Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/476

 420 A HISTORY OF THE UNIVERSITY OF CHICAGO annual expenditures and capital involved, and the matter was referred to the Committees on Finance and Investment, and Instruction and Equipment for consideration and report. The joint committee reported the matured plan on February 13, 1912, and it was adopted on the same day and made a statute of the University. As such it was printed regularly in the Annual Register. It may be found in the Appendix of this volume. Its provisions were most liberal, assuring to the officers of admin- istration and instruction annual allowances of from one thousand to three thousand dollars after their retirement at the age of sixty- five or seventy. This action of the Trustees gave profound satis- faction to the members of the teaching staff. Professors do not follow a money-getting calling, and this provision for the years following their retirement, and for their wives, if these survived them, gave them a sense of security they had never before felt. For the first time they were able to anticipate the period of their retirement without apprehension. On the adoption of this plan the Trustees established a Retiring Allowance Fund and put into it at once two hundred thousand dollars. They continued this laudable practice from year to year, and at the end of the first quarter-century the Fund already aggregated twelve hundred thousand dollars.