The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-11-21
UNIVERSITY Is
|, ON FIRM BASIS
Cardinal Gibbons Official Let
ter to the Clergy.
COLLECTION TO BE TAKEN UP
ANTHANKS EXTENDED FOR PAST
CONTRIBUTIONS.
COLLECTION TO BE TAKEN UP

Washington. Nov. 2O.-In accordance
with an understanding reached. at the
recent meeting of the board Of trustees
Of the Catholic university Cardinal
Gibbons today gave to the press the
following official letter addressed to
the Catholic clergy:
Cardinals Residence. Baltimore.
Nov. Il. Right Rev. Dear Sir: The
board of trustees Of the Catholic uni
Nersity OF America, at their meeting,
april IA, 1904, unanimously adopted the
following resolution:
Resolved. That his eminence. the
chancellor Of the Catholic University
OF America, be required to write and TO
send TO the hierarchy Of the United
states one month before the first Sun
Gay Of Advent. 1904. a letter of thanks
Tor the interest taken i'm the collection
OF the university i'm 1903 and asking
them to kindly keep up their generous
solicitude for this worthy object by rec
ommending it to the reverend clergy
ana the laity of their respective juris-
dictiOns.
Thanks Extended.
In pursuance of this action of the
trustees I desire to. state that the con-
tributions received from seventy-siX
uoceses amounted TO S105,0 This gen.
erous response of our clergy and peo-
pie to the express wish Of the sover-
eisn pontf is an evidence both of
cheerful obedience TO the holy see and
OF generous devotion to their past or
ders. 1t is gratifying and encouraging
10 the trustees that so widespread an
interest in the United States should be
manifested in the welfare of the uniyer-
sity which embodies the highest form
OF Catholic learning and Is the most
important undertaking OF the hierarchy
IN view of the general good IN the
name Of the trustees as i'm my own.
lender you, your clergy and your peo-
pie grateful Acknowledgement for the
snare you have taken in the further
snce Of this great work.
Financial Status.
With the collection and with dona-
tons from various sources, the receipts
OF the university for the last year.
apart from its regular income. amount
ed to $780, 500. OF these funds, SOS, 743
was employed in the payment of debts,
100000 was invested, and the remainder
was used to meet current expenses. As
a result there was no deficit last year.
nor is there at present any floating
debt
The amount donated by the Knights
of Columbus and not included i'm the
receipts mentioned was $4,000 This
was also invested. making a total in
Nestment of 100000 The funds we're
placed for investment in the hands Of
The finance committee appointed last
Year O903) and composed of gentlemen
VINO enjoy the highest reputation for
integrity and business ability The
entire amount, therefore, resulting from
the collection is absolutely free from
the complications and risks to which.
~ YOU doubtless have learned through
the press, the general endowment of
HE university has recently been ex-
posed.
University Protected.
Regarding the actual situation. 1
deem it my duty TO inform you that the
funds hitherto handled by the treas
uTcr OF the university aggregates 1881.
GOO, The disposal Of these funds in no
way involves the property of the uni
NcrSity. its lands. buildings or equip
ment. The funds themselves are pro-
tected by securities which it is conf
IDENTIFY believed will, i'm any equitable
against serious losses.
ON the other hand. pending the final
adjustment of all claims now i'm litiga-
ton, the university is i'm a large meas
ure deprived of the revenues which
have heretofore been available for its
work. This is the more TegTettable at
the present time when the university
should be so strengthened and devel-
Oped as to attract our Catholic young
men and withdraw them from non
Catholic Institutions. With the utmost
economy. as now practiced in every
department, the income is not sufficient
for the necessary expenses.
Sympathy Needed.
The foregoing statement will uat-
urally suggest "A variety Of reflections:
hut what is really needed just now is
practical sympathy and generous CO.
operation. This. I am happy to say
has been shown by the trustees and by
friends of the university. The amounts
which have been guaranteed. together
with the next annual collection. which
il is hoped. will equal if not exceed that
of last year. will enable US to invest a
considerable sum after all our current
expenses are paid. Moreover. a system
Of financial administration already has
Decn adopted lndI Tor the future VIII
render the management of the funds
absolutely secure. With the assistance
of the hierarchy i'm the manner indicat-
ed by the holy father. we feel confident
that the university viii be placed on a
sound financial basis. In justice to
those who. as individuals or as associa-
tons. have endowed the university. we
should see that its work is continued
Our Catholic people ] sincerely believe
will aid literally in supporting an in
stitution founded by the American epis-
cOpate for the common good OF the
clergy and laity in all ou- diOceses. To
our nOn-Catholic fellow citizens. our
united efforts in behalf Of the univer-
sity under any circumstances will
plainly show that we have at heart the
best interests Of education and that we
are not u be thwarted by difficulties.
Collection to be Taken Up.
AS I am prepared To do all in my
power 70 build up the university and
determined 10 guarantee ii against loss
even at the sacrifice of all / possess, /