Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-01-25
NOT THE
Last Will And Testament
John j. Rockefeller

/, John D. Rockefeller, citizen or the
United States, being OF matured years
and sound mind, realizing that l must
soon obey Natures Interchangeable laws
by terminating my earthly career and
Joining the ranks OF the Silent Major
ity, and desiring to dispose of my
worldly affairs in such manner as will
be most beneficial to the permanent
welfare of the nation wherein / have
labored for a long and active span of
years, and revoking all former wills
and testaments, do hereby declare this
to be my Last viii and Testament,
trusting that its provisions will be
faithfully carried out in their full spirit
and intent.
An inventory of my holdings of all
kinds disclose a fair cash value of
about One Billion One Hunrded Mil
lions Of Dollars.
To various worthy organizations, de-
pendent relatives and to a number of
personal friends, servants ana atten-
dants who have more or less valid
claims TO my further care and protec-
ton, l give and bequeath the sum Of
One Hundred Millions of dollars, in
such several amounts and to such or
CARNATIONS and persons as are lnd1-
Gated in a schedule hereto attached
and made part of this document. The
sums specified are sufficient to pro-
vide a reasonable protection for the re-
cipients, if properly conserved. To
! make any larger provision would be
/ harmful, as it would tend to degenerate
I them into lazy, thriftless and profit
gate condition, out Of touch and SYM
patty with the common every day
/ trials and tribulations of humanity.
! The entire residue Of my estate, ap-
proximately One Billion Of Dollars, |
give and bequeath to the Government
OF the United States, to be forever held
and administered as a General Welfare
Trust Fund, in accordance with the
further provisions herein outlined.
| Beginning with January first. nine
! teen hundred eighteen, said Trust FUND
shall be invested in approved BOND Sc
curities bearing a fair rate OF interest.
! The interest shall be collected semi
annually, as is the usual and proper
method in all present-day financial OPP
erations. The interest, as collected.
shall be added to the principal fund
=
The Trust Fund herein established
shall be accumulative for a PERIOD OF
four hundred and twenty years, after
which time the Fund shall cease to be
accumulative. The entire annual rev.
enues arising thereafter from the
fund shall be used by the Government
of the United States in the payment OF
Its operating expenses and for such
iother purposes as the wisdom of those
then in charge OF the Government shall
from time TO time determine.
NV corps Of expert accountants, &C.
onomists and sociologists agree that
the Trust Fund hereby created can
easily be placed upon four and one
half per cent. bearing basis.
And / am sure that the people in gen.
eral are so firmly conscious of the in
herent right of capital to an adequate
and reasonable compensation that they
will readily recognize both the justice
and necessity OF so arranging their at
fairs that ample additional avenues of
safe investment will be opened as the
funds for investment become larger
and larger. It would be a challenge OF
the very integrity of the people to even
think OF any result other than that the
Fund would have an earning power
1 throughout its entire existence at least
equal to that at its inception. In fact,
/ think the rate OF earning power
should steadily increase, for | have no
doubt that the coming years will wit
ness q continuance Of increase in the
wealth productive powers OF the peo-
Die. and surely the capital that makes
such result possible should likewise
share in the increase.
! My experts also agree that the ex-
pense of administering the Trust will
/ not exceed one-half OF one per cent.
! In our own experience we have been
able to operate at a less rate, and as
the Fund becomes larger the percent
age of cost should be steadily reduced.
/ However. to the end that the Trust
Fund shall never be any burden or ex-
! pense to the public during the accum-
ulating wears, and to encourage pro-
ftahle investment and economy in the
handling of the Fund, it is my desire
THAT the Government shall regularly
retain. for it's general or special uses.
such amount as it may be able to save
out of all revenues in excess OF TOUR
per cent. thus leaving but the four per
cent. rate of accumulation for the Fund
itself.
For ready reference, my experts
have prepared a statement, a copy of
which is hereto attached, showing how
the Fund will grow during the years
of its accommodating period and the an
nual revenues that will be available
from that time onward to eternity. The
calculations are bard upon the estab-
lished fact that fund placed at four
per cent. interest, compounded semi
GENERAL WELT
Statement of condition at regular in
Four per cent. interest, compounded
Fund at start