June 25, 1969

Some Enjoy Giving Away Fortunes

Many people know how to spend money, but few know how to enjoy it.

Those of us who are still struggling with mortgages, over-due bills and the price of steak are fond of saying that money doesn't buy happiness.  Yet, wealth makes misery more bearable.

There are a fortunate few that know how to make money, and how to turn it to lasting satisfaction.

I have rubbed elbows with three such persons in my lifetime — the latest being Emory Seitz of York, Pennsylvania, who will observe his 89th birthday this week by writing a check to the Rotary Foundation for a thousand dollars.

Emory's check will help finance a full-year, all expense, overseas college scholarship for some promising youth.

He was a hard working salesman of chains, lived simply but well, saved his money, and risked some of his savings on investments that generally turned out profitable.

He retired from the chain business 18 years ago, and he and his wife began giving away their fortune to charities that interested them.  A hospital here, a college there, a church somewhere else.  There is hardly a worthy charity in York that hasn't been eased through a financial pinch by Emory.

A widower for the past six years, Emory carries on the giving alone.  "I don't want to be the richest man in the cemetery," he declares.  "I worked hard for what I have; I want the satisfaction of using it for things that interest me."

Francis Bolton, former Congresswoman from Cleveland, is another vital person who has kept young in her old age by spending on interesting and worthwhile projects the fortune left by her husband.

When a large power plant proposed to build on the Potomac River just across from George Washington's home at Mt. Vernon, Mrs. Bolton outbid the power firm for the acreage.  She then presented the property to the government "so the beautiful view from the Mt. Vernon veranda won't be spoiled."

She came to the aid of the several new African nations that were struggling to build an exhibit at the recent Montreal World's Fair.  Just when they were about to give up and go home for lack of money, Mrs. Bolton sent them a check for $300,000.

Charles Stewart Mott, of Flint, Michigan, is somewhere in his nineties if my memory is correct, and spends full time giving away the millions he made in helping build General Motors from the Buick buggy works.

He is most noteworthy for his Mott Foundation which provides a city-wide full-range recreational program for children, generous contributions to a local college (my Alma Mater) and night courses for adults.

It all started when he heard the school superintendent of Flint speak at a Rotary Club meeting of the need for recreation and adult education in the depression-wracked industrial community.

C.S. left the meeting to see his attorney and have him put machinery in motion for a foundation.  The next day Mott hired the superintendent to run the foundation and spend the millions of dollars poured into the project in the ensuing years.

These happy, wealthy people have several things in common besides that of having money:

• They care about people.
  
• They have wide interests.
  
• They are personally involved in the life of their communities.
  
• They are ladies and gentlemen in the old fashioned sense of courtesy and kindness to all regardless of economic or social station.

Oh, yes, they have something else mutually shared — longevity.  It is interesting to speculate that their long life results from their giving.  Certainly their outlook on life conditions the mind and body to tranquility and optimism.  Doctors tell us these things are conducive to good health.

It is unfortunate, in many ways, that this country's tax laws operate to prevent the accumulation of personal fortunes.  We have had our robber-barons and greedy speculators.  On the whole, however, we have had more philanthropists than misers.

There is a common misconception that much of the giving by the rich is motivated by tax savings.  In recent years a number of foundations have sprung up for the sole purpose of delaying taxes for those on the payrolls of the foundations.  In no case, however, are any taxes avoided on behalf of the sponsors.

From my personal acquaintance with the three subjects of this column, I know their motivation was the enjoyment they received in seeing their money enjoyed by others.

They have been criticized on occasion by those who contend their money could have been better spent on other projects.  Perhaps this is true.  The point is, however, that the ability to act decisively — without the necessity of committee approval or government grant — is a key ingredient in successful spending.

My friends acted as the spirit moved them.  They did not seek the gratitude of society, therefore they owe it nothing.  As a matter of fact, excessive accolades embarrass them.

Society at large has greatly benefited from private philanthropy.  In total, the personalities and interests of rich people with consciences has produced a wide variety of useful projects.

From the thousands of public libraries subsidized by Andrew Carnegie to the restoration of historic Williamsburg, Virginia, by John D.  Rockefeller, each of us has shared in the advantages of enlightened wealth.

Here's to the continued good health of Emory, Francis, and C.S.  -- may their tribe increase.

Author: Lindsey Williams