Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/309

THE FIRST YEAR 271 himself and described to Mr. Gates as easy to repeat, could not be done at all in 1893. Every effort was made to awaken interest, but there was absolutely no response. The University had several millions of endowment, present and prospective, but the income of these funds was "to be used for instruction only," and the use of the funds themselves for the payment of debts was wholly impossible. Meantime the debts were increasing and the financial situation every day grew worse. No man felt the difficulties of the situation more keenly than the President of the Board of Trustees, Martin A. Ryerson. It was he who now came to the rescue and made a proposal which awakened new confidence and finally extricated the University in great measure from its difficulties. There were very serious conferences among the Trustees, and at the meeting of January 29, 1893, Mr. Ryerson announced that he would give one hundred thousand dollars toward five hundred thousand, if that sum could be raised. At a meeting held four days later, for the situation was such that the Trustees met on January 17, 20, 24, and 31, the following letter was read: GENTLEMEN: Recognizing the University's need of a large fund with which to meet the exceptional expenses of its organization and the pressing demands for general improvements and for an equipment in keeping with its endowment, I pro- pose, in order to assist in securing such a fund, to give to the University one hundred thousand dollars on condition that an additional sum of four hundred thousand dollars be subscribed by responsible persons before the first day of May, 1893, and that all subscriptions be made without other conditions than those herein contained, and be payable, one-half on the first day of May, 1893, and the balance on the first day of August, 1893. Respectfully yours, MARTIN A. RYERSON The President felt himself to be under a twofold obligation to raise this fund. He was under the obligation of dire necessity, and he had assured Mr. Gates that if Mr. Rockefeller would give another million dollars he would "agree to find another million within six months." Mr. Ryerson had now provided a splendid opportunity for securing half a million, offering to give one-fifth of the whole amount himself, and furnishing the powerful leverage