At this meeting Mr. Goodspeed gave in outline a history of the enterprise to date and reported that seventy-five thousand dollars had been paid on the subscriptions. Mr. Gates submitted a very important statement, which may be found in the Appendix, as to "the engagements and obligations which the Education Society entered into with the subscribers to this fund," and how thus far these obligations had already been discharged. In concluding his statement Mr. Gates said, " We now commit to you this high trust. The erection of the buildings, the organization of the institution, the expenditure and investment of its funds, and all that pertains to its work, its growth, and its prosperity, is placed absolutely without any reserve under your control."
On September 8, 1890, the trustees of the first University of Chicago formally changed the name of that institution to "The Old University," and two days later the Secretary of State issued the certificate of incorporation of the new University. The second meeting of the Board of Trustees was held September 18, 1890, when all action previously taken was "approved, ratified, and re-enacted," and Dr. Justin A. Smith, editor of The Standard, was made recording secretary, in which position he served for several months. This meeting was chiefly memorable because it witnessed the unanimous election of Dr. Harper to the Presidency. This story will be told in the next chapter.
The year 1890-91 was a busy one for the Trustees, but the promise made to the alumni of the Old University was not forgotten, and on February i, 1891, the following resolution, offered by President-elect Harper was adopted:
Resolved, That in view of the relation of the new University of Chicago to the institution that formerly bore that name, we hereby confirm and re-enact the degrees of B.A. and B.S. conferred by the former University of Chicago and we invite the graduates to consider themselves alumni of this University and to co-operate with us in building it into greatness.
That the record of this matter may be made complete it may be stated that later the board extended this action to all who had received the degree of Bachelor from the Old University.
At the end of the first fiscal year of the University, June 30, 1891, one hundred and sixty thousand dollars of the subscriptions