The generosity of the American people, in the making of gifts to their institutions of learning, is munificent. The generosity is keeping pace with the increase of wealth. In 1847, Abbott Lawrence gave fifty thousand dollars to Harvard University, to found the school of science which now bears his name. This gift is declared to be "the largest amount ever given at one time, during the lifetime of the donor, to any public institution in this country." But since the year 1847, it is probable that not less than fifty millions of dollars have been donated by individuals to educational institutions. In several instances, gifts, each approaching, or even exceeding, a million of dollars, have been bestowed. The Baltimore merchant, Johns Hopkins, gave not less than three millions of dollars to a great university, which, like Harvard, bears the name of its founder. Henry W. Sage and Ezra Cornell contributed more than a million to the endowment of Cornell University. The gifts of Amasa Stone to the Adelbert University at Cleveland aggregate more than half a million. Since 1864, Ario Pardee has given to Lafayette College more than five hundred thousand dollars; and the donations of John C. Green to Princeton aggregate toward a million of dollars. Alexander Agassiz, worthy son of a worthy father, has donated more than a quarter of a million of dollars to the equipment of the Museum of Comparative Zoology and Anatomy which his father founded. Joseph E. Sheffield endowed the scientific school at New Haven which bears his name. The late Nathaniel Thayer, of Boston, contributed about two hundred and fifty thousand dollars to Harvard. Among various institutions in the West, South, and North, Mrs. Valeria G. Stone, of Maiden, Massachusetts, has, within the last five years, distributed more than a million of dollars. George Peabody's benevolences amount to eight millions of dollars, about one fourth of which forms the Southern Educational Fund, and about one eighth endowed the Peabody Institute at Baltimore. John F. Slater gave a million of dollars to the cause of Southern education. The amounts contributed to college and university education in the last ten years may be thus summarized:[1]
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1872 $6,282,461
1873 8,238,141
1874 1,845,354
1875 2,703,650
1876 2,743,348
1877 1,273,991
1878 1,389,633
1879 3,878,648
1880 2,666,571
1881 4,601,069
In the nineteen years since the close of the war, many institutions have been founded with munificent endowments, as Johns Hopkins, Smith at Northampton, Wellesley; and many more institutions have vastly increased their resources. Harvard's property has perhaps tripled in amount; Princeton's income, under the presidency of Dr. McCosh, has greatly enlarged; Yale's revenue has also received large additions. Colleges in every State have been the recipients of munificent gifts. Notwithstanding, however, these benevolences, most colleges are in a constant state of poverty. Indeed, it may be said that every college ought to be poor; that is, it ought to have needs far outrunning its immediate means of supplying them. Harvard is frequently making applications for funds, which appear to be needed quite as much in Cambridge, as in the new college of a new town of a new State. At the present time, colleges stand in peculiar need of gifts for general purposes of administration. Funds are frequently given for a special object, as the foundation of a professorship. But the amount may be inadequate. It is not expedient to decline the gift. Properly to endow the new chair, therefore, revenue must be drawn from the general funds, which thus suffer diminution. Donations are of the greatest advantage to a college, which are free from conditions relative to their use.
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The demand of institutions of learning for endowment receives special emphasis at the present by the decreasing rate of interest. It is difficult, every college treasurer knows well, so to invest funds with safety as to cause them to return more than five per cent, interest. Ten years ago in the East it was as easy to secure seven, as it is now to secure five, per cent. In one year one college saw its income decrease many thousand dollars by reason of this decrease in the rate of interest. Bowdoin College is distinguished for the success with which its funds are administered. At the present these funds are said to pay about six per cent, interest, but it is a rate higher than many colleges are able to gain. By this decrease the salaries of professors, the income of scholarships, and the entire revenue, suffer.
Many reasons might be urged in behalf of benevolence to institutions of learning. Funds thus given are as a rule administered with extraordinary financial skill. Their permanence is greater than the permanence of funds in trust companies and savings banks. Harvard, the oldest college, Yale, the next to the oldest (with the exception of William and Mary), have funds still unimpaired, still applied to the designs of those who gave them in the first years of their incorporation.
Gifts to a college are, moreover, an application of the right principle of benevolence of helping those who help themselves. The trustees, the professors, are, in proportion to their income, the most generous. Not seldom do they pledge a year's salary for the benefit of the institutions which they officially serve. The first nineteen donors to Tabor College, Iowa, several of whom were its officers, gave no less than sixty per cent. of the assessed value of their property. The efficient president of Colorado College has been engaged in making money for his college in legitimate business, in preference to making his own fortune. The students, as well as the officers, of colleges endeavor to help themselves to an education in all fitting ways. The keeping of school, the doing of chores, the running of errands, the tutoring of fellow-students, suggest the various ways in which they endeavor to work their way through college.