Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/323

THE UNIVERSITY AND ITS BENEFACTORS 283 and current deficits in current expenses for the six years succeeding the making of the subscription, and the balance to pay for addi- tions to the campus, to erect new buildings the Press Building and the Power Plant to supplement the gifts of others for build- ings, to purchase the law library, to provide for medical instruction, and to provide the temporary structure for the School of Educa- tion. In order that he may write this history, not as he would like to write it, but as the actual events require, the historian must give the story of a number of years, following 1896, years of serious strain, filled with many anxieties as to the future of the University. The interest, magnanimity, and liberality of Mr. Rockefeller finally brought this period to a happy conclusion, and the faith of the President was justified in a wonderful way. It was a great disappointment to Mr. Rockefeller that so little could be saved, from his great gift of two million dollars, for endowment. He had, indeed, rejoiced in the growth of the Uni- versity, but he was most anxious to see it conducted on strictly business principles, making its annual budget of expenditures correspond with its probable receipts. For many years he gave large sums to insure this, meantime pouring in millions for endow- ment to make this annual contribution for current expenses unneces- sary. But instead of accomplishing this object, not only did the gap between annual receipts and annual expenses continue, but it widened. In 1893-94 he had given a hundred and fifty thousand dollars for current expenses. The following year he increased the amount, under the spur of necessity, to a hundred and seventy- five thousand, and repeated this the next year, all the time hoping the sum required would begin to decrease. It was the custom of the University authorities to prepare the budget six months or more before the year began and submit it with their requests to the representatives of Mr. Rockefeller in New York. When in Decem- ber, 1896, they submitted a budget which showed that the gap between probable receipts and expenditures had so widened that the sum of two hundred thousand dollars was needed from Mr. Rockefeller, it was taken under advisement, with the result that a few weeks later the comptroller of the University, H. A. Rust, and