Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-23

E2
Extension of the benefits of the Morrill,
bets to the young people Of the Distric
bf Columbia.
LAS correctly stated by the House com
mittee on agriculture, which has probes
this whole question to the bottom, tn
struction required by the Morrill, acts, ant
asking to be designated for the purpose
Is the George Washington University
ns ana he OF s4ss
great expense and at no little risk
demonstrated and developed the 1oca
demand for work in the mechanic art ,t,
Morrill, acts. If this bill is not passed
We shall be compelled to abandon oul
college OF engineering and mecnanle
to the educational interests Of the whole
District.
The Greatest Loser.
The giving up Of that college would
Of course, hurt the university. but thu
greatest loser by the postponement unit
next winter OF final action upon thu
Gallinger-Boutell bill would be the
young people Of the District Of Column
bia.
LAS the committee knows, the designa-
ton Of the George Washington University
is only a temporary one and limited to
three years by the terms OF the bill as
reported by the House committee. 1
may as we'll say at once that the three
years limitation is entirely satisfactory
to the university. If we cannot continue
to demonstrate to the people of the Dis
trict and to Congress that it would be
advantageous educationally and financial
not deserve to act as the agents Of Con-
gress In administering this fund, even Tor
one year.
you are also aware of the fact that by
the terms Of this bill we cannot get
cent Of this appropriation except upon
the certificate Of the Interior Depart
ment, and that there will be three public
ofifcdals on our board to see that the
Morrill, appropriation Is expended Tor the
purposes required by the Morrill, acts.
No Delay in Extension.
I'm view Of the three years limitation
and the strict supervision provided for
in the bill. and especially in view OF the
full statement as to our financial affairs
with reference to the very matters that
were made the basis of yesterdays at
tack upon the university, which had al
ready been flied with the Senate ana the
House committees in charge or tnls Din,
and which / have brought here this
morning for the purpose of presenting II
20 the committee on the District OF Co
iumbia, We sincerely hope that actlon
upon the pending resolution even II
under the circumstances an affirmative
action is thought necessary-wil not De
permitted to postpone f1nal actlon upoh
the Gallinger- Boutell BILL.
Financial statements have been pub
lished regularly every year showing the
condition of the university. The status
Of the university, and not merely that
OF a college, has been preserved In the
face of great difficulties. No institution
Of higher learning can carry on saus-
factory work upon tuition fees alone. A
large margin of expense must be taken
care of by endowments. contributions and
state aid. The proportion Of educational
expenses paid by students In fees In this
university Is 52.5 per cent. This proper
ton upon q fair comparison equals or
exceeds that of any other institution in
the country doing similar work. In the
cases which we have examined this pro-
portion was apparently from % to 81 per
cent.
Old Endowment Record Errors.
I'm the early history of the old Column
bian College, founded in 1921. the prede-
eessor Of the Columbian University and
the George Washington University. some
errors, it has recently been discovered,
were made in the endowment accounts
and in order to ascertain the precise
amounts Of all the endowment funds an
examination is being made Of the records
OF that college from the beginning in
1921 and Of the Columbian University and
Of the George Washington University. 1t
Is confidently believed. however. that any
errors which may still be discovered In
these accounts will not have the effect
seriously to change the amounts given be-
low and that the total of the endow-
ments. as shown In the following state
ment. is very nearly correct.
Persistent efforts have been made by
the trustees to provide an adequate en-
dowment and to raise funds to meet cur
rent expenses. In order to meet extraor-
binary emergencies. however, and to
maintain the life Of the university, the
old Columbian College and it's successor,
the university, by order of the trustees.
borrowed temporarily from some of the
funds held in trust for general endow-
ment imposes. or for special purposes,
and applied the amount SO borrowed to
meet current educational expenses.
LAS the amounts thus temporarily Dor
eowed were charged by operation OF law
upon the net assets and are carried by
order of the trustees upon the books or
accounts as an indebtedness OF the gen.
eral fund to the special funds, it has been
concluded that the simplest way to pre-
sent the financial condition OF the uni
eersity iS to make UP three tables of ac-
counts. the first showing on one side Its
assets, both the real and personal prop
erty, which the university owns In It's
own right, and the real and personal
property which is held by 1t as repre-
senting endowments and special trust
funds and on the other side, as liabilities
both the ordinary debit liabilities Of the
university and the amount of all endow-
ment and trust funds.
THE second table to show the total re-
sources of the university as made by
adding this general balance to the amount
of all endowments and special trust funds,
end the third showing the classification
Of the various funds which go to make
the total resources.
These accounts are made up as it is
estimated the situation will be on August
81. 1910. that being the end of the fiscal
year. and many of the contracts Of the
university extending to that date.
1.-The first table on this basis is as fol-
lows:
Assets.
Real estate owned for university
purposes 81 900 ,OOC
Personal property owned for
university purposes ............. S4O0(
Cash assets Observation-Disclosures. 5000
Real estate held In trust and
representing endowment and
trust funds Observation-Disclosures. 50 O0(
Personal estate held in trust and
representing endowment and
trust funds ....................... s2OO(