Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/91

 THE INCEPTION OF THE PLAN 65 Condition first. That the whole sum of one million dollars be subscribed before June i, 1890. Condition second. That all subscriptions for land and buildings bear interest from June i, 1890, until maturity, at 6 per cent. Condition third. That all subscriptions shall be payable in equal quarterly instalments and shall in no case extend beyond five years from June i, 1890. 7. Resolved, That at least six hundred thousand dollars, and as much more as possible, of the million or more subscribed shall be an endowment fund, the principal of which shall remain invested, and the income used only so far as shall be necessary for the expenses of conducting the institution, and shall not be used in the purchase of lands or in erecting or repairing buildings. 8. Resolved, That the Board shall secure the incorporation of the proposed institution as early as practicable; that the Board of Trustees shall consist of twenty-one members, divided into three equal classes, with terms of service expiring respectively in one, two, and three years; that the choice of persons for the first Board of Trustees shall be subject to the approval of the Executive Board of this Society and that the President of the institution and two-thirds of the Board of Trustees of the same shall always be members of Baptist churches. 9. Resolved, That the Society shall collect all funds for the proposed institu- tion, and shall pay the same over to the Trustees at such times and in such amounts as shall be approved by the Board, it being understood that the Society shall exercise no control over the financial affairs of the institution, beyond the time when in the judgment of the Board the institution is solidly founded. 10. Resolved, That the Society shall take the title to the real estate of the institution and convey the same to the Trustees of said institution, subject to a reversionary clause, providing that, in case the Trustees shall ever mortgage the same, or any part of it, or any portion of the property thereon, the whole shall revert to this Society. The Board is not without hope that, in no great length of time, this enter- prise, pre-eminently important in our educational work, will be brought to complete success. It was said above that in the final event the Board of the Edu- cation Society and Mr. Rockefeller acted concurrently. As graphically told in the Introduction to this history, the corresponding secretary of the Society, Mr. Gates, had had an interview with Mr. Rockefeller immediately before leaving New York for the annual meeting of the Board and Society in Boston. From that interview he carried with him, and, on the adoption of the foregoing resolutions, laid before the Board the following