New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-12
AGAINST A PERPETUAL FUND
A Philanthropic Journal 8 View of In
corporated Philanthropy

DR.. Edward I. Devine in The Surve,
we would suggest for consideration the
borrowing additional provisions lin The
charter OF the Rockefeller FoundatIonf !.
That the government should have a rnice
tees. -0 - Us
That it should be stipulated that tho ~
nual income during the life Of tho endoW
ment should actually be expended for tho
purposes enumerated in the charter, the
through compound interest being forbid
den.
That within a specified period. which
more any given endowment should be en-
tereSt. "
There may be those who would readily
acqulesce in the proprlety of the first two
OF these suggestions but who would not
at , once recognize the justice and the ex-
pedlency OF the third. Humanity il is
SAID. VIII always need assistance OF some
kind, and as this Foundation can give any
KIND OF assistance IL will always be a
public blessing. But does this follow? Is
II so certain that humanity will always
need assistance OF the precise kind that is
believed 10 be good for it by a particular
group OF from five to twenty-five men,
chosen, under the Self-perpetuating plan
because they are cOngenial to each other
and TO their predecessors? Is there not
danger. as Chalmers thought of founda-
lions insignificant In comparison. that a
great perennial fountain of beneyolence
may dry, up the springs OF spontaneous
the form of foundations, can never be the
main factor in promoting wellbeing and
advancing civilization. The acquisition and
dissemination Of knowledge. the prevention
OF suffering and the promotion of the ele-
ments of human progress are in the main
matters which people must attend to for
themselves and i'll their own way. No
doubt In another century there will be scope
for humanitarian zeal but il does not fol-
low that any man now living, even with
the cooperation of Congress. can devise
a plan which Will insure that great re-
sources placed at the uncontrolled dis
pUsaI OF d small group of men will really
he used century hence as the public well
fare demands. We have an impression that
insurance funds. which are quite as dis
tinctly trust funds as any which will be
at the disposal of the Rockefeller Foun-
dation. have recently tempted men of high
reputation to their undoing Generosity
but genuine generosity finds its best eS
preston in outright giving for purposes
now clearly understood and known TO be
desirable. II the results are good other
generous givers stimulated by the example
and by the evidence of good accomplished
will care for the needs OF the distant fut-
uTe, if needs remain for which charity must
provide. That $40,0OO,OtN. or $4,000 should
be taken annually from the produce of
Industry. year in and year out, through
all future generations. to be devoted TO
the particular humanitarian objects which
are selected by the five gentlemen named
in the act Of Incorporation. their associates
and successors, is but new form OF the
dead hand"
1t may Ice said that If this argument is
sound IT is quito as applicable to other
endoWments as To that OF the proposed
Rockefeller Foundation. This Is true and
we do not shrink from the consequences
OF thus challenging the whole policy of
charitable endowments in perpetuity
dispassionatC study OF bequesis and en-
dow mcnts. even in this country, where
there has not yet been time for their un-
favorable results To show themselves in
fun. viii AT least raise very serious doubts
as 10 the wisdom of gifts in this form The
large amount OF money supposed 10 be
involved in the present Instance inevitably
enhances the public interest and leads 10
the reconsideration Of Fundamental rues-
tions 81 policy which have heretofore
escaped serious discussion. The aItcrna-
tive 30 perpetual endowment which We
suggest = the more rapid expenditure OF
The amount or me gift. both principal and
interest That this Is sound policy MIR
Rockefeller himself recognized in his great
gift 20 the General Education Roar3 nv
STIMULATING that The trustees may expend
the principal as we'll as the interest M
his endowment. The greater good yt,hin
the hriefer period will more than onset
The Sacfloee OF an eternal earthly mcnu.
ment