Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/331

THE UNIVERSITY AND ITS BENEFACTORS 291 Rockefeller, Jr., knew there would be none, and in that joyful confidence wrote to Mr. Ryerson as follows: It is with the utmost satisfaction that we see the deficit in the annual budget of the University thus permanently wiped out. Toward this goal we have been working for a number of years. Our crowning reward will be the fact that no deficit shall ever again be allowed to exist in the University budget, and I am sure that the Chicago Trustees will agree with the New York Trustees that this is the standard to which we should hereafter measure up. There had been a struggle with debts and deficits lasting fifteen years. It was often a very trying and depressing struggle to those involved in it. It seemed long. In the long history of the Uni- versity it will grow shorter and shorter till it will seem to have been of but a moment's duration. At all events it was now over. The expenditures were under complete control. There were still many needs, but attention to them awaited provision for them. On this policy the President and Trustees were in full accord with the Founder. They planned to have the budget show a small surplus instead of a large deficit. This policy appealed strongly to Mr. Rockefeller. Anything the University wanted it could have for the asking. And less than two years after the final disappearance of the deficit he gave, of his own motion, the greatest of all his contributions. His first offering for the founding of the University had been six hundred thousand dollars. What he termed his "final" gift was ten million dollars, and the following letter informed the President and Trustees of his intentions : 26 BROADWAY, NEW YORK December 13, 1910 To the President and Trustees of the University of Chicago: DEAR SIRS: I have this day caused to be set aside for the University of Chicago from the funds of the General Education Board which are subject to my disposition, income-bearing securities of the present market value of approximately ten million dollars ($10,000,000), the same to be delivered to the University in ten equal annual instalments beginning January i, 1911, each instalment to bear income to the University from the date of such delivery only. A list of these securities is appended. In a separate letter of even date my wishes regarding the investment and uses of the fund are more specifi- cally expressed. It is far better that the University be supported and enlarged by the gifts of many than by those of a single donor. This I have recognized from the