Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/49

Rh used by its classes. The Seminary had no funds and no prospect of securing any large amount of contributions for building purposes. It needed no building of its own so imperatively as to justify its trustees in incurring a large debt to provide one. The two institutions, had they consulted the state of their treasuries, and their financial prospects, would have occupied the University buildings together for an indefinite period. The colossal nature of the blunder committed by the University in erecting its main building, and thus incurring debts that finally crushed it, had not, at this time, 1867, become apparent. It was in the full tide of success, with a magnificent new building, the confidence and generous co-operation of Chicago, and an apparently splendid future. The Baptists of the city were prosperous. Their churches were growing. They were proud of their educational institutions and looked forward to a great and influential future. It was not to be thought of, therefore, that the new Seminary should not have a building of its own. Before the work of instruction began architects were employed. The trustees were prudent men, and it must be said for them that they fully intended to build so modestly that there would be no question about their ability to finance the enterprise. Four months after the opening of the work of instruction, plans for a building were submitted which the trustees were assured would cost thirty-six thousand, five hundred dollars. This sum, it was felt, could be raised. The trustees, indeed, subscribed most of it themselves, and the building was erected. When it was finished the cost was found to be sixty thousand dollars! Desperate efforts were made to raise the money, but in the end it became necessary to issue bonds to the amount of thirty thousand dollars, bearing interest at the current rate of 8 per cent! The erection of this building was almost as fatal to the Seminary as the building of Douglas Hall was to the University. The debt hung round its neck like the old man of the sea for twenty years, all the time threatening its life. Additional agents were appointed, there being at times three or four soliciting funds in different parts of the country. Five-year, thirty-dollar notes accumulated in the treasury (with a few for larger sums) until, in 1874, their aggregate amount was reported at one hundred and thirty-five thousand, five