connection；　their　sole　effectual　function　being　to　interfere　with
  the　academic　management　in　matters　that　are　not　of　the　nature　of
  business；　and　that　lie　outside　their　competence　and　outside　the
  range　of　their　habitual　interest。
  The　governing　boards　　trustees；　regents；　curators；　fellows；
  whatever　their　style　and　title　　are　an　aimless　survival　from
  the　days　of　clerical　rule；　when　they　were　presumably　of　some
  effect　in　enforcing　conformity　to　orthodox　opinions　and
  observances；　among　the　academic　staff。　At　that　time；　when　means
  for　maintenance　of　the　denominational　colleges　commonly　had　to　be
  procured　by　an　appeal　to　impecunious　congregations；　it　fell　to
  these　bodies　of　churchmen　to　do　service　as　sturdy　beggars　for
  funds　with　which　to　meet　current　expenses。　So　that　as　long　as　the
  boards　were　made　up　chiefly　of　clergymen　they　served　a　pecuniary
  purpose；　whereas；　since　their　complexion　has　been　changed　by　the
  substitution　of　businessmen　in　the　place　of　ecclesiastics；　they
  have　ceased　to　exercise　any　function　other　than　a　bootless
  meddling　with　academic　matters　which　they　do　not　understand。　The
  sole　ground　of　their　retention　appears　to　be　an　unreflecting
  deferential　concession　to　the　usages　of　corporate　organization
  and　control；　such　as　have　been　found　advantageous　for　the　pursuit
  of　private　gain　by　businessmen　banded　together　in　the
  exploitation　of　joint…stock　companies　with　limited　liability。（1*）
  The　fact　remains；　the　modern　civilized　community　is　reluctant
  to　trust　its　serious　interests　to　others　than　men　of　pecuniary
  substance；　who　have　proved　their　fitness　for　the　direction　of
  academic　affairs　by　acquiring；　or　by　otherwise　being　possessed
  of；　considerable　wealth。（2*）　It　is　not　simply　that　experienced
  businessmen　are；　on　mature　reflection；　judged　to　be　the　safest
  and　most　competent　trustees　of　the　university's　fiscal　interests。
  The　preference　appears　to　be　almost　wholly　impulsive；　and　a
  matter　of　habitual　bias。　It　is　due　for　the　greater　part　to　the
  high　esteem　currently　accorded　to　men　of　wealth　at　large；　and
  especially　to　wealthy　men　who　have　succeeded　in　business；　quite
  apart　from　any　special　capacity　shown　by　such　success　for　the
  guardianship　of　any　institution　of　learning。　Business　success　is
  by　common　consent；　and　quite　uncritically；　taken　to　be　conclusive
  evidence　of　wisdom　even　in　matters　that　have　no　relation　to
  business　affairs。　So　that　it　stands　as　a　matter　of　course　that
  businessmen　must　be　preferred　for　the　guardianship　and　control　of
  that　intellectual　enterprise　for　the　pursuit　of　which　the
  university　is　established；　as　well　as　to　take　care　of　the
  pecuniary　welfare　of　the　university　corporation。　And；　full　of　the
  same　naive　faith　that　business　success　〃answereth　all　things；〃
  these　businessmen　into　whose　hands　this　trust　falls　are　content
  to　accept　the　responsibility　and　confident　to　exercise　full
  discretion　in　these　matters　with　which　they　have　no　special
  familiarity。　Such　is　the　outcome；　to　the　present　date；　of　the
  recent　and　current　secularization　of　the　governing　boards。　The
  final　discretion　in　the　affairs　of　the　seats　of　learning　is
  entrusted　to　men　who　have　proved　their　capacity　for　work　that　has
  nothing　in　common　with　the　higher　learning。（3*）
  As　bearing　on　the　case　of　the　American　universities；　it
  should　be　called　to　mind　that　the　businessmen　of　this　country；　as
  a　class；　are　of　a　notably　conservative　habit　of　mind。　In　a　degree
  scarcely　equalled　in　any　community　that　can　lay　claim　to　a
  modicum　of　intelligence　and　enterprise；　the　spirit　of　American
  business　is　a　spirit　of　quietism；　caution；　compromise；　collusion；
  and　chicane。　It　is　not　that　the　spirit　of　enterprise　or　of　unrest
  is　wanting　in　this　community；　but　only　that；　by　selective　effect
  of　the　conditioning　circumstances；　persons　affected　with　that
  spirit　are　excluded　from　the　management　of　business；　and　so　do
  not　come　into　the　class　of　successful　businessmen　from　which　the
  governing　boards　are　drawn。　American　inventors　are　bold　and
  resourceful；　perhaps　beyond　the　common　run　of　their　class
  elsewhere；　but　it　has　become　a　commonplace　that　American
  inventors　habitually　die　poor；　and　one　does　not　find　them
