22 LETTER OF THE FOUNDER.
be associated with training in just notions of duty toward God and man, in
the light of the Holy Scriptures.
The means to be used in the prosecution of the general object above
described, I leave to the discretion of the corporation; only indicating, as
lines of operation adapted to the present condition of things, the training
of teachers from among the people requiring to be taught, if, in the opinion
of the corporation, by such limited selection the purposes of the trust can
be best accomplished; and the encouragement of such institutions as are
most effectually useful in promoting this training of teachers.
I am well aware that the work herein proposed is nothing new or untried.
And it is no small part of my satisfaction in taking this share in it, that I
hereby associate myself with some of the noblest enterprises of charity and
humanity, and may hope to encourage the prayers and toils of faithful men
and women who have labored and are still laboring in this cause.
I wish the corporation which you are invited to constitute, to consist at no
time of more than twelve members, nor less than nine members for a longer
time than may be required for the convenient filling of vacancies, which I
desire to be filled by the corporation, and when found practicable, at its next
meeting after the vacancy may occur.
I designate^ as the first President of the corporation the Honorable
Rutherford B. Hayes, of Ohio* I desire that it may have power to
provide from the income of the Fund, among other things, for expenses
incurred by members in the fulfillment of this trust, and for the expenses of
such officers and agents as it may appoint, and generally to do all such acts
as may be necessary for carrying out the purposes of this trust. I desire, if
it may be, that the corporation may have full liberty to invest its funds
according to its own best discretion, without reference to or restriction by
any laws or rules, legal or equitable, of any nature, regulating the mode
of investment of trust funds; only I wish that neither principal nor income
be expended in land or buildings, for any other purpose than that of safe
and productive investment for income. And I hereby discharge the corpora¬
tion and its individual members, so far as it is in my power so to do, of all
responsibility, except for the faithful administration of this trust, according
to their own honest understanding and best judgment. In particular, also,
I wish to relieve them of any pretended claim on the part of any person,
party, sect, institution, or locality, to benefactions from this Fund, that may
be put forward on any ground whatever; as I wish every expenditure to be
determined solely by the convictions of the corporation itself as to the most
useful disposition of its gifts.
I desire that the doings of the corporation each year be printed and sent
to each of the State Libraries in the United States, and to the Library of
In case the capital of the Fund should become impaired, I desire that a
part of the income, not greater than one-half, be invested, from year to
year, until the capital be restored to its original amount.
I purposely leave to the corporation the largest liberty of making such
changes in the methods of applying the income of the Fund as shall seem from