Thegoverningboards——trustees，regents，curators，fellows，whatevertheirstyleandtitle——areanaimlesssurvivalfromthedaysofclericalrule，whentheywerepresumablyofsomeeffectinenforcingconformitytoorthodoxopinionsandobservances，amongtheacademicstaff。Atthattime，whenmeansformaintenanceofthedenominationalcollegescommonlyhadtobeprocuredbyanappealtoimpecuniouscongregations，itfelltothesebodiesofchurchmentodoserviceassturdybeggarsforfundswithwhichtomeetcurrentexpenses。Sothataslongastheboardsweremadeupchieflyofclergymentheyservedapecuniarypurpose;whereas，sincetheircomplexionhasbeenchangedbythesubstitutionofbusinessmenintheplaceofecclesiastics，theyhaveceasedtoexerciseanyfunctionotherthanabootlessmeddlingwithacademicmatterswhichtheydonotunderstand。Thesolegroundoftheirretentionappearstobeanunreflectingdeferentialconcessiontotheusagesofcorporateorganizationandcontrol，suchashavebeenfoundadvantageousforthepursuitofprivategainbybusinessmenbandedtogetherintheexploitationofjoint—stockcompanieswithlimitedliability。（1*）
　　Thefactremains，themoderncivilizedcommunityisreluctanttotrustitsseriousintereststoothersthanmenofpecuniarysubstance，whohaveprovedtheirfitnessforthedirectionofacademicaffairsbyacquiring，orbyotherwisebeingpossessedof，considerablewealth。（2*）Itisnotsimplythatexperiencedbusinessmenare，onmaturereflection，judgedtobethesafestandmostcompetenttrusteesoftheuniversity’sfiscalinterests。
　　Thepreferenceappearstobealmostwhollyimpulsive，andamatterofhabitualbias。Itisdueforthegreaterparttothehighesteemcurrentlyaccordedtomenofwealthatlarge，andespeciallytowealthymenwhohavesucceededinbusiness，quiteapartfromanyspecialcapacityshownbysuchsuccessfortheguardianshipofanyinstitutionoflearning。Businesssuccessisbycommonconsent，andquiteuncritically，takentobeconclusiveevidenceofwisdomeveninmattersthathavenorelationtobusinessaffairs。Sothatitstandsasamatterofcoursethatbusinessmenmustbepreferredfortheguardianshipandcontrolofthatintellectualenterpriseforthepursuitofwhichtheuniversityisestablished，aswellastotakecareofthepecuniarywelfareoftheuniversitycorporation。And，fullofthesamenaivefaiththatbusinesssuccess"answerethallthings，"
　　thesebusinessmenintowhosehandsthistrustfallsarecontenttoaccepttheresponsibilityandconfidenttoexercisefulldiscretioninthesematterswithwhichtheyhavenospecialfamiliarity。Suchistheoutcome，tothepresentdate，oftherecentandcurrentsecularizationofthegoverningboards。Thefinaldiscretionintheaffairsoftheseatsoflearningisentrustedtomenwhohaveprovedtheircapacityforworkthathasnothingincommonwiththehigherlearning。（3*）
　　AsbearingonthecaseoftheAmericanuniversities，itshouldbecalledtomindthatthebusinessmenofthiscountry，asaclass，areofanotablyconservativehabitofmind。Inadegreescarcelyequalledinanycommunitythatcanlayclaimtoamodicumofintelligenceandenterprise，thespiritofAmericanbusinessisaspiritofquietism，caution，compromise，collusion，andchicane。Itisnotthatthespiritofenterpriseorofunrestiswantinginthiscommunity，butonlythat，byselectiveeffectoftheconditioningcircumstances，personsaffectedwiththatspiritareexcludedfromthemanagementofbusiness，andsodonotcomeintotheclassofsuccessfulbusinessmenfromwhichthegoverningboardsaredrawn。Americaninventorsareboldandresourceful，perhapsbeyondthecommonrunoftheirclasselsewhere，butithasbecomeacommonplacethatAmericaninventorshabituallydiepoor;andonedoesnotfindthemrepresentedontheboardsinquestion。Americanengineersandtechnologistsareasgoodandefficientastheirkindinothercountries。