  represented　on　the　boards　in　question。　American　engineers　and
  technologists　are　as　good　and　efficient　as　their　kind　in　other
  countries。　but　they　do　not　as　a　class　accumulate　wealth　enough　to
  entitle　them　to　sit　on　the　directive　board　of　any　self…respecting
  university；　nor　can　they　claim　even　a　moderate　rank　as　〃safe　and
  sane〃　men　of　business。　American　explorers；　prospectors　and
  pioneers　can　not　be　said　to　fall　short　of　the　common　measure　in
  hardihood；　insight；　temerity　or　tenacity；　but　wealth　does　not
  accumulate　in　their　hands；　and　it　is　a　common　saying；　of　them　as
  of　the　inventors；　that　they　are　not　fit　to　conduct　their　own
  （pecuniary）　affairs；　and　the　reminder　is　scarcely　needed　that
  neither　they　nor　their　qualities　are　drawn　into　the　counsels　of
  these　governing　boards。　The　wealth　and　the　serviceable　results
  that　come　of　the　endeavours　of　these　enterprising　and　temerarious
  Americans　habitually　inure　to　the　benefit　of　such　of　their
  compatriots　as　are　endowed　with　a　〃safe　and　sane〃　spirit　of
  〃watchful　waiting；〃　　of　caution；　collusion　and　chicane。　There
  is　a　homely　but　well…accepted　American　colloquialism　which　says
  that　〃The　silent　hog　eats　the　swill。〃
  As　elsewhere；　but　in　a　higher　degree　and　a　more　cogent　sense
  than　elsewhere；　success　in　business　affairs；　in　such　measure　as
  to　command　the　requisite　deference；　comes　only　by　getting
  something　for　nothing。　And；　baring　　accidents　and　within　the
  law；　it　is　only　the　waiting　game　and　the　defensive　tactics　that
  will　bring　gains　of　that　kind；　unless　it　be　strategy　of　the
  nature　of　finesse　and　chicane。　Now　it　happens　that　American
  conditions　during　the　past　one　hundred　years　have　been　peculiarly
  favourable　to　the　patient　and　circumspect　man　who　will　rather
  wait　than　work；　and　it　is　also　during　these　hundred　years　that
  the　current　traditions　and　standards　of　business　conduct　and　of
  businesslike　talent　have　taken　shape　and　been　incorporated　in　the
  community's　common　sense。　America　has　been　a　land　of　free　and
  abounding　resources；　which　is　to　say；　when　converted　into　terms
  of　economic　theory；　that　it　is　the　land　of　the　unearned
  increment。　In　all　directions；　wherever　enterprise　and　industry
  have　gone；　the　opportunity　was　wide　and　large　for　such　as　had　the
  patience　or　astuteness　to　place　themselves　in　the　way　of　this
  multifarious　flow　of　the　unearned　increment；　and　were　endowed
  with　the　retentive　grasp。　Putting　aside　the　illusions　of　public
  spirit　and　diligent　serviceability；　sedulously　cultivated　by　the
  apologists　of　business；　it　will　readily　be　seen　that　the　great
  mass　of　reputably　large　fortunes　in　this　country　are　of　such　an
  origin；　nor　will　it　cost　anything　beyond　a　similar　lesion　to　the
  affections　to　confirm　the　view　that　such　is　the　origin　and　line
  of　derivation　of　the　American　propertied　business　community　and
  its　canons　of　right　and　honest　living。
  It　is　a　common　saying　that　the　modern　taste　has　been　unduly
  commercialized　by　the　unremitting　attention　necessarily　given　to
  matters　of　price　and　of　profit　and　loss　in　an　industrial
  community　organized　on　business　principles；　that　pecuniary
  standards　of　excellence　are　habitually　accepted　and　applied　with
  undue　freedom　and　finality。　But　what　is　scarcely　appreciated　at
  its　full　value　is　the　fact　that　these　pecuniary　standards　of
  merit　and　efficiency　are　habitually　applied　to　men　as　well　as　to
  things；　and　with　little　less　freedom　and　finality。　The　man　who
  applies　himself　undeviatingly　to　pecuniary　affairs　with　a　view　to
  his　own　gain；　and　who　is　habitually　and　cautiously　alert　to　the
  main　chance；　is　not　only　esteemed　for　and　in　respect　of　his
  pecuniary　success；　but　he　is　also　habitually　rated　high　at　large；
  as　a　particularly　wise　and　sane　person。　He　is　deferred　to　as
  being　wise　and　sane　not　only　in　pecuniary　matters　but　also　in　any
  other　matters　on　which　he　may　express　an　opinion。
  A　very　few　generations　ago；　be　fore　the　present　pecuniary　era
  of　civilization　had　made　such　headway；　and　before　the　common　man
  in　these　civilized　communities　had　lost　the　fear　of　God；　the　like
  wide…sweeping　and　obsequious　veneration　and　deference　was　given
  to　the　clergy　and　their　opinions；　for　the　churchmen　were　then；　in
  the　popular　apprehension；　proficien