A BAD PRECEDENT

The Harvard Graduate's Magazine in a recent issue has pointed out a striking example of the University's mismanagement of Funds. The Archibald Coolidge bequest of some six hundred and fifty thousand dollars for the Library has been diverted from its intended purpose. Instead of applying the interest of this sum to enriching the Library in any way, the Corporation has used the money to pay the so called "Library defleit" which is the part the Corporation contributes to the expenses of the Library. As a result, the Library's income remains the same as formerly, and it does not profit from the Coolidge bequest.

This kind of mal-administration is unfortunate from every point of view. Not only does the action deprive the College Library of the added income which was intended for it and which it very much needs, but it will also tend to discourage others from giving to the University. People will be little inclined to leave money to the College when they see the gifts of others used in such fashion. Further, to the donor's family and friend, this misuse of his bequest might seem almost a breach of faith.

In all fairness to the Library, and out of respect to the wishes of Archibald Coolidge, as well as for the sake of policy and precedent, the corporation ought to employ the interest of the amount not to relieve its own outlay, but to better in some way the University Library.