buttheydonotasaclassaccumulatewealthenoughtoentitlethemtositonthedirectiveboardofanyself—respectinguniversity，norcantheyclaimevenamoderaterankas"safeandsane"menofbusiness。Americanexplorers，prospectorsandpioneerscannotbesaidtofallshortofthecommonmeasureinhardihood，insight，temerityortenacity;butwealthdoesnotaccumulateintheirhands，anditisacommonsaying，ofthemasoftheinventors，thattheyarenotfittoconducttheirown（pecuniary）affairs;andthereminderisscarcelyneededthatneithertheynortheirqualitiesaredrawnintothecounselsofthesegoverningboards。ThewealthandtheserviceableresultsthatcomeoftheendeavoursoftheseenterprisingandtemerariousAmericanshabituallyinuretothebenefitofsuchoftheircompatriotsasareendowedwitha"safeandsane"spiritof"watchfulwaiting，"——ofcaution，collusionandchicane。Thereisahomelybutwell—acceptedAmericancolloquialismwhichsaysthat"Thesilenthogeatstheswill。"
　　Aselsewhere，butinahigherdegreeandamorecogentsensethanelsewhere，successinbusinessaffairs，insuchmeasureastocommandtherequisitedeference，comesonlybygettingsomethingfornothing。And，baring——accidentsandwithinthelaw，itisonlythewaitinggameandthedefensivetacticsthatwillbringgainsofthatkind，unlessitbestrategyofthenatureoffinesseandchicane。NowithappensthatAmericanconditionsduringthepastonehundredyearshavebeenpeculiarlyfavourabletothepatientandcircumspectmanwhowillratherwaitthanwork;anditisalsoduringthesehundredyearsthatthecurrenttraditionsandstandardsofbusinessconductandofbusinessliketalenthavetakenshapeandbeenincorporatedinthecommunity’scommonsense。Americahasbeenalandoffreeandaboundingresources;whichistosay，whenconvertedintotermsofeconomictheory，thatitisthelandoftheunearnedincrement。Inalldirections，whereverenterpriseandindustryhavegone，theopportunitywaswideandlargeforsuchashadthepatienceorastutenesstoplacethemselvesinthewayofthismultifariousflowoftheunearnedincrement，andwereendowedwiththeretentivegrasp。Puttingasidetheillusionsofpublicspiritanddiligentserviceability，sedulouslycultivatedbytheapologistsofbusiness，itwillreadilybeseenthatthegreatmassofreputablylargefortunesinthiscountryareofsuchanorigin;norwillitcostanythingbeyondasimilarlesiontotheaffectionstoconfirmtheviewthatsuchistheoriginandlineofderivationoftheAmericanpropertiedbusinesscommunityanditscanonsofrightandhonestliving。
　　Itisacommonsayingthatthemoderntastehasbeenundulycommercializedbytheunremittingattentionnecessarilygiventomattersofpriceandofprofitandlossinanindustrialcommunityorganizedonbusinessprinciples;thatpecuniarystandardsofexcellencearehabituallyacceptedandappliedwithunduefreedomandfinality。Butwhatisscarcelyappreciatedatitsfullvalueisthefactthatthesepecuniarystandardsofmeritandefficiencyarehabituallyappliedtomenaswellastothings，andwithlittlelessfreedomandfinality。Themanwhoapplieshimselfundeviatinglytopecuniaryaffairswithaviewtohisowngain，andwhoishabituallyandcautiouslyalerttothemainchance，isnotonlyesteemedforandinrespectofhispecuniarysuccess，butheisalsohabituallyratedhighatlarge，asaparticularlywiseandsaneperson。Heisdeferredtoasbeingwiseandsanenotonlyinpecuniarymattersbutalsoinanyothermattersonwhichhemayexpressanopinion。
　　Averyfewgenerationsago，beforethepresentpecuniaryeraofcivilizationhadmadesuchheadway，andbeforethecommonmaninthesecivilizedcommunitieshadlostthefearofGod，thelikewide—sweepingandobsequiousvenerationanddeferencewasgiventotheclergyandtheiropinions;forthechurchmenwerethen，inthepopularapprehension，proficientinallthosemattersthatwereofmostsubstantialinteresttothecommonmanofthattime。
