Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/310

 272 A HISTORY OF THE UNIVERSITY OF CHICAGO of the annexed conditions. But when the President and secretary and Trustees went out after subscriptions, they met disappoint- ment and very soon confronted failure. A warm and cordial feeling of interest and real sympathy were everywhere met with, that made the work of solicitation pleasant and at first hopeful. Some subscriptions were secured, but the great contributions of Mr. Rockefeller made it impossible to convince the public that the University was in distressing need of funds for any purpose. And before this impression could be removed, a sudden stringency in the money centers of the country which developed into the panic of 1893 made success within the time specified impossible. In these circumstances Mr. Ryerson felt that the limit of time should be extended from May i to July i, and this, with generous cheerfulness, he did. It was at first hoped that the financial stringency would prove temporary, but it did not. It continued, blocking all progress, and turned out to be one of the most dis- astrous panics in the history of the country. In order to assist the University in what, under these circumstances, was proving to be a most difficult undertaking, Mr. Rockefeller promised a sub- scription of one hundred and fifty thousand dollars, provided the entire sum of half a million should be secured within the time indicated by Mr. Ryerson. Later he consented to remove the conditions of his gift and make it absolute, adding outright to the income of the University during the next year the sum of one hundred and fifty thousand dollars. Mr. Ryerson also consented to a second postponement of the time within which the conditions of his gift should be fulfilled. It was not desired that Mr. Ryerson should withdraw his conditions and make a gift of his subscription outright as Mr. Rockefeller did. The University had to raise that full half-million. It could not do without it. And it was for this reason that Mr. Ryerson again extended the time. As a matter of fact he did immediately advance a hundred thousand dollars to tide the University over its difficulties. Mr. Rockefeller's new subscrip- tion of a hundred and fifty thousand was made for the current ex- penses of the second year, to provide for the deficit that was foreseen. And thus ended the first year, amid storm and clouds, indeed, but with the bow of promise in the sky.