As a public institution, they should preserve something this important.
The New Jersey Historical Society is a state-wide, private, non profit historical museum, library, and archives dedicated to collecting, preserving, and interpreting the rich and intricate political, social, cultural and economic history of New Jersey to the broadest possible audiences.
They are a private museum.
Yes, it would be better for them to go out of business and auction off everything to pay their debts. Or maybe the state should bail them out and just raise our taxes to pay for it.
OK, sorry. But I am just making the point that organizations as well as individuals must sometimes to things they'd rather not do when faced with a choice between life and death. Seriously, how would you resolve a situation like this if you needed to raise over $1 million? I'm sure the decision was made after considering many alternatives.