　　Indeed，thesalvationofmen’ssoulswasthenamatterofasgraveanduntiringsolicitudeastheircommercialsolvencyhasnowbecome。Andthetrainedefficiencyofthesuccessfulclergymanofthattimefortheconductofspiritualandecclesiasticalaffairslenthimaprestigewithhisfellowmensuchastogivehisopinions，decisionsandpreconceptionsgreatandunquestionedweightintemporalmattersaswell;hewasthenacceptedasthetypeofwise，saneandbenevolenthumanity，inhisownesteemaswellasintheesteemofhisfellows。Inlikemanneralso，inothertimesandunderotherculturalconditionsthefighting—manhasheldthefirstplaceinmen’sesteemandhasbeendeferredtoinmattersthatconcernedhistradeandinmattersthatdidnot。
　　Now，inthathardandfastbodyofaphoristicwisdomthatcommandsthefaithofthebusinesscommunitythereiscomprisedtheconvictionthatlearningisofnouseinbusiness。Thisconvictionis，further，backedupandcolouredwiththetenet，heldsomewhatdoubtfully，butalso，andtherefore，somewhatdoggedly，bythecommonrunofbusinessmen，thatwhatisofnouseinbusinessisnotworthwhile。Morethanoneofthegreaterbusinessmenhavespoken，advisedlyandwithemphasis，totheeffectthatthehigherlearningisratherahindrancethanahelptoanyaspirantforbusinesssuccess;（4*）moreparticularlytoanymanwhoselotiscastinthefieldofbusinessenterpriseofamiddlingscaleandcommonplacecircumstances。Andnotoriously，thelikeviewofthematterprevailsthroughoutthebusinesscommunityatlarge。Whatthesemenarelikelytohaveinmindinpassingthisverdict，asshownbyvariousexpressionsonthishead，isnotsomuchthehigherlearninginthepropersense，butratherthatslightpreliminarymodicumthatistobefoundembodiedinthecurriculumofthecolleges，——forthecommonrunofbusinessmenarenotsufficientlyconversantwiththesematterstoknowthedifference，orthatthereisadifference，betweenthecollegeandtheuniversity。Theyarebusywithotherthings。
　　Itistrue，menwhoseconstructionofthefactsiscolouredbytheirwishtocommendtheschoolstothegoodwillofthebusinesscommunityprofesstofindgroundforthebeliefthatuniversitytraining，orratherthetrainingoftheundergraduateschool，givesaddedfitnessforabusinesscareer，particularlyforthelargerbusinessenterprise。Buttheycommonlyspeakapologeticallyandofferextenuatingconsiderations，suchasvirtuallytoconcedethecase，atthesametimethattheyareverypronetoevadetheissuebydwellingonaccessoryandsubsidiaryconsiderationsthatdonotsubstantiallytouchthequestionoftrainedcapacityfortheconductofbusinessaffairs。（5*）Theapologistscommonlyshiftfromtheundebatablegroundofthehigherlearningasrelatedtobusinesssuccess，tothemoredefensiblegroundoftheundergraduatecurriculum，consideredasintroductorytothosesocialamenitiesthatdevolveonthesuccessfulmanofbusiness;andinsofarastheyconfinethemselvestothetopicofeducationandbusinesstheycommonlyspendtheireffortsinarguingforthebusinessutilityofthetrainingaffordedbytheprofessionalandtechnicalschools，includedwithintheuniversitycorporationorotherwise。Thereisgroundfortheircontentioninsofaras"universitytraining"is（bysubreption）takentomeantraininginthose"practical"
　　branchesofknowledge（Law，Politics，Accountancy，etc。）thathaveaplacewithintheuniversityprecinctsonlybyforceofanon—sequitur。Andthespokesmenfortheseviewsarecommonlyalso，andsignificantly，eagertomakegoodtheircontentionbyadvocatingtheintroductionofanincreasedproportionofthese"practical"subjectsintothescheduleofinstruction。
