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>^|Wüg

of  handling  funds  devoted  to  Student  aid  can  no  longer  be  excused  or
palliated.  Further,  that  large  budgeting  deficits  should  no  longer  be
justified  simply  because  it  is  easier  to  raise  money  through  an  appeal  to
alumni  or  a  generous  public  than  to  increase  charges  for  tuition.
There  are  ample  grounds  for  generous  gifts  to  Alma  Maters  outside
of  those  made  to  meet  current  expenses.  These  should  as  a  rule  with
obvious  exceptions  be  paid  for  by  the  recipient  at  cost,  either  in  cash  or
through  deferred  Obligation.
Unless  this  problem  is  adjusted  of  having  the  beneficiary  as  far  as
possible  pay  the  cost  of  his  education  (which  usually  directly  increases
his.  powers  and  earning  capacity),  the  time  will  come  when  that  generous
band  of  contributors,  made  up  in  a  larger  measure  of  keen  and  successful
business  men,  will  become  wise  and  legitimate  needs  will  suffer  from  the
careless  destruction  of  confidence.
I  might  say  that  this  foreword  is  the  expression  of  an  individual  and
personal  opinion  only,  written  without  consultation  or  endorsement,  but
it  is  the  result  of  a  very  profound  interest  in  and  concern  for  the  wellbeing
  of  institutions  for  higher  education  and  the  students  who  emerge
therefrom  to  take  up  the  responsibilities  of  life.

Sincerely  yours,