Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/475

SOME IMPORTANT EVENTS 419 The last event of importance, not hitherto considered, was the formal adoption by the Trustees of the system of Retiring Allow- ances and Allowances for Widows. 1 This important subject had been before the Trustees for ten years or more before the system was finally matured. Both Presidents had strongly urged it. Mr. Ryerson, President of the Board, had made an exhaustive study of the subject. Mr. Arnett, the Auditor, had more than once sub- mitted carefully prepared and very elaborate tables of figures indi- cating what sum would be required for the adequate capitalization of a liberal system. During the earlier years in which the plan was under consideration the University was very hard pressed for funds to carry on its expanding work, and it was simply impossible to set aside a Retiring Allowance Fund. The Trustees were always in favor of a Retiring Allowance plan. They delayed adopting one for three reasons. First, the University began with a faculty of comparatively young men, and the decision of the question was not at first urgent. Second, there were no funds available for the proper capitalization of any adequate plan. Third, the maturing of a wise plan required years of study. The rapid passing of the years changed all this. After twenty years some members of the staff began to be advanced in life. This fact had made it necessary to grant two or three retiring allowances before any plan was matured. This the Trustees did not hesitate to do. Each case reminded them that the adoption of a scheme regulating all cases must be hastened. Meantime, happily for all concerned, the resources of the University were rapidly increasing. The traditional annual deficit had been transformed into an annual surplus. In 1910 the complete solution of the financial difficulty came in the Founder's great provision for the addition of a million dollars a year for ten years to the University's resources. As early as 1907 a plan had been submitted to the Board by Mr. Ryerson, Mr. MacVeagh, and President Judson to be put into effect "as soon as the financial provision is assured," and had at that time been adopted "tenta- tively." Now that this provision was assured Mr. Ryerson, to quote from the minutes of the Board of Trustees, brought before the Board the matter of retiring allowances, the plan adopted tentatively at the meeting of December 2, 1907, together with estimates of 1 See Appendix, p. 498.