Address of Jane Lathrop Stanford Upon Her Inauguration As President of the Board

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Any other policy leads to neglect and extravagance rather than to efficiency and economy. There is no danger that the funds of the Uni- versity will be larger than the growing needs of the Institu- tion will demand. The richest universities all see new or larger fields of usefulness than they can enter upon. This is the healthy, normal state of universities.
In addition to providing for the present expenses and future needs of the institution itself the Trustees will find it necessary to make a
...dequate reserve funds to provide against destruction or deterioration of properties and depre- ciation of securities. I do not believe in drawing from the treasury all of its resources, but in keeping enough in reserve to meet any emergency that may arise. I have in the past ten years followed this practice strictly.
I am convinced that a larger and more commodious Library Building is required, and it will give me great pleas- ure, if I am spared, to erect this in the future.
The next subject to which I would call your special inter- est and attention in the future, is the Mechanical Depart- ments.


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