Trust of Holdeen

OPINION OF THE COURT

ROBERTS, Justice.

Jonathan Holdeen believed a system of “cumulative endowments” for government should replace taxation. Under Holdeen’s system, governments would “create or receive funds which shall be invested in productive investments and the income of which fund shall be wholly or partly accumulated until the amount of such funds shall be large enough so that the income thereof will pay all governmental expenses.” 1 Between 1945 and 1955, Holdeen sought to establish five “cumulative endowments” for the Commonwealth of Pennsylvania. Holdeen placed comparatively modest…