My friend, Mr. Thomas Shaw (now Lord Shaw), of Dunfermline had written an article for one of the English reviews showing that many poor people in Scotland were unable to pay the fees required to give their children a university education, although some had deprived themselves of comforts in order to do so. After reading Mr. Shaw's article the idea came to me to give ten millions in five per cent bonds, one half of the £104,000 yearly revenue from it to be used to pay the fees of the deserving poor students and the other half to improve the universities.
The first meeting of the trustees of this fund (The Carnegie Trust for the Universities of Scotland) was held in the Edinburgh office of the Secretary of State for Scotland in 1902, Lord Balfour of Burleigh presiding. It was a notable body of men—Prime Minister Balfour, Sir Henry Campbell-Bannerman (afterwards Prime Minister), John Morley (now Viscount Morley), James Bryce (now Viscount Bryce), the Earl of Elgin, Lord Rosebery, Lord Reay, Mr. Shaw (now Lord Shaw), Dr. John Ross of Dunfermline, "the man-of-all-work" that makes for the happiness or instruction of his fellow-man, and others. I explained that I had asked them to act because I could not entrust funds to the faculties of the Scottish universities after reading the report of a recent commission. Mr. Balfour promptly exclaimed: "Not a penny, not a penny!" The Earl of Elgin, who had been a member of the commission, fully concurred.
ANDREW CARNEGIE AND VISCOUNT BRYCE
The details of the proposed fund being read, the Earl of Elgin was not sure about accepting a trust which was not strict and specific. He wished to know just what his duties were. I had given a majority of the trustees the right to change the objects of beneficence and modes of applying funds, should they in after days decide that the purposes and modes prescribed for education in Scotland had become unsuitable or unnecessary for the advanced times. Balfour of Burleigh agreed with the Earl and so did Prime Minister Balfour, who said he had never heard of a testator before who was willing to give such powers. He questioned the propriety of doing so.
"Well," I said, "Mr. Balfour, I have never known of a body of men capable of legislating for the generation ahead, and in some cases those who attempt to legislate even for their own generation are not thought to be eminently successful."
There was a ripple of laughter in which the Prime Minister himself heartily joined, and he then said:
"You are right, quite right; but you are, I think, the first great giver who has been wise enough to take this view."
I had proposed that a majority should have the power, but Lord Balfour suggested not less than two thirds. This was accepted by the Earl of Elgin and approved by all. I am very sure it is a wise provision, as after days will prove. It is incorporated in all my large gifts, and I rest assured that this feature will in future times prove valuable. The Earl of Elgin, of Dunfermline, did not hesitate to become Chairman of this trust. When I told Premier Balfour that I hoped Elgin could be induced to assume this duty, he said promptly, "You could not get a better man in Great Britain."
We are all entirely satisfied now upon that point. The query is: where could we get his equal?