　　Thefactsarenotoriousandleavelittleroomforcavilonthemeritsofthecase。ParticularlyistheawardofthefactsunequivocalinAmerica，——thenativegroundoftheself—madebusinessman，andatthesametimethemostadmirablythorough—pacedbusinesscommunityextant。TheAmericanbusinesscommunityiswellenoughasitis，withoutthehigherlearning，anditisfullysensiblethatthehigherlearningisnotabusinessproposition。
　　Butagoodruleworksbothways。Ifscholarlyandscientifictraining，suchasmaywithoutshamebeincludedunderthecaptionofthehigherlearning，unfitsmenforbusinessefficiency，thenthetrainingthatcomesofexperienceinbusinessmustalsobeheldtounfitmenforscholarlyandscientificpursuits，andevenmorepronouncedlyforthesurveillanceofsuchpursuits。Thecircumstantialevidenceforthelatterpropositionisneitherlessabundantnorlessunequivocalthanfortheformer。Ifthehigherlearningisincompatiblewithbusinessshrewdness，businessenterpriseis，bythesametoken，incompatiblewiththespiritofthehigherlearning。Indeed，withintheordinaryrangeoflawfuloccupationsthesetwolinesofendeavour，andtheanimusthatbelongstoeach，areaswidelyoutoftouchasmaybe。Theyarethetwoextremetermsofthemodernculturalscheme;
　　althoughatthesametimeeachisintrinsicandindispensabletotheschemeofmoderncivilizationasitruns。Withtheexcisionorseriouscripplingofeither，WesternCivilizationwouldsufferadislocationamountingtoarevolutionarychange。
　　Ontheotherhand，thehigherlearningandthespiritofscientificinquiryhavemuchincommonwithmodernindustryanditstechnologicaldiscipline。Moreparticularlyisthereaclosebondofsympathyandrelationshipbetweenthespiritofscientificinquiryandthehabitofmindenforcedbythemechanicalindustriesofthemodernkind。Inbothoftheselinesofactivitymenareoccupiedwithimpersonalfactsanddealwiththeminamatter—of—factway。Inboth，asfarasmaybe，thepersonalequationissoughttobeeliminated，discountedandavoided，soastoleavenochancefordiscrepanciesduetopersonalinfirmityorpredilection。Butitisonlyonitsmechanicalsidethattheindustrialorganizationsocomesintouchwithmodernscienceandthepursuitofmatter—of—factknowledge;anditisonlyinsofarastheirhabitsofthoughtareshapedbythedisciplineofthemechanicalindustriesthatthereisinducedintheindustrialpopulationthesamebentasgoestofurtherortoappreciatetheworkofmodernscience。Butitwouldbequitenugatorytosuggestthatthegoverningboardsoftheuniversitiesshouldbemadeupof，orshouldcomprise，impecunioustechnologistsandengineers。
　　Thereisnosimilarbondofconsanguinitybetweenthebusinessoccupationsandthescientificspirit;exceptsofarasregardsthoseclericalandsubalternemploymentsthatliewhollywithinthemechanicalroutineofbusinesstraffic;andevenasregardstheseemploymentsandthepersonssooccupieditis，atthemost，doubtfulwhethertheirtrainingdoesnotafterallpartakemoreofthatastuteandinvidiouscharacterofcunningthatbelongstotheconductofbusinessaffairsthanofthedispassionateanimusofscientificinquiry。
　　Theseextenuatingconsiderationsdonottouchthecaseofthatbodyofbusinessmen，inthepropersenseoftheterm，fromwhichthemembershipofthegoverningboardsisdrawn。Theprinciplesthatrulebusinessenterpriseofthatlargerandpecuniarilyeffectualsortareamatterofusage，appraisement，contractualarrangementandstrategicmanoeuvres。Theyaretheprinciplesofagameofcompetitiveguessingandpecuniarycoercion，agamecarriedonwhollywithinthelimitsofthepersonalequation，anddependingforitsmovementandeffectonpersonaldiscrepanciesofjudgment。Sciencehastodowiththeopaquelyveracioussequenceofcauseandeffect，anditdealswiththefactsofthissequencewithoutmentalreservationorulteriorpurposesofexpediency。