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pleased I am to see this effort on the part of the Trustees to
establish order and discipline.

Refering to the "Report of the Committee upon Audit
ing, Organization and Rules, Part Two, to be considered Dec. 26.
1903," I have read the following paragraph with particular inte[r]
est:- " Each year, before the February meeting of the Board
the Finance Committee should ascertain the probable
gross income of the Trust for the coming year and
after deducting from it the expense of managing
the property, they should then set aside amounts nec
essary to complete contracts on new buildings, a cer
tain amount towards an insurance fund and other am-
ounts, for possible depreciation of the property &
securities and unexpected contingencies. Then what
remains would be available for the current expenses
of the University."

The above paragraph from your report was of special
interest to me. It has always been my intention to keep down
the number of students, not increase above the present number
1600 until all the buildings which are now being erected are
entirely completed and paid for, then the income could be
used for the running expenses of the University, always except-
ing the reserve fund which I placed in my mind at about 200,000
dollars (two hundered thousand) a year.

I found it quite difficult during my ten years of ad
ministration to keep the President within a certain limit. His
ambition seemed to be numbers and a large institution, which
would naturally call for an increase in the number of professors
and instructors. This disposition on his part to make the Uni-
versity popular because of numbers, was quite a serious feature
for me to contend with. According to my calculations as to
the income, if my ideas were carried out, there was sufficient
income to finish and complete all the buildings except the new
library, which I shall build myself out of my own private re-
sources. But it must be born in mind that the University can-
not expand in number of professors or students until the
work of building is completed.