The Providence news. (Providence [R.I.]) 1891-1906, 1905-04-27
CARNEGIE GIVES
$4,000, 900 MORE.
CONTINUED from page one.)

Continued from page one)
Mr.. Carnegie's letter TO the trustees is
dated April Is. and is as follows:
"I have reached the conclusion that the
least rewarded OF all the professions is
that OF the teacher in our higher educa-
tional institutions New York city gen
erousy, and very wisely. provides retir-
ing pensions for teachers In her public
schools and also for her policemen. Very
few indeed Of our colleges are able 10 do
so. The consequences are grievous. Able
men hesitate 10 adopt teaching as
career and many old professors. whose
places should be occupied by younger
men, cannot be retired.
IL have therefore. transferred 10 you
and your successors as trustees $1,000 600,
s per cent first mortgage bonds OF the
United States Steel corporation, the
revenue from which is TO provide retiring
pensions for the teachers OF universities.
calleges and technical schools in cur own
country. Canada and New Foundland.
under such conditions as you may adopt
from time 10 time. Expert calculation
shows that the revenue will be ample for
the purpose.
THREE CLASSES OF INSTITUTIONS
''The fund applies 10 the three classes
OF institutions named. without regard TO
race sex, creed or color. We have. how
ever. 70 recognize that state and colonial
governments which have established OF
mainly support universities. colleges or
schools may prefer that their relations
shall remain exclusively with the state
I cannot. therefore, presume 10 include
them.
There Is another class WHICH states do
not aid. their constitutions In some cases
4 ingt1tL-
tions. Many OF these established long
ago were truly sectarian. but today are
free 20 all men. OF all creeds or Of none
such are not 10 be considered sectaran
now. Only such as are under control OF
n sect or tr1Isteeship Cor a majority there
Of officers. faculty or students To belong
10 any specified sect. or which impose any
theology test. are 10 be excluded
TENURE or TRUSTEES
Trustees shall hold office for FIVE years
and be eligible for reelection. The first
trustee snail draw lots for one. two. three.
four and Ave year terms so that one-f1fth
shall retire each year. Each institution
participating in the fund shall cast one
vote for trustees. The trustees are hereby
siven full powers TO manage the trust In
every respect. 10 ELL vacancies OF non-ex-
of,icio members: appoint executive COM
niltces. employ agents. change securities,
and generally speaking, TO do all things
necessary in their Judgment 10 ensure the
most beneficial administration OF the
funds
BY a two-thirds vote. they may from
time 20 time. apply the revenue in the diff
fercnt manner and tor a different though
imiar purpose 10 that specified should
coming days bring such changes as rem
der this necessary in their Judgment. 10
produce the best results possible for the
teacners and for education.
mo trustee shall incur any legal liabil-
ity flowing from his trusteeship. All trav-
cling and hotel expenses incurred by
trustees in the performance OF their duties
shall be paid from the fund. the expense
of wife or daughter accompanying the
ennual meeting included.
81 hope this fund may do much for the
cause of higher education ard 10 remove
a source of deep and constant anxiety 20
tho poorest paid and yet one OF the high
est OF all professions.