 The first endowed chair at Cornell was the Professorship of Hebrew and Oriental Literature and History donated by New York City financier Joseph Seligman in 1874 , with the proviso that he ( Seligman ) would nominate the <unk> ; and following his wishes , Dr. Felix Adler ( Society for Ethical Culture ) , was appointed . After two years , Professor Adler was quietly let go . Seligman demanded an inquiry . On rebuffing Joseph Seligman in 1877 , the Trustees established one of their guiding principles governing the receipt of gifts , " That in the future no Endowment of Professorships will be accepted by the ( Cornell ) University which deprives the Board of Trustees of the power to Select The persons who shall fill such professorships " . 