Businessenterpriseproceedsonulteriorpurposesandcalculationsofexpediency;itdependsonshrewdexpedientsandlivesonthemarginoferror，onthefluctuatingmarginofhumanmiscalculation。Thetraininggivenbythesetwolinesofendeavour——scienceandbusiness——iswhollydivergent;withthenotoriousresultthatforthepurposesofbusinessenterprisethescientistsarethemostignorant，gullibleandincompetentclassinthecommunity。Theyarenotonlypassivelyoutoftouchwiththebusinessspirit，outoftrainingbyneglect，buttheyarealsopositivelytrainedoutofthehabitofmindindispensabletobusinessenterprise。Theconverseistrueofthemenofbusinessaffairs。（6*）
　　Plato’sclassicschemeoffolly，whichwouldhavethephilosopherstakeoverthemanagementofaffairs，hasbeenturnedonitshead;themenofaffairshavetakenoverthedirectionofthepursuitofknowledge。Toanyonewhowilltakeadispassionatelookatthismodernarrangementitlooksfoolish，ofcourse，——ingeniouslyfoolish;but，also，ofcourse，thereisnohelpforitandnoprospectofitsabatementinthecalculablefuture。
　　Itisafactofthecurrentstateofthings，groundedintheinstitutionalfabricofChristendom;anditwillavaillittletospeculateonremedialcorrectionsforthisstateofacademicaffairssolongastheinstitutionalgroundofthisperversionremainsintact。Itsinstitutionalgroundisthecurrentsystemofprivateownership。Itclaimstheattentionofstudentsasafeatureofthelatterdayculturalgrowth，asanoutcomeofthepecuniaryorganizationofmodernsociety，anditistobetakenasabase—lineinanyinquiryintothepolicythatcontrolsmodernacademiclifeandwork——justasanyinquiryintothecircumstancesandestablishmentsoflearninginthedaysofscholasticismmusttakeaccountoftheecclesiasticalruleofthattimeasoneofthemaincontrollingfactsinthecase。Thefactisthatbusinessmenholdtheplenarydiscretion，andthatbusinessprinciplesguidethemintheirmanagementoftheaffairsofthehigherlearning;andsuchmustcontinuetobethecasesolongasthecommunity’sworkdaymaterialinterestscontinuetobeorganizedonabasisofbusinessenterprise。Allthisdoesnotpromisewellforthefutureofscienceandscholarshipintheuniversities，butthecurrenteffectsofthismethodofuniversitycontrolaresufficientlypatenttoallacademicmen，——andthewholesituationshouldperhapstroublethemindofnoonewhowillbeatpainstofreehimselffromthe（possiblytransient）preconceptionthat"theincreaseanddiffusionofknowledgeamongmen"is，intheend，moretobedesiredthantheacquisitionandexpenditureofrichesbytheastutermeninthecommunity。
　　ManyofthosewhofancythemselvesconversantwiththecircumstancesofAmericanacademiclifewouldquestiontheviewsetforthabove，andtheywouldparticularlydenythatbusinessprinciplesdoorcanpervadethecorporatemanagementoftheuniversitiesinanythinglikethedegreehereimplied。Theywouldcontendthatwhiletheboardsofcontrolarecommonlygiftedwithallthedisabilitiesdescribed——thatmuchbeingnotopentodispute——yettheseboardsdonot，onthewhole，inpractice，extendtheexerciseoftheirplenarydiscretiontothedirectivecontrolofwhatareproperlyspeakingacademicmatters;thattheyhabituallyconfinetheirworkofdirectorshiptothepecuniaryaffairsofthecorporation;andthatinsofarastheymayattimesinterfereintheuniversity’sscholarlyandscientificwork，theydosointheircapacityasmenofculture，notasmenofpropertyorofenterprise。Thislatterwouldalsobetheviewtowhichthemenofpropertyontheboardswouldthemselvesparticularlyincline。Soitwillbeheldbythespokesmenofcontentthatvirtuallyfulldiscretioninallmattersofacademicpolicyisdelegatedtotheacademicheadoftheuniversity，fortifiedbytheadviceandconsentoftheseniormembersofhisfaculty;bythefreechoiceofthegoverningboards，inpracticedrawnoutfromunderthecontrolofthesebusinessmeninquestionandplacedinthehandsofthescholars。Andsuch，commonly，isatleastostensiblythecase，inpointofform;moreparticularlyasregardsthoseolderestablishmentsthatareburdenedwithacademictraditionsrunningbackbeyondthedatewhentheirgoverningboardsweretakenoverbythebusinessmen，andmoreparticularlyintherecentpastthanintheimmediatepresentorfortheestablishmentsofamorerecentdate。
