FREE BOOKS

Author's List




PREV.   NEXT  
|<   123   124   125   126   127   128   129   130   131   132   133   134   135   136   137   138   139   140   141   142   143   144   145   146   147  
148   149   150   151   152   153   154   155   156   157   158   159   160   161   162   163   164   165   166   167   168   169   170   171   172   >>   >|  
and the enthusiasm and faith of those in charge of the enterprise were responsible for the too rapid expansion of the first few years of the existence of the institution which resulted in a constantly growing deficit. A financial statement for the first eight years up to June 30, 1875, leaving out of account the value of lands and buildings given by the Government and of borrowed funds, shows receipts of $645,067.30 and expenditures of $744,914.56, leaving a deficit of nearly $100,000. At the annual meeting of the trustees, May 31, 1873, it was decided that a retrenchment of one half the current expenses would be necessary in order to avert disaster. To effect this the management had to make radical readjustment in the faculties and in the salary schedule. To this end every salaried officer in the University resigned upon the request of the trustees. In reestablishing the faculties the basis was one of rigid economy and the only way by which the situation could be saved; for the nation-wide financial crisis of 1873 and the lean years that followed precluded the possibility of any increase in the income. The success of this measure[225] is indicated by the fact that the immediate expenses of the University were reduced from $57,160.40 in 1872 to $9,446.19 in 1877. "This heroic treatment," says former President Patton, "far too long delayed, saved the institution, but it cost it much in professors, in students and in prestige." The vessel escaped shipwreck with loss of many of the crew and passengers and a lot of her cargo. The professional departments were cut off from any support from the general funds, and remanded to receipts from tuition fees and special donations. College professorships were reduced from $2,500 to $1,200 and a residence worth $300; and the salaries of other officers were similarly reduced. Incidentals were brought down to the lowest living figure, and finally, with half the main building and a large part of the dormitories closed, the point was reached at which the income covered expenses.[226] DWIGHT O. W. HOLMES. FOOTNOTES: [206] The most easily available information concerning the history of Howard University is contained in a number of short sketches, speeches, reports, announcements, and the like, in pamphlet form, and a well-prepared volume of three hundred pages by Dr. Daniel S. Lamb giving the history of the Medical Department up to 1900. These
PREV.   NEXT  
|<   123   124   125   126   127   128   129   130   131   132   133   134   135   136   137   138   139   140   141   142   143   144   145   146   147  
148   149   150   151   152   153   154   155   156   157   158   159   160   161   162   163   164   165   166   167   168   169   170   171   172   >>   >|  



Top keywords:
expenses
 

University

 

reduced

 

receipts

 

trustees

 
history
 
faculties
 

income

 
leaving
 

financial


deficit

 

institution

 
remanded
 

general

 
tuition
 

support

 
announcements
 
professional
 

departments

 

special


donations

 

residence

 

Daniel

 

College

 

professorships

 

students

 

professors

 

prestige

 

vessel

 

escaped


delayed

 
shipwreck
 

passengers

 

giving

 

Medical

 
Department
 

salaries

 
DWIGHT
 

HOLMES

 
covered

speeches
 

prepared

 
sketches
 
FOOTNOTES
 

pamphlet

 

Howard

 
contained
 

easily

 
information
 

reached