Colby Bicentennial Seal 1813-1863

June 30, 1896

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A deficit of $7,000 is cause for apprehension

Finance committee report: We are confronted with a condition and not a theory, and the condition appears serious enough to call for general consideration. While we try not to be pessimistic, we cannot conceal our alarm at the situation. A deficit of $7000 in the last year is enough in itself to cause great apprehension, but when we reflect that it is likely to be duplicated the present year, it becomes a serious matter. We should consider moral as well as financial aspects of affairs. Have we any moral right to use the principal of funds entrusted to us on the condition that we should use only the income? Not only does it cause our resources to shrink, but our moral nature to shrink also.