Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/320

 280 A HISTORY OF THE UNIVERSITY OF CHICAGO I will contribute in addition, two million dollars, for endowment or other- wise as I may designate, payable in cash, or, at my option, in approved interest- bearing securities at their fair market value, but only in amounts equal to the contribution of others, in cash or its equivalent, not hitherto promised, as the same shall be received by the University. This pledge shall be void as to any portion of the sum herein promised which shall not prove to be payable on the above terms on or before January i, 1900. Yours very truly, JOHN D. ROCKEFELLER Mr. Rockefeller had noted with apprehension the growth of the annual expenses and the increasing deficit. He had made one effort to call a halt. In December, 1894, he had subscribed one hundred and seventy-five thousand dollars for the current expenses of 1895-96, but had provided that he was to be at liberty to with- hold further payments on the subscription in case it should be found that the expenditures were exceeding the income. Ten months later he seems to have concluded that a better way would be to secure such an addition to the funds as would provide an income ample for the annual expenses and make deficits impos- sible. It would seem as though no device would be more certain to accomplish this result than this opening of the way to adding five million dollars to the funds. It will be noted that after giving one million outright, he proposed to duplicate every dollar that was contributed by others, for any purpose, during the ensuing four years, up to two million dollars. These were no hard con- ditions. The proffer was most wisely and generously conceived to help the University in every way. And in helping the University it was most effective. It called attention once more and with renewed emphasis to the fact that a really great University was developing in Chicago. It awakened an assured confidence in the minds of all in the future of the institution. It led persons of large wealth to feel that it would endure and was a safe place in which to make large investments for education. The circumstances attending the great contribution of Miss Helen Culver are related elsewhere. On December 14, 1895, only six weeks after the announcement of Mr. Rockefeller's subscrip- tions, having "concluded that the strongest guaranties of perma-