[Virginia Tech|Virginia Agricultural and Mechanical College]] in return for a 2/3 share of the funds obtained from the [[Morrill Land-Grant Colleges Act]] (the other 1/3 went to [[Hampton Normal and Industrial VAMC) which later became Virginia Polytechnic Institute]], a college organized for black students).<ref>{{cite news | first=Duncan Lyle | last=Kinnear | coauthors= | title=A Short History of & State University (Virginia Tech | date= | publisher= | url =http://spec.lib.vt.edu/archives/125th/kinnear/prefound).htm | work = | pages = | accessdate = 2007-10-14 | language = }}</ref>

==ReferencesHistory=={{reflist}} [[Category:In 1872, the Preston and Olin Institute was under financial pressure. When the Morrill Land Grant was passed by Congress in 1862 (in the midst of the Civil War), it applied for the federal funds that were to be given to the state of Virginia. After a long battle involving many different Virginia Polytechnic colleges, the Preston and Olin Institute was selected to receive the funds and State University]][[Category:Blacksburgto become VAMC. As a part of the deal, two-thirds of the money went to VAMC and one-third went to Hampton Institute, an historically black college in Hampton Roads, Virginia]][[Category:Educational institutions established in 1851]].