The Collaborative International Dictionary of English v.0.48:

despond \de*spond"\, v. i. [imp. & p. p. Desponded; p. pr. &
   vb. n. Desponding.] [L. despond[=e]re, desponsum, to
   promise away, promise in marriage, give up, to lose
   (courage); de- + spond[=e]re to promise solemnly. See
   Sponsor.]
   To give up the will, courage, or spirit; to be thoroughly
   disheartened; to lose all courage; to become dispirited or
   depressed; to take an unhopeful view.
   [1913 Webster]

         I should despair, or at least despond.   --Scott's
                                                  Letters.
   [1913 Webster]

         Others depress their own minds, [and] despond at the
         first difficulty.                        --Locke.
   [1913 Webster]

         We wish that . . . desponding patriotism may turn its
         eyes hitherward, and be assured that the foundations of
         our national power still stand strong.   --D. Webster.

   Syn: Despond, Dispair.

   Usage: Despair implies a total loss of hope, which despond
          does not, at least in every case; yet despondency is
          often more lasting than despair, or than desperation,
          which impels to violent action.
          [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Despond \De*spond"\ n.
   Despondency. [Obs.]
   [1913 Webster]

         The slough of despond.                   --Bunyan.
   [1913 Webster]

WordNet (r) 3.0 (2006):

despond
    v 1: lose confidence or hope; become dejected; "The supporters
         of the Presidential candidate desponded when they learned
         the early results of the election"