Yale is to be congratulated on the $2,000,000 bequest in the wills of C. F. Depew, Sr. and C. F. Depew, Jr. This gift should be particularly timely in view of the progressive Eli program exemplified by the Quadrangle system, now in the process of construction, and the recently announced reorganization of the curriculum. If this policy is to be continued it is probable that money will be needed to remedy the first dislocating effect that often is the inevitable corollary of progress.

The worth of this bequest is not so much in its size as in the complete freedom that the University is allowed in its use. Large endowments are too often for some particular purpose. The result is an irregular growth which tends to keep current expenses high and raises rather than lowers the cost of a college education. Unconditional bequests such as this swell the sometimes neglected endowment funds and help to lessen the expensive discrepancy that often exists in the Universities between the endowed and the unendowed branches.