Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/549

APPENDIX 481 to the statutes of Illinois in the articles of incorporation, were the nominees of persons representing more than nine hundred thousand dollars of the fund. They have since been cordially accepted by persons representing some two hundred thousand dollars more. Your right and title to be trustees of this institution is, therefore, assured from the standpoint of the law, and by the nomination of the subscribers, and by the approval of the society. The ninth resolution reads: 9. Resolved, That the Society shall collect all funds for the proposed insti- tution, and shall pay the same over to the trustees at such times and in such amounts as shall be approved by the Board, it being understood that the Society shall exercise no control over the financial affairs of the institution beyond the time when, in the judgment of the Board, the institution is solidly founded. It will be seen that the first part of this resolution, regarding col- lection of funds, is modified by the second part, regarding cessation of control. Nearly $1,200,000 have been pledged to the institution, the site has been purchased, articles of incorporation have been filed, a Board of Trustees has been chosen in every way qualified to discharge their high trust, and commanding the universal confidence of the public. With your legal incorporation the time will fairly have arrived when the Education Society need exercise no further control over the affairs of the institution beyond discharging the obligations already assumed. Accordingly Dr. Goodspeed has been employed as financial secretary only until such time as you shall legally organize. His relationship with the Education Society will cease on that day. It will then be one of your first duties to employ a financial secretary. In his hands the pledges will be placed. The funds as collected have been deposited with the Illinois Trust and Savings Bank. They are now subject to the orders of our treasurer, Mr. Joshua Levering, countersigned by the corresponding secretary. It is desired to continue this arrangement until the pay- ments on the site shall have been completed, after which it is expected all funds will be deposited with your treasurer. Meanwhile, our treas- urer will be directed to pay the bills and expenses of this Board on the order of your president and secretary, and to turn over the endowment fund as paid in by Mr. Rockefeller to your finance committee for invest- ment on your order. The tenth resolution reads: 10. Resolved, That the Society shall take the title to the real estate of the institution and convey the same to the trustees of said institution, subject to a