10 CARNEGIE INSTITUTION OF WASHINGTON. 



licist who entertains fear lest a few endowed organizations should 

 secure a monopoly of research, and the educator who imagines 

 the income of the Institution sufficient to meet academic needs 

 and emergencies, are all ahke deceived by fallacies which become 

 manifest as soon as one is asked to assume responsibility for their 

 consequences. 



In connection with these matters of public concern, it is fitting 

 to remark that while the world at large has entertained all 

 manner of fictitious expectations from the Insti- 

 ^if instttudon"^ tution, its actual development has proceeded in 

 conformity with the limitations of its income and 

 the conditions of its environment. Quite contrary to popular 

 impressions, these limitations and conditions have been carefully 

 observed; and the facts and figures relative to annual and to 

 aggregate expenditures have been set forth in every annual 

 report and may be found brought down to date in the financial 

 section of this report. There is no adequate reason, therefore, 

 why any one desiring to know these facts and figures may not 

 get them along with certifications of their correctness by public 

 auditors. Although doomed to fall far short of the totahty of the 

 expectations referred to, the Institution has expanded very 

 rapidly and is now engaged in so many fruitful enterprises that 

 others may not be undertaken in the near future without a con- 

 siderable addition to annual income. As a matter of fact, it is 

 now essential to curtail research in order to live within income, 

 since the purchasing capacity of monetarj^ standards, which has 

 fallen by more than 30 per cent during the last two decades, 

 appears to be still diminishing. 



