Part 2 - The Institute Libraries - Institute for Advanced Study

Through good fortune, such as I had no reason t o anticipate
with assurance, though for seven years I have eagerly look-
ed forward to it, L-e can in the ncar future probably asso-
ciate with ourselves in the department of economics two or
three rnerc.of genius, of unusual talent, and of high devo-
tion.7 1-am not prepared to state the absolute amount which
will-be needed to secure thcrn...but the amount will not at
first, in my judgment, exceed annually $50,000 or $60,000
in addition to our present expenditures.
I propose, therefore, to ask the Board to authorize me to
take such steps as nay be necessary to place ... economics
upon a basis approximately equivalent to that of the ather
two dcpartrnents. That will involve g~tting the men and
raising the funds.43
A discussion followcd, in which six Trustees participated: Aydelotte,
Riefler, Weed, Hardin, Veblen and Maass. Only the first two are reported
as having spoken in favor of the Director's intention to present a rese-
lution. Because of the obvious lack of a consensus favoring his plan, it
was apparently not proposed. Mr. Riefler's remarks presented a new reason
and program for economic research, indicating that he knew he would never
be enabled to study the depression period:
There is a special timeliness about developing economic
study at this time because various countries are engaged
in different types 05 economic experfmentation. But no-
where is there a group of detached and highly trained schol-
ars who are in a position to study their methods and their
results.,..To understand what is actually taking place
would be an enonnous service to every govexment in the world.
Schacht, for example, has in Germany done things nobody be-
lieved could be one...,What has been the...real result?
No one knows... 4t
The Board authoxizcd the Director to travel in Europe to "find
out what they are doing, how they view the problems, and ... to establish
cooperative relations. n45 The Director sailed on the 11th May and re-
turned at the end of June. He interviewed men in Geneva, France, and
England. He was tired and discouraged, and wrote memorandums which,
while they showed he welcomed the knowledge he was getting, and appeared