Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1905-05-10
PENSIONS FOR PROFESSORS.
Git of $40, 200, 900 by Andrew

Gift of S1o,0oo,0 900 by Andrew
Carnegie for Pension Fund.
81 have reached the conclusion" writes
Andrew Carnegie to the trustees named IN
connection with his princely gift OF SIC
0OO, 900 for teachers pension fund, "that
the least rewarded of all the professions is
that of the teachers in our higher educa-
tional institutions. New York city gener-
ously, and very wisely, provides retiring
pensions for teachers in her public schools
and also for her policemen. Very few,
indeed, of our colleges are able to do so.
The consequences are grievous. Able men
hesitate to adopt teaching as career, and
many old professors whose places should
be occupied by younger men cannot be re-
tired.
81 have, therefore, transferred to you
and your successors, as trustees, s10,ooO,Ooo
5 per cent. mortgage ponds of the United
States steel corporation, the revenue from
which is to provide retiring pensions for
the teachers of universities, colleges and
technical schools in our own country,
Canada and Newfoundland, under such
conditions as you may adopt from time to
time.
expert calculation shows that the reve-
nue. will be ample for the purpose.
1.-THE fund applies to the three classes
of institutions named without regard to
rsce, sex, creed or color. We have, how
ever, to recognize that state and colonial
governments, which have established or
mainly support universities, colleges or
schools, may prefer that their relations
shall remain exclusively with the state.
cannot, therefore, presume to include
them.
1sThere is another class which states do
not aid, their constitutions in some cases
even forbidding it, viz: Sectarian institu-
lions. Many of these established long
ago were truly sectarian, but to-day are
free TO all men of all creeds or of none.
Such are not to be considered sectarian
now. Only such as are under control OF
sect or require trustees Tor majority
thereof, officers, faculty or students, to
belong to any specified sect, or which inn
pose any theological test, are to be ex-
cluded.
ssTrustees shall hold office for five years
and be eligible for reelection. The first
trustees shall draw lots for one, two,
three, four or fve-year terms, so that one
fifth shall retire each year. Each institu-
tion participating in the fund shall cast
one vote for trustees.
1.-The trustees are hereby given full pow
ers to manage the trust in every respect;
to fill vacancies of non-ex-officio mem
bers; appoint executive committee; en-
ploy agents; change securities, and, gen
orally speaking, to do all things necessary
in their judgment to ensure the most
beneficial administration of the funds.
''By two-thirds vote they may from
time to time apply the revenues in differ
emit manner, and for a different though
similar purpose to that specified, should
coming days bring such changes as render
this necessary in their Judgment, to pro-
duce the best results possible for the
teachers and for education.
g''No trustee shall incur any legal liza
bility flowing from his trusteeship. All
travelling and hotei' expenses incurred by
trustees in the performance of their duties
shall be paid from the fund, the expenses
of wife or daughter accompanying the
trustees to the annual meeting included.
~ hope this fund may do much for the
cause OF higher education, and to remove
source of deep and constant anxiety to
the poorest paid, and yet one of the high
est of all professions.
''Gratefully yours,
''ANDREw CARNEGIE