shrewd　expedients　and　lives　on　the　margin　of　error；　on　the
  fluctuating　margin　of　human　miscalculation。　The　training　given　by
  these　two　lines　of　endeavour　　science　and　business　　is　wholly
  divergent；　with　the　notorious　result　that　for　the　purposes　of
  business　enterprise　the　scientists　are　the　most　ignorant；
  gullible　and　incompetent　class　in　the　community。　They　are　not
  only　passively　out　of　touch　with　the　business　spirit；　out　of
  training　by　neglect；　but　they　are　also　positively　trained　out　of
  the　habit　of　mind　indispensable　to　business　enterprise。　The
  converse　is　true　of　the　men　of　business　affairs。（6*）
  Plato's　classic　scheme　of　folly；　which　would　have　the
  philosophers　take　over　the　management　of　affairs；　has　been　turned
  on　its　head；　the　men　of　affairs　have　taken　over　the　direction　of
  the　pursuit　of　knowledge。　To　any　one　who　will　take　a
  dispassionate　look　at　this　modern　arrangement　it　looks　foolish；
  of　course；　　ingeniously　foolish；　but；　also；　of　course；　there　is
  no　help　for　it　and　no　prospect　of　its　abatement　in　the　calculable
  future。
  It　is　a　fact　of　the　current　state　of　things；　grounded　in　the
  institutional　fabric　of　Christendom；　and　it　will　avail　little　to
  speculate　on　remedial　corrections　for　this　state　of　academic
  affairs　so　long　as　the　institutional　ground　of　this　perversion
  remains　intact。　Its　institutional　ground　is　the　current　system　of
  private　ownership。　It　claims　the　attention　of　students　as　a
  feature　of　the　latterday　cultural　growth；　as　an　outcome　of　the
  pecuniary　organization　of　modern　society；　and　it　is　to　be　taken
  as　a　base…line　in　any　inquiry　into　the　policy　that　controls
  modern　academic　life　and　work　　just　as　any　inquiry　into　the
  circumstances　and　establishments　of　learning　in　the　days　of
  scholasticism　must　take　account　of　the　ecclesiastical　rule　of
  that　time　as　one　of　the　main　controlling　facts　in　the　case。　The
  fact　is　that　businessmen　hold　the　plenary　discretion；　and　that
  business　principles　guide　them　in　their　management　of　the　affairs
  of　the　higher　learning；　and　such　must　continue　to　be　the　case　so
  long　as　the　community's　workday　material　interests　continue　to　be
  organized　on　a　basis　of　business　enterprise。　All　this　does　not
  promise　well　for　the　future　of　science　and　scholarship　in　the
  universities；　but　the　current　effects　of　this　method　of
  university　control　are　sufficiently　patent　to　all　academic　men；
  and　the　whole　situation　should　perhaps　trouble　the　mind　of　no
  one　who　will　be　at　pains　to　free　himself　from　the　（possibly
  transient）　preconception　that　〃the　increase　and　diffusion　of
  knowledge　among　men〃　is；　in　the　end；　more　to　be　desired　than　the
  acquisition　and　expenditure　of　riches　by　the　astuter　men　in　the
  community。
  Many　of　those　who　fancy　themselves　conversant　with　the
  circumstances　of　American　academic　life　would　question　the　view
  set　forth　above；　and　they　would　particularly　deny　that　business
  principles　do　or　can　pervade　the　corporate　management　of　the
  universities　in　anything　like　the　degree　here　implied。　They　would
  contend　that　while　the　boards　of　control　are　commonly　gifted　with
  all　the　disabilities　described　　that　much　being　not　open　to
  dispute　　yet　these　boards　do　not；　on　the　whole；　in　practice；
  extend　the　exercise　of　their　plenary　discretion　to　the　directive
  control　of　what　are　properly　speaking　academic　matters；　that　they
  habitually　confine　their　work　of　directorship　to　the　pecuniary
  affairs　of　the　corporation；　and　that　in　so　far　as　they　may　at
  times　interfere　in　the　university's　scholarly　and　scientific
  work；　they　do　so　in　their　capacity　as　men　of　culture；　not　as　men
  of　property　or　of　enterprise。　This　latter　would　also　be　the　view
  to　which　the　men　of　property　on　the　boards　would　themselves
  particularly　incline。　So　it　will　be　held　by　the　spokesmen　of
  content　that　virtually　full　discretion　in　all　matters　of　academic
  policy　is　delegated　to　the　academic　head　of　the　university；
  fortified　by　the　advice　and　consent　of　the　senior　members　of　his
  faculty；　by　the　free　choice　of　the　governing　boards；　in　practice
  drawn　out　from　under　the　control　of　these　businessmen　in　question
  and　placed　in　the　hands　of　the　scholars。　And　such；　commonly；　is