　　Thiscomplaisantviewoverlooksthefactthatmucheffectivesurveillanceoftheacademicworkisexercisedthroughtheboard’scontrolofthebudget。Theacademicstaffcandolittleelsethanwhatthespecificationsofthebudgetprovidefor;
　　withoutthemeanswithwhichthecorporateincomeshouldsupplythemtheyareashelplessasmightbeexpected。
　　Imbuedwithanalertsenseofthosetangiblepecuniaryvalueswhichtheyarebyhabitandtemperamentinapositiontoappreciate，asagaciousgoverningboardmay，forinstance，determinetoexpendthegreaterproportionoftheavailableincomeoftheuniversityinimprovinganddecoratingitsrealestate，andtheymaywithbusinesslikethriftsetasideanappreciableproportionoftheremainderforasinkingfundtomeetvaguelyunforeseencontingencies，whiletheacademicstaffremains（notoriously）underpaidandsoscantilyfilledasseriouslytocurtailtheirworkingcapacity。Ortheboardmay，again，ashasalsohappened，takeathriftyresolutionto"concede"onlyafraction——saytenorfifteenper—cent——ofthedemandsofthestaffforbooksandsimilarworkingmaterialsforcurrentuse;whilesettingasideagoodshareofthefundsassignedforsuchuse，toaccumulateuntilatsomefuturedatesuchmaterialsmaybepurchasedatmorereasonablepricesthanthosenowruling。Theseillustrationsarenotsuppliedbyfancy。
　　Thereis，indeed，avisiblereluctanceonthepartofthesebusinesslikeboardstoexpendthecorporation’sincomeforthoseintangible，immaterialusesforwhichtheuniversityisestablished。Theseusesleavenophysical，tangibleresidue，inthewayofdurablegoods，suchaswilljustifytheexpenditureintermsofvendiblepropertyacquired;thereforetheyareprimafacieimbecile，andcorrespondinglydistasteful，tomenwhosehabitualoccupationiswiththeacquisitionofproperty。Byforceofthesamebusinesslikebiastheboardsunavoidablyinclinetoapportionthefundsassignedforcurrentexpensesinsuchawayastofavourthose"practical"orquasi—practicallinesofinstructionandacademicpropagandathatarepresumedtoheightenthebusinessacumenofthestudentsortoyieldimmediatereturnsinthewayofacreditablepublicity。
　　Astothedelegationofpowerstotheacademichead。Thereisalwaysthereservationtobekeptinmind，thattheacademicheadislimitedinhisdiscretionbythespecificationsofthebudget。
　　Thepermissibledeviationsinthatrespectarecommonlyneitherwidenorofasubstantialcharacter;thoughtheinstancesofauniversitypresidentexercisinglargepowersarealsonotextremelyrare。Butincommonpractice，itistobenoted，theacademicheadisvestedwithsomewhatautocraticpowers，withinthelineseffectuallylaiddowninthebudget;heisineffectresponsibletothegoverningboardalone，andhisresponsibilityinthatdirectionchieflytoucheshisobservanceofthepecuniaryspecificationsofthebudget。
　　Butitismoretothepointtonotethattheacademicheadcommonlyholdsofficebychoiceofthegoverningboard。Wherethepowerofappointmentliesfreelyinthediscretionofsuchaboard，theboardwillcreateanacademicheadinitsownimage。
　　Inpointofnotoriousfact，theacademicheadoftheuniversityisselectedchieflyongroundsofhisbusinessqualifications，takingthatexpressioninasomewhatspecialsense。Thereisatpresentanincreasinglybroadandstrenuousinsistenceonsuchqualificationsinthemenselectedasheadsoftheuniversities;
