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。