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Andrew Carnegie announces provision of $25,000 annual pensions for future U.S. ex-Presidents and their unmarried widows through the Carnegie Corporation, funded by $125,000,000 in securities. President Taft will be the first eligible upon retirement; he declines comment amid expected criticism.
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Carnegie Offers to Provide $25,000 a Year for Them
$125,000,000 IS SET ASIDE
Taft Will Be First Eligible—A Trust to Administer Fund—Widows Provided For, Too—President Refuses Comment.
New York.—Andrew Carnegie announced that he had determined to give pensions of $25,000 a year, as long as they are not provided by the nation, to all future ex-Presidents of the United States, and to their widows as long as they remain unmarried. This will be given to them through the Carnegie Corporation of New York, which was founded last year, and already has had transferred to it $125,000,000 of securities with the idea of perpetuating the ironmaster's work after he is dead.
No application will be required from future ex-Presidents or their widows. The announcement of these pensions was made at Mr. Carnegie's house, 1053 Fifth avenue, at the close of the second annual meeting of the Trustees of the Carnegie Corporation of New York. The official statement of the benefaction was:
"Provision has been made through this corporation for a pension for each future ex-President and his widow unmarried of $25,000 per year, as long as these remain unprovided for by the Nation, that they may be able to spend the latter part of their lives devoting their unique knowledge gained of public affairs to the public good free from pecuniary cares.
"These pensions will be promptly offered to the ex-Presidents or their widows, so that no application will be required from them."
The terms of the gift seem to exclude from participation the only living ex-President, Col. Theodore Roosevelt. President Taft, when he retires from office next March, will be the first beneficiary, if he accepts Mr. Carnegie's offer. Mrs. Grover Cleveland, who is soon to marry Professor Thomas J. Preston, and the widow of President Harrison are the only two widows of former Presidents of the United States.
Washington.—President Taft declined to comment upon the plan of the Carnegie Foundation to grant an annual pension of $25,000 to ex-Presidents of the United States. Indications were that the Carnegie plan would be severely criticised by members of Congress and officials in Washington. While no one pretended to be able to express President Taft's views, it was the belief of some of his friends that the President would give this matter very serious consideration before committing himself to it.
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New York
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pensions of $25,000 per year to be provided to future ex-presidents and their unmarried widows as long as not provided by the nation; no application required; excludes current ex-president roosevelt; taft expected to be first beneficiary.
Event Details
Andrew Carnegie announced at his New York home, following a Carnegie Corporation meeting, the establishment of pensions for future ex-Presidents and their widows to allow them to devote time to public good without financial worries. The corporation, with $125,000,000 in securities, will administer the fund. President Taft in Washington declined comment, with indications of potential criticism from Congress.