Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/544

 476 A HISTORY OF THE UNIVERSITY OF CHICAGO The articles of incorporation embody the obligation of the third resolution : 3. Resolved, That the privileges of the institution be extended to persons of both sexes on equal terms. The fourth resolution reads : 4. Resolved, That for a suitable site for the proposed institution there be provided at least ten acres of land. This obligation has been discharged by the Board in securing twenty acres of land. The site consists of three blocks of six and two-thirds acres each, lying between Fifty-sixth and Fifty-ninth streets and Ellis and Greenwood avenues. The north half of this tract is a gift from Mr. Marshall Field. The south half, extending to the Midway Plaisance the Board has purchased from Mr. Field at a cost of $132,500. The terms of this purchase are as follows: Mr. Field, on his part, makes two deeds to us, one for the north half, with consideration fixed at one dollar, and requiring that the property be devoted to no other than educational purposes for the term of one hundred years, the other for the south half, with consideration of $132,500, without limitations as to use. We, on our part, agree to pay the whole sum of $132,500 within one year from June i, 1890, in sums of $1,000 or multiples thereof as collected, and to pay interest from June i, 1890, at 6 per cent, to be stopped on payments as made. We agree to use all our collections in these payments, except so much as may be required for current expenses, until all is paid. The deeds are in escrow with the Merchants' Loan and Trust Co. Failure to pay the whole within the year operates to restore to us our money paid and to Mr. Field his deeds. The fifth resolution refers to finances: 5. Resolved, That the Board proceed to raise one million dollars as a financial foundation for the proposed institution. The total sum raised in pledges and land approximates $1,200,000. The sixth resolution refers to conditions of subscription : 6. Resolved, That subscriptions secured for this fund shall be subject to the following conditions: First Condition, That the whole sum of one million dollars be subscribed before June i, 1890. Second Condition, That all subscriptions for lands and buildings bear interest from June i, 1890, until maturity, at 6 per cent.