Postby JMcMillan » 10 Mar 2016, 14:39
Let us stipulate that Isaac Royall was, on the whole, a bad guy. His will, however, provided the bequest upon which the Harvard Law School is based, something for which the beneficiaries of that gift ought to be thankful as long as they continue to benefit from it. If the Royall bequest is tainted because it ultimately derived from slavery, then by all means repudiate it.
So let's see, $2,938 invested for 90 years at 19th century rates for long-term Treasury obligations, and then invested in low-risk equity index mutual funds--oh my God: $1.1 billion! Ummm.... well, gee, we wouldn't want to assuage our institutional guilt by cutting salaries, or faculty positions, or God forbid scholarships. I know: let's change the HLS coat of arms to erase any reference to Royall, and maybe change the name of the Royall professorship of law.
Yes, yes, that's it. Now we can carry on, smugly self-satisfied that we've righted that historical wrong.
Joseph McMillan
Alexandra, Virginia, USA