The Days of a Man [;i9o6 



inadequate for the pension system, I may say that 

 this was by no means the limit of Carnegie's inten- 

 tions. For when at our first meeting and once or 

 twice afterward I raised the question in personal 

 conversation, he assured me that adequate funds 

 would be forthcoming when needed. The greater 

 part of his estate, some 3ioo,ooo,ooo, he explained, 

 would be placed in trust for the maintenance of his 

 benefactions and other public services, so that on the 

 Vunds earnings of that vast sum the Foundation could draw 

 adequatt whenever necessary, its president being ex officio one 

 of the directors of the trust. 



But even in case the funds should become actually 

 inadequate, the trustees had the power to exclude, 

 after proper notice, very rich institutions which could 

 pension their own and the very poor which might well 

 give up trying to do university work. Furthermore, as 

 I urged at the time, the proposed change could not 

 be consummated for at least twenty-five years, until 

 the just expectations of all eligible teachers then in 

 service should have been met. But long before 1940 

 all the original trustees would have retired, and we 

 ought not to tie the hands of our successors. It would 

 accordingly be sufficient to indicate the contemplated 

 changes, reserving to the future board the right to 

 make fundamental alterations in the original plan at 

 some fixed date. 

 From Nevertheless, in spite of hesitancy on the part of 



pension certain trustees, the insurance plan was finally 

 adopted. Of the actual usefulness of the pension 

 system as devised by Carnegie there is no question. 

 Very few college professors (or even presidents) in 

 the past, at least, have been able to lay up adequate 

 provision for old age or for their families in case of 



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to iTisur- 

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