THE UNIVERSITY AND ITS BENEFACTORS 287 and repelling funds. The debts and deficits of the University of Chicago have not made the institution. On the contrary, the institution has been saved from their ruinous effects only by Mr. Rockefeller's assuming them. Then, again, Mr. Rockefeller, cherishing views perhaps no less broad than those of Dr. Harper, and ideals no less high, has perceived the importance and value of time in an undertaking so vast. He has not been urgent that the University should spring up in a night. He has realized his own inexperience in this great work, and the inexperience (to quote the substance of Dr. Good- speed's remark) of the management of the University, from the President down. He has felt that nervous haste would naturally follow inexperience and has sought to restrain it. Then, again, Mr. Rockefeller has distinguished between mere external expansion and real growth. The actual magnitude of the University is measured only by what it has money to pay for. All beyond that is deceptive and fictitious. He would avoid unreality. He would avoid the appearance of power not justified by the substance thereof. Again, Mr. Rockefeller has his eye not on the transitory present, but on the long future. He is unspeakably more interested in the tendencies, policies, and character of the management than in any present success, however brilliant. Lastly, he has known from the first, what he has only lately disclosed to others, this namely, how largely he might, under favorable conditions, become interested in the University of Chicago, and he has known that he would, himself, give, not only far more cheerfully, but also far more largely under a conservative and prudent management that avoids debts and deficits. Finally, let me add that Mr. Rockefeller, rejoicing in all that has been achieved, recognizes and extols the great qualities of leadership, enthusiasm, and organizing ability in Dr. Harper, without which the present development of the University would have been impossible. He looks to the Trustees, whose invaluable services he also heartily recognizes, not to chill this ardor, or discourage it, but to guide it into channels of solid and permanent prosperity. During nearly seven years succeeding this conference all parties were intent on bringing the expenditures within the income. Mr. Rockefeller fully understood all the factors in the situation, the genius of the President, which he did not wish to have dis- couraged, the conservatism of the Trustees, the inevitableness of the University's expansion, and the difficulty of regulating it. His interest and confidence in the ultimate outcome were not dimin- ished. They increased. He continued to care for the large deficits. The debts were paid, or assumed by Mr. Rockefeller. In December, 1900, he made a new contribution of one million dollars for endow- ment and once more half a million for general purposes. In
