Repository: UIHistories Project: Board of Trustees Minutes - 1916 [PAGE 186]

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186

UNIVERSITY OF ILLINOIS.

[Jan.

22,

And the said second party, in pursuance of its resolution taken and entered of record at its meeting, January 22, 1915, and by authority of law, hereby covenants and agrees to and with the first party to receive, by its Treasurer, from him, the said first party, the said sum of five thousand dollars ($5,000), in manner and form above named; and it further agrees that it will establish within said University a loan fund, to be known as the Margaret Lange James Student Loan Fund, the purpose of which fund shall be to aid deserving students, members of said University. And that said sum of money shall be attached to said loan fund and remain a perpetual fund not to be diverted nor diminished, but shall be loaned from time to time in suitable, sums to deserving students who are in good standing, as members of said University, preferably women, and who have completed two full years of work in the University, and who by their character, intellectual capacity and physical vigor give distinct promise of rendering valuable service to their day and generation. The loans shall be made in such amounts, by the second party, upon such reasonable and uniform terms as may hereafter be fixed by said party, for the government thereof. But such loans shall only be made as aids to such students in completing their education at said University, upon the recommendation of the Council of Administration of said University, or other similar body representing the faculty, provided: That should any considerable sum of said funds at any time be not in demand for such purpose, and if the number of persons of the above description, applying for such loans shall not be sufficient to employ the said fund, such fund, or portions of it, may be otherwise invested, or applied to other educational purposes; but in no case shall such use stand in the way of giving the aid above provided for when proper candidates apply therefor, and in all cases the interest derived from said fund under such conditions shall be added to the principal or used for the general purposes of this fund. Provided, further: That if at any time conditions in the University should so change that, in the opinion of the faculty and the Board of Trustees of said institution, the interests of the University and its students would not be promoted by such application of said fund, the said fund may be used for other educational purposes for the benefit of the University of Illinois and its students, upon the recommendation of the faculty, the approval x of the Board of Trustees of the University of Illinois, and the endorsement of the ^Governor of the State of Illinois. Said second party further covenants and agrees to and with the first party that it will pay to his daughter Helen Dickson James during her natural life interest upon said sum of five thousand dollars at the rate of 5 per cent per annum, to be paid semi-annually on the first days of March and September of each year at the office of its Treasurer; but at the death of said Helen Dickson James such payments shall cease and all obligations of said second party herein assumed, except the administration of the trust above named, shall be at an end. I N WITNESS WHEREOF, The said Edmund J. James has hereunto set his hand and seal, and the said University of Illinois, by its President of the Board of Trustees, has affixed its name, and by its Secretary has affixed the seal, on the day above written. I should like to call attention to one provision of this gift. In studying the history of endowments, I have noticed that many endowments become futile because of fundamental changes in conditions of life in the community from one generation to another. It is quite conceivable, if the dream of our socialist friends is ever realized, that the State of Illinois will some time in the future pay all the expenses of students who wish to carry on their studies at the University of Illinois, and when these great state universities will become great civil academies, supported by the people in the same way, and for the same general reason as the great military and naval academies. In such a case a fund of this sort would become largely useless. And there are other contingencies which might bring about the same result. I have, therefore, provided that if at any time conditions in the University of Illinois should so change, that in the opinion of the faculty and the Board of Trustees of said institution, the interests of the University and .its students would not be promoted by such application of this fund, the said fund may be used for other educational purposes for the benefit of the University of Illinois and its students ; asking only that before such diversion of the fund be made, a recommendation to that effect shall be made by the faculty, receive the approval of the Board of Trustees of the University of Illinois and the endorsement of the Governor of the State. This will leave the board, in all the years to come, perfectly free to handle this fund for some other purpose, if at any time the objects which the fund is intended to promote have been secured by other means.

After this matter had been discussed at some length, President Abbott requested Mr. Holt to take the chair, and, after speaking in favor of accepting this gift, moved that the gift be accepted with thanks. Mrs. Evans seconded the motion. The vote was as follows: Ayes, Mr. Abbott, Mrs. Evans, Mrs. Henrotin, Mr. Hoit, Mr. Hopkins, Miss Watson; noes, Mr. Trevett; not voting, Mrs. Busey; absent, Mr. Blair, Mr. Dunne, Mr. Meeker, Mr. Moore. At this point, Mrs. Busey left the meeting.

VOTE OF SYMPATHY FOR PROF. SHATTUCK.

The serious illness of Prof. S. W. Shattuck, for many years Comptroller of the University, having been reported to the board, President James was requested, on motion of Mr. Abbott, to extend to Prof. Shattuck the friendly greetings of the board and to express its wish for his speedy recovery.