Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-04-29
Given by Mr.. Carnegie
to Establish a Fund
To Provide Pensions for Teach
ers Of University, Colleges ,
And Technical Schools Of United
Atates. Canada and Newfoundland.

vas made, Thursday. by +. A. Wander
lin vice president of the National city
Eank. Of a gift of SO, Gt0.Uo0 in bonds by
Aodrew Carnegie to establish fund To
pfcvide retiring pensions for the teach
ers OF universities. colleges and techni-
,al schools In the United States, Cana
da and Newfoundland.
As usa:.l in the case of all Mr.. car
nesie.s large bencfactiors. the an
uounre,nent is made Immediately fol-
loving his departure on ms suninc.
vacation in Europe.
Twenty-Five trustees of the fund
have been selected and .iave agreed to
xa;;uc All. Of them arc at the head Of
educational Institutions with the excep-
tirn OF Mr.. Vander!in. 4. Morris Car
ncgie. who is a young man not widely
known but rceidon, Of New York and
q nephew OF the iron master, and X A.
Franks. president OF tn" Hudson Trust
90. Hobokcn. y. J.. who is MI. Car
nccie's financial secretary.
In general MIR. Carnegie desires to in
sure $, competence to faithful teachers
who have reached the age limit and 10
Assist others who have been forced TO
an carlicr retirement owing to physical
disability
II is also Mr. Carncsie's hope that his
a. tiOr will give ii stimulus to the SUD-
Jet Of old age pensions and that 1t
uilI I've taken UP by American munich
raIitins.
Already the preliminary steps arc
we'll under way aS a result of cora
srcndonce with the gentlemen selected
a, trustees. This correspondence WAS
conducted in such a manner that those
consulted had no definite knowledge OF
NJ. ClrncEic's intentions until he sent
them tho following letter on April Is.
Il have reached tho -onclusiOn that
the least rewarded of all the professions
H. that Of the teachers in our higher
educational institutions. New York city
generously and very ""isciy. provides
retiring pensions for teachers in her
public schools and also for her police
men. Very few. indeed. of our colleges
are able to 10 so. TIL" consequences are
grievotIs. Able men hesitate to adopt
teaching as career and many old pro
fessnrs whose places should be occupied
by Younger men cannot he retired.
~ have. therefore. transferred to you
aud your SUCCESSORS. as trustees. SO
Wfa.OOO 5'rer cent mortgage bonds of the
United States Steel corporation. tn"
revenue from which is - provide retir-
ing pensions for the teachers of uni
vtrsiiics. colleges AMI technical schools
in ,o,,r own country. Canada and New
fGundland. under such conditions as you
may adopt from time 10 time.
"Expcrt calculation Shows that the
revrntc will he ample for the purpose.
1.-The fnnd applies 20 The three classes
IF institutions named without regard -
race. sex. creed or color We have. how
e~cr, to rccogltZc that state and colo
nis,i governments which have establish
ed or mainly support universities. col
l.":cs or SCHOOLS. may prefer that their
relations shall remain exclusively Wit,
the state. cannot, therefore. presume
to include them
There is another class which stat IS
do not aid. their constitutions in SON"
cases even forbjdding it. viz. scctarian
Institutions Many OF these established
long ago were truly sectar'an. but to-
dry are free 10 all men of all cre"ds or
Of none Such are no: II ne considered
sc~tarian now. Only such as are unde"
control nf a sect Or require trustees Cor
n mia iOritv thereof. officers faculty or
students. to belong to any specified sect
or which impose any Theological test.
arc to he excluded
IT, Justices shall hold C:tice for five
years and be eligible for reelection.
The first trustees shall draw lots for
one. two. three. four or tire-ycar terms.
$" th"t one-fifth shall letire each year.
Each institution participating in the
fund shat, cast one vute fn" trustees.
Tile trustees are hereby given full
powers to manage the trust In every
respect: To fill vacancies of nOn-eX-
OnlciO members: appoint executive COM
mt tee: employ agents: change sccur;-
ties. and. generally speaking to do ali
things necessary in their judgment to
ensure the tnCst beneficial admnistra-
tim IT the funds.
.Fy i. twO-thirds vote ;he.y may from
time 20 time apply the revenues in a
different manner and fer a iifferent
though similar purpose to that specified
Should coming days bring such changes
as Pcudcr this necessary IN their ju,ig-
hl:nt..to produce the hest results posi-
hls for. the teachers and for education
no trustee shall incur any legal liza
bility flowing from mis- trustecship. All
travelling and hotel expenses incurred
b., trustees IN the performance OF their
duties shall be paid from the fund. the
eypenses IT wife or daughter accom-
ranying the trustees to the annual
meeting included.
II hope this fund may do much for
the cause OF higher education. and to
rsnlovc a source Of deep and constant
anxiety to thu poorest paid. and yet one
OF the highest Of all professions.
Gratefully yours,
"ANDREW CARNEGIE"
Tho trustees are as follows:
Pres. A. +. HadIey. Yale University.
New Haven.
Fres Charles William Eliot. Harvard
University. Cambridge.
Pros. William r. Harper. University
of Chicago Chicago.
Pres. Nicholas Murray Butler. CO.
lumbia University. New York
Pres. Jacob r. Schurman. Cornell
University. Ithaca. \. Y.
Pres. Woodrow Wilson. Princeton
University. Princeton. n. J.
Pres. Clarke Seelye. Smith College.