His Last Vision

Although Mr. Stetson was actively engaged in school work for more than forty years, he gathered property, principally, in western lands. Early in the seventies he commenced buying farms in the West and he continued making these investments until the last few years of his life. His method of doing business was characteristic of the man and explains his success. He did not buy to sell but to hold, he did not speculate. He had an extended and accurate knowledge of the middle West and land values. All his investments were made on personal knowledge and his own judgment of the possibilities of the property bought.

Mr. Stetson conveyed all his property to a corporation, to be held by it, as trustee. After this fund amounts to ten million dollars, the income is to be paid to a Board of Trustees, who are to use it for building and maintaining a University. The special features of this gift are the provisions made for increasing the endowment of this University to twenty-five million dollars and founding a Col

lege of the Home, and also the new conceptions of the missions of the College of Education, the College of Sociology, the College of Art and the College of Music as outlined in the document conveying the property.

He also made provision for having five hundred thousand dollars kept at interest until it amounts to ten million dollars, when the income of this fund shall be used to establish and maintain an enterprise to be known as an Institution of Educational Research.

Mr. Stetson, in an elaborate document, gives an outline of the work to be done by both these institutions, but leaves those who will be in control free to administer them under the conditions in which the work will be done.

Mr. Stetson's scheme for furnishing aid to students and his provisions for making the pensioning of college professors unnecessary, show how clearly he saw the objectionable features of the Cecil Rhodes and Carnegie endowments. While each beneficiary is amply provided for, still no one can feel he is placing himself in a dependent class by accepting the aid this gift makes available. The recipient also enjoys the independence incident to managing his own finances. The provisions for the admission of students to the University and the terms on which they may retain this connection are somewhat unique, as is also the treatment that is to be accorded those who are guilty of acts of vandalism or hazing. His strictures on certain

In no

vicious practices, now called athletics, are severe. other institution are to be found such ample and expensive facilities for physical training. The scholastic work of the University is given first place and its requirements will seriously interfere with brutal gladiatorial exhibitions.

The statements outlining the purposes of the University, in epigrammatic sentences, are only suggestions of the volumes that might be written on these themes.

The following document is a codicil, prepared by William Wallace Stetson during his last sickness, which it was his intention to attach to his will in case he survived his wife. It was not executed, but it is a complete statement of his desire with respect to the disposition and management of the property jointly accumulated by them. The wishes and purposes herein expressed are embodied in the will of Mrs. Stetson, with the hope that it will furnish a valuable outline and guide for those intrusted with the administration of the fund bequeathed.

It is here published as showing better than anything else the quality of Mr. Stetson's mind and heart and for its suggestiveness to other educators. It is remarkable as the vision of a departing soul, unclouded by the pains and weakness of a vanishing body. Many have built air-castles which they never even hoped to see realized; this is more than a day-dream. It shows that he loved and cared for distant generations as much as he loved and cared for the genera

tion which he served to his utmost during his life on earth.

"Whereas I, William Wallace Stetson, of Auburn in the county of Androscoggin and state of Maine, on the twentythird of March A. D. one thousand nine hundred and four, made and executed my last will and testament in writing; and Whereas I there gave, devised and bequeathed to my wife, Rebecca Jane Stetson, all my estate and Whereas my said wife and myself have considered and agreed upon the final disposition of our several estates and are agreed in our desire to carry out the purposes hereinafter expressed as to the final disposition of our estates after both have deceased and Whereas, in view of the importance of the purposes involved in the final disposition of said property I desire to guard against the failure of said purposes, by reason of any contingency, Now therefore, I do hereby make, publish and declare this codicil to my said last will and testament, to be annexed thereto and to be taken as a part thereof, and provide as follows:

1. In event that the death of my said wife shall occur before my own or at the same time with my own death, but not otherwise, then I hereby revoke the devise and bequest to my said wife, contained in my said will, and give, devise and bequeath all my estate, real, personal and mixed of whatever nature and wherever situated to the

Trust Company, its successors and assigns, to be held by it,

however, as trustee, in trust for the purposes herein-after set forth, to wit:

:

2. The said Trust Company, herein-after designated as said Trust Company, shall have full control of said real estate and personal property, as such trustee, subject only to the further provisions herein contained, with full power to sell, transfer or change the form of any part or all of said property, in such manner as it may deem best for the proper investment of the fund herein provided, and may execute and deliver any instrument necessary or proper to give full title thereto, and shall invest my said estate, or the proceeds thereof, together with the income accruing therefrom, as it decides is safe and most profitable, and it shall report in detail all properties and securities held under this trust, together with all evidences of ownership of the same, on the first day of January of each year, to the Board of Trustees herein-after provided for, and said properties and securities, together with the income accruing from the same, shall be known as the STETSON FUND. The said Trust Company shall receive five per cent. of the income of said Fund in full payment for all services rendered and expenses incurred in investing said Fund, collecting the income of the same and doing all other acts and things necessary for their care and for the disbursement of the income after said Fund amounts to Ten Million ($10,000,000.00) Dollars.