A great property,
an important part of the fruit of a long life devoted with energy and
sagacity to the accumulation of riches, has been placed in your hands,
upon conditions as magnanimous as they are wise, to be used for the
public benefit in providing for coming generations the precious means of
liberal culture. Your Board has great powers. It must hold and manage
the property of the University, make all appointments, fix all salaries,
and, while leaving both legislative and administrative details to the
several faculties which it will create, it must also prescribe the
general laws of the University. Your cares and labor will grow heavy as
time goes on; but in accordance with an admirable usage, fortunately
established in this country, you will serve without other compensation
than the public consideration which will justly attach to your office,
and the happy sense of being useful. The actuating spirit of your Board
will be a spirit of scrupulous fidelity to every trust reposed in you,
and of untiring zeal in promoting the welfare of the University and the
advancement of learning. Judged by its disinterestedness, its
beneficence and its permanence, your function is as pure and high as any
that the world knows, or in all time has known.
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