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THE UNIVERSITY OF NORTH CAROLINA

the students, and friends respectively of the three institutions
will join hands in these enterprises for the special and appropriate
endowment of each institution. Last year the administrative
council considered the need of endowments for all three institu-
tions. The faculty council at State College, the faculty at Chapel
Hill, the faculty advisory committee at the Woman's College, and
the University administrative council have all considered the
values of fitting commemoration of the founding of these institu-
tions, precious in the filial devotion of scores of thousands of sons
and daughters of alma mater, historic in the annals of the state,
decisive in the making of a commonwealth, and close to the hearts
of the people who gave them birth.

We propose that the trustees make the anniversaries occa-
sions for the establishment of endowments at all three institu-
tions for professorships, scholarships, fellowships, research, the
libraries, and all the resources for the enrichment of the whole
University. The Board, the faculties, the alumni, and students
should appoint committees representative of each institution for
the celebrations and the endowments. However high the mount-
ing endowments may rise in fact or imagination, whether five or
fifty million, we have charts for the use of the income as high as
the opportunities of each institution and as wide as the needs of
the people they were founded to serve.

These institutions call to this board this morning for par-
ticipation in the preparation of historic commemorations, for co-
operation in the raising of great endowments, for the education
of the people to more adequate and indispensable state support,
call to you as the trustees of a great heritage of spiritual integrity
and intellectual freedom without which there can be no great
university.

Respectfully submitted,

FRANK P. GRAHAM,
President.