Cedarville College Bulletin, October 1922

are free from the changing whims of public sentiment and criticism, and can stand firm. A college which wobbles :financialiy cannot stand strong morally. Too much emphasis cannot be placed on what a college stands for but it must have something to stand upon. The endowed institution is PERMANENT. As the General Education Board puts it: "Endow or die has been the universal imperative in higher education." Did you read recently that Harvard University has been compelled to close its doors and go out of business? You did not. Besides its spiritual assets, some thirty millions of endowment stand between Harvard and bankruptcy. You might have read this, however, about more than a hundred small colleges which have gone out of existence during the last fifty years. When the crisis came, they had no endowment to protect them. Their students are scattered, their diplomas worthless, and nothing is left from the sacrifice and generosity of friends but unpaid obligations and disappointed hopes. Would you have that said of your college? "The success of any institution depends vary largely upon its guaranty of permanency. Especially is this true of a college. The greatest faculty could not carry the student body with it to a tempor~ arily operated institution a hundred miles distant. It is impossible to secure permanency without endowment. There must come lean years for colleges as for individuals and corporations. Decreased patronage or increased costs may send the unendowed college upon - t5 -