　　andthecommonsenseofthecommunityatlargebearsoutthepredilectionsofthebusinesslikeboardofcontrolinthisrespect。Thenewincumbentsareselectedprimarilywithaviewtogivethedirectionofacademicpolicyandadministrationmoreofabusinesslikecharacter。Thechoicemaynotalwaysfallonacompetentbusinessman，butthatisnotduetoitsincliningtoofartothesideofscholarship。Itisnotaneasymatterevenforthemostastutebodyofbusinessmentoselectacandidatewhoshallmeasureuptotheirstandardofbusinesslikeefficiencyinafieldofactivitythathassubstantiallynothingincommonwiththatbusinesstrafficinwhichtheirpreconceptionsofefficiencyhavebeenformed。
　　Inmanycasesthealumnihavemuchtosayinthechoiceofanewacademichead，whetherbycourtesyorbyexpressprovision;
　　andtheresultsunderthesecircumstancesarenotsubstantiallydifferent。Itfollowsasaninevitableconsequenceofthecurrentstateofpopularsentimentthatthesuccessfulbusinessmenamongthealumniwillhavethedecidingvoice，insofarasthematterrestswiththealumni;forthesuccessfulmenofaffairsassertthemselveswitheasyconfidence，andtheyarelookedupto，inanycommunitywhosestandardsofesteemarebusinessstandards，sothattheirwordcarriesweightbeyondthatofanyotherclassororderofmen。Thecommunityatlarge，oratleastthatportionofthecommunitythathabituallymakesitselfheard，speakstothesameeffectandonthesameground，——viz。，asentimentalconvictionthatpecuniarysuccessisthefinaltestofmanhood。
　　Businessprinciplesarethesacredarticlesofthesecularcreed，andbusinessmethodsmakeuptheritualofthesecularcult。
　　Theoneclearnoteofacclaimthatgoesup，fromtheavowedadeptsofcultureandfromthosewithoutthepale，whenanewheadhas，asrecentlybeencalledtooneofthegreateruniversities，isincommendationofhisbusinesscapacity，"commercialsense，"executiveability，financieringtact;andtheeffectualcanvassofhisqualificationsdoesnotcommonlyrangemuchoutsideoftheseprimerequisites。Themodicumofscholarshipandscholarlyidealsandinsightconcessivelydeemedindispensableinsuchacaseissomewhatofthenatureofaperquisite，andiseasilyfound。Itisnotrequiredthattheincumbentmeettheprepossessionsofthecontingentoflearnedmeninthecommunityinthisrespect;thechoicedoesnotrestwiththatelement，nordoesitsratification，butratherattheotherendofthescale，withthatextremewingofthelaitythatistakenupwith"practical，"thatistosaypecuniary，affairs。
　　Astotherequirementsofscholarlyorscientificcompetency，aplausiblespeakerwithalargegiftofassurance，abusinesslike"educator"orclergyman，someurbanepillarofsociety，someastuteveteranofthescientificdemi—monde，willmeetallreasonablerequirements。Scholarshipisnotbarred，ofcourse，thoughitiscommonlythequasi—scholarshipofthepopularraconteurthatcomesinevidenceinthesepremises;andthefactthattheseincumbentsofexecutiveofficeshowsomuchofscholarlyanimusandattainmentsastheydoisingreatmeasureafortuitouscircumstance。Itis，indeed，asafegeneralizationthatinpointoffacttheaverageofuniversitypresidentsfallshortoftheaverageoftheiracademicstaffinscholarlyorscientificattainments，evenwhenallpersonsemployedasinstructorsarecountedasmembersofthestaff。Itmayalsoberemarkedbythewaythatwhen，asmayhappen，ascholarorscientisttakesofficeasdirectiveheadofauniversity，heiscommonlylosttotherepublicoflearning;hehasineffectpassedfromtheranksoflearningtothoseofbusinessenterprise。
