Philo Sherman Bennett Prize

The Philo Sherman Bennett Prize was established in 1905 by the will of Philo Sherman Bennett, of New Haven, Connecticut. Mr. Bennett’s will included the proviso “I give and bequeath to Wm. J. Bryan of Lincoln the sum of $10,000, in trust, however, to pay to twenty-five colleges or universities, to be selected by him, the sum of four hundred dollars each, said sum to be invested by each college receiving the same and the annual proceeds used for a prize for the best essay discussing the principal [sic] of free government.” After inheritance taxes were paid to New York (5 percent) and Connecticut (3 percent), each share was reduced to $368, but Bryan invested the funds before distributing them and soon was able to restore the original $400 bequests. William Jennings Bryan chose UT as one of the 25 to receive the funds, and the money was made available May 5, 1905. Originally, the prize was a $20 gold piece, awarded at commencement. Miss Nellie Hackney won the first prize, given in 1906.