University of Virginia Library

University Pride

He mentioned his pride in the University's
role in pioneering the use of revenue bonds for
the financing of dormitories and eating
facilities, by means of which the initial cost to
the taxpayers is repaid gradually over the years
by the proceeds from rent of the facilities.

Mr. Shannon attributed to this method of
fund raising a "healthy division of cost whereby
taxpayers in general, and the tax-paying parents
of college students who live at home, do not
contribute to the housing or food of dormitory
students."

He then expressed his belief that the tax
resources of the state can be applied now to the
cost of education itself, rather than the cost of
a student's residence.

Commenting on the cost of education to
students and the benefit of higher education to
the society in general, Mr. Shannon mentioned
the increase in earning power of the
individual as an argument for investment in
education.

But he added that "in today's complex
society, we must add the incontrovertible
argument that all society gains from an
educated population and loses from an ignorant
one."

"The taxpayer who has no children in
college, or in teacher training, or in Medical, or
in Law School, still benefits from the education
of those who build the buildings, or cure illness,
or teach the neighborhood children, or dispense
justice in the courts."