  at　least　ostensibly　the　case；　in　point　of　form；　more　particularly
  as　regards　those　older　establishments　that　are　burdened　with
  academic　traditions　running　back　beyond　the　date　when　their
  governing　boards　were　taken　over　by　the　businessmen；　and　more
  particularly　in　the　recent　past　than　in　the　immediate　present　or
  for　the　establishments　of　a　more　recent　date。
  This　complaisant　view　overlooks　the　fact　that　much　effective
  surveillance　of　the　academic　work　is　exercised　through　the
  board's　control　of　the　budget。　The　academic　staff　can　do　little
  else　than　what　the　specifications　of　the　budget　provide　for；
  without　the　means　with　which　the　corporate　income　should　supply
  them　they　are　as　helpless　as　might　be　expected。
  Imbued　with　an　alert　sense　of　those　tangible　pecuniary　values
  which　they　are　by　habit　and　temperament　in　a　position　to
  appreciate；　a　sagacious　governing　board　may；　for　instance；
  determine　to　expend　the　greater　proportion　of　the　available
  income　of　the　university　in　improving　and　decorating　its　real
  estate；　and　they　may　with　businesslike　thrift　set　aside　an
  appreciable　proportion　of　the　remainder　for　a　sinking　fund　to
  meet　vaguely　unforeseen　contingencies；　while　the　academic　staff
  remains　（notoriously）　underpaid　and　so　scantily　filled　as
  seriously　to　curtail　their　working　capacity。　Or　the　board　may；
  again；　as　has　also　happened；　take　a　thrifty　resolution　to
  〃concede〃　only　a　fraction　　say　ten　or　fifteen　per…cent　　of
  the　demands　of　the　staff　for　books　and　similar　working　materials
  for　current　use；　while　setting　aside　a　good　share　of　the　funds
  assigned　for　such　use；　to　accumulate　until　at　some　future　date
  such　materials　may　be　purchased　at　more　reasonable　prices　than
  those　now　ruling。　These　illustrations　are　not　supplied　by　fancy。
  There　is；　indeed；　a　visible　reluctance　on　the　part　of　these
  businesslike　boards　to　expend　the　corporation's　income　for　those
  intangible；　immaterial　uses　for　which　the　university　is
  established。　These　uses　leave　no　physical；　tangible　residue；　in
  the　way　of　durable　goods；　such　as　will　justify　the　expenditure　in
  terms　of　vendible　property　acquired；　therefore　they　are　prima
  facie　imbecile；　and　correspondingly　distasteful；　to　men　whose
  habitual　occupation　is　with　the　acquisition　of　property。　By　force
  of　the　same　businesslike　bias　the　boards　unavoidably　incline　to
  apportion　the　funds　assigned　for　current　expenses　in　such　a　way
  as　to　favour　those　〃practical〃　or　quasi…practical　lines　of
  instruction　and　academic　propaganda　that　are　presumed　to　heighten
  the　business　acumen　of　the　students　or　to　yield　immediate　returns
  in　the　way　of　a　creditable　publicity。
  As　to　the　delegation　of　powers　to　the　academic　head。　There　is
  always　the　reservation　to　be　kept　in　mind；　that　the　academic　head
  is　limited　in　his　discretion　by　the　specifications　of　the　budget。
  The　permissible　deviations　in　that　respect　are　commonly　neither
  wide　nor　of　a　substantial　character；　though　the　instances　of　a
  university　president　exercising　large　powers　are　also　not
  extremely　rare。　But　in　common　practice；　it　is　to　be　noted；　the
  academic　head　is　vested　with　somewhat　autocratic　powers；　within
  the　lines　effectually　laid　down　in　the　budget；　he　is　in　effect
  responsible　to　the　governing　board　alone；　and　his　responsibility
  in　that　direction　chiefly　touches　his　observance　of　the　pecuniary
  specifications　of　the　budget。
  But　it　is　more　to　the　point　to　note　that　the　academic　head
  commonly　holds　office　by　choice　of　the　governing　board。　Where　the
  power　of　appointment　lies　freely　in　the　discretion　of　such　a
  board；　the　board　will　create　an　academic　head　in　its　own　image。
  In　point　of　notorious　fact；　the　academic　head　of　the　university
  is　selected　chiefly　on　grounds　of　his　business　qualifications；
  taking　that　expression　in　a　somewhat　special　sense。　There　is　at
  present　an　increasingly　broad　and　strenuous　insistence　on　such
  qualifications　in　the　men　selected　as　heads　of　the　universities；
  and　the　common　sense　of　the　community　at　large　bears　out　the
  predilections　of　the　businesslike　board　of　control　in　this
  respect。　The　new　incumbents　are　selected　primarily　with　a　view　to
  give　the　direction　of　academic　policy　and　administration　more　of
  a　businessli