　　Theupshotofitallshouldbethatwhenandinsofarasabusinesslikegoverningboarddelegatespowerstotheuniversity’sacademichead，itdelegatesthesepowerstooneoftheirownkind，whoissomewhatperemptorilyexpectedtoliveuptotheaspirationsthatanimatetheboard。Whatsuchaman，soplaced，willdowiththepowersandopportunitiesthatsodevolveonhimisadifficultquestionthatcanbeansweredonlyintermsofthecompulsionofthecircumstancesinwhichheisplacedandofthemoralwearandtearthatcomesofarbitrarypowersexercisedinatangleofambiguities。（7*）
　　NOTES:
　　1。Aninstanceshowingsomethingofthemeasureandincidenceoffiscalservicerenderedbysuchabusinesslikeboardmaybesuggestive，eventhoughitisscarcelytobetakenasfaithfullyillustratingcurrentpractice，inthattheparticularboardinquestionhasexercisedanuncommonmeasureofsurveillanceoveritsuniversity’specuniaryconcerns。
　　Auniversitycorporationendowedwithalargeestate（appraisedatsomethingover$30，000，000）hasbeengovernedbyaboardoftheusualform，withplenarydiscretion，establishedonabasisofco—optation。Inpointofpracticaleffect，theboard，orratherthatfractionoftheboardwhichtakesanactiveinterestintheuniversity’saffairs，hasbeenmadeupofagroupoflocalbusinessmenengagedindiversenterprisesofthekindfamiliartomenofrelativelylargemeans，withsomewhatextensiveinterestsofthenatureofbankingandunderwriting，wherelargeextensionsofcreditandthetemporaryuseoflargefundsareofsubstantialconsequence。Bytermsofthecorporatechartertheboardwasrequiredtorendertothegovernorofthestateayearlyreportofallthepecuniaryaffairsoftheuniversity;butnopenaltywasattachedtotheireventualfailuretorendersuchreport，thoughsomelegalremedycoulddoubtlesshavebeenhadondueapplicationbythepartiesininterest，ase。g。，bytheacademicheadoftheuniversity。Nosuchreporthasbeenrendered，however，andnostepsappeartohavebeentakentoprocuresuchareport，oranyequivalentaccounting。Butonpersistenturgingfromthesideofhisfaculty，andaftersomecourteousdelay，theacademicheadpushedaninquiryintothecorporation’sfinancessofarastobringoutfactssomewhattothefollowingeffect:——
　　Theboard，orthegroupoflocalbusinessmenwhoconstitutedthehabitualworkingmajorityoftheboard，appeartohavekeptafairlycloseandactiveoversightofthecorporatefundsentrustedtothem，andtohaveseentotheirinvestmentanddisposalsomewhatindetail——and，ithasbeensuggested，somewhattotheirownpecuniaryadvantage。Withtheresultthattheinvestmentswerefoundtoyieldacurrentincomeofsomethreepercent。（ratherunderthanover），——inastatewhereinvestmentongoodsecurityintheopenmarketcommonlyyieldedfromsixpercenttoeightpercent。Ofthisincomeapproximatelyone—half（apparentlysomeforty—fivepercent）practicallyaccruedtothepossiblecurrentuseoftheuniversityestablishment。Justwhatdisposalwasmadeoftheremainderisnotaltogetherclear;thoughitislooselypresumedtohavebeenkeptinhandwithaneventualviewtotheerectionandrepairofbuildings。Somethinglikeone—halfofwhatsomadeupthecurrentlydisposableincomewasfurthersetasideinthecharacterofasinkingfund，toaccumulateforfutureuseandtomeetcontingencies;sothatwhateffectuallyaccruedtotheuniversityestablishmentforcurrentusetomeetnecessaryacademicexpenditureswouldamounttosomethinglikeonepercent（orless）onthetotalinvestment。Butofthisfinallydisposablefractionoftheincome，again，anappreciablesumwassetasideasaspecialsinkingfundtoaccumulatefortheeventualuseoftheuniversitylibrary，——which，itmayberemarked，wasinthemeantimeseriouslyhandicappedforwantoffundswithwhichtoprovideforcurrentneeds。Soalsotheacademicestablishmentatlargewasperforcemanagedonabasisofpenuriouseconomy，tothepresentinefficiencyandthelastingdamageoftheuniversity。