give　the　direction　of　academic　policy　and　administration　more　of
  a　businesslike　character。　The　choice　may　not　always　fall　on　a
  competent　business　man；　but　that　is　not　due　to　its　inclining　too
  far　to　the　side　of　scholarship。　It　is　not　an　easy　matter　even　for
  the　most　astute　body　of　businessmen　to　select　a　candidate　who
  shall　measure　up　to　their　standard　of　businesslike　efficiency　in
  a　field　of　activity　that　has　substantially　nothing　in　common　with
  that　business　traffic　in　which　their　preconceptions　of　efficiency
  have　been　formed。
  In　many　cases　the　alumni　have　much　to　say　in　the　choice　of　a
  new　academic　head；　whether　by　courtesy　or　by　express　provision；
  and　the　results　under　these　circumstances　are　not　substantially
  different。　It　follows　as　an　inevitable　consequence　of　the　current
  state　of　popular　sentiment　that　the　successful　businessmen　among
  the　alumni　will　have　the　deciding　voice；　in　so　far　as　the　matter
  rests　with　the　alumni；　for　the　successful　men　of　affairs　assert
  themselves　with　easy　confidence；　and　they　are　looked　up　to；　in
  any　community　whose　standards　of　esteem　are　business　standards；
  so　that　their　word　carries　weight　beyond　that　of　any　other　class
  or　order　of　men。　The　community　at　large；　or　at　least　that　portion
  of　the　community　that　habitually　makes　itself　heard；　speaks　to
  the　same　effect　and　on　the　same　ground；　　viz。；　a　sentimental
  conviction　that　pecuniary　success　is　the　final　test　of　manhood。
  Business　principles　are　the　sacred　articles　of　the　secular　creed；
  and　business　methods　make　up　the　ritual　of　the　secular　cult。
  The　one　clear　note　of　acclaim　that　goes　up；　from　the　avowed
  adepts　of　culture　and　from　those　without　the　pale；　when　a　new
  head　has；　as　recently　been　called　to　one　of　the　greater
  universities；　is　in　commendation　of　his　business　capacity；
  〃commercial　sense；〃　executive　ability；　financiering　tact；　and　the
  effectual　canvass　of　his　qualifications　does　not　commonly　range
  much　outside　of　these　prime　requisites。　The　modicum　of
  scholarship　and　scholarly　ideals　and　insight　concessively　deemed
  indispensable　in　such　a　case　is　somewhat　of　the　nature　of　a
  perquisite；　and　is　easily　found。　It　is　not　required　that　the
  incumbent　meet　the　prepossessions　of　the　contingent　of　learned
  men　in　the　community　in　this　respect；　the　choice　does　not　rest
  with　that　element；　nor　does　its　ratification；　but　rather　at　the
  other　end　of　the　scale；　with　that　extreme　wing　of　the　laity　that
  is　taken　up　with　〃practical；〃　that　is　to　say　pecuniary；　affairs。
  As　to　the　requirements　of　scholarly　or　scientific　competency；
  a　plausible　speaker　with　a　large　gift　of　assurance；　a
  businesslike　〃educator〃　or　clergyman；　some　urbane　pillar　of
  society；　some　astute　veteran　of　the　scientific　demi…monde；　will
  meet　all　reasonable　requirements。　Scholarship　is　not　barred；　of
  course；　though　it　is　commonly　the　quasi…scholarship　of　the
  popular　raconteur　that　comes　in　evidence　in　these　premises；　and
  the　fact　that　these　incumbents　of　executive　office　show　so　much
  of　scholarly　animus　and　attainments　as　they　do　is　in　great
  measure　a　fortuitous　circumstance。　It　is；　indeed；　a　safe
  generalization　that　in　point　of　fact　the　average　of　university
  presidents　fall　short　of　the　average　of　their　academic　staff　in
  scholarly　or　scientific　attainments；　even　when　all　persons
  employed　as　instructors　are　counted　as　members　of　the　staff。　It
  may　also　be　remarked　by　the　way　that　when；　as　may　happen；　a
  scholar　or　scientist　takes　office　as　directive　head　of　a
  university；　he　is　commonly　lost　to　the　republic　of　learning；　he
  has　in　effect　passed　from　the　ranks　of　learning　to　those　of
  business　enterprise。
  The　upshot　of　it　all　should　be　that　when　and　in　so　far　as　a
  businesslike　governing　board　delegates　powers　to　the　university's
  academic　head；　it　delegates　these　powers　to　one　of　their　own
  kind；　who　is　somewhat　peremptorily　expected　to　live　up　to　the
  aspirations　that　animate　the　board。　What　such　a　man；　so　placed；
  will　do　with　the　powers　and　opportunities　that　so　devolve　on　him
  is　a　difficult　question　that　can　be　answered　only　in　terms　of　the
  compulsion　of　the　circumstances　in　which　he　is　placed　and　of　the
  moral　wear　and　tear　that　comes　of　arbitrary　powers　exercised　in　a
  tangle　of　ambiguities。（7*）
  NOTES：
  1。　An　instance　showing　something　of　the　measure　and　incidence　of
  fiscal　service　rendered　by　such　a　businesslike　board　may　be
  suggestive；　even　though　it　is　scarcely　to　be　taken　as　faithfully
  illustrating　current　practice；　in　that　the　particular　board　in
  question　has　exercised　an　uncommon　measure　of　surveillance　over
  its　university's　pecuniary　concerns。
  A　university　corporation　endowed　with　a　large　estate
  （appraised　at　something　over　30；000；000）　has　been　governed　by　a
  board　of　the　usual　form；　with　plenary　discretion；　established　on
  a　basis　of　co…optation。　In　point　of　practical　effect；　the　board；
  or　rather　that　fraction　of　the　board　which　takes　an　active
  interest　in　the　university's　affairs；　has　been　made　up　of　a　group
  of　local　business　men　engaged　in　divers　enterprises　of　the　kind
  familiar　to　men　of　relatively　large　means；　with　somewhat
  extensive　interests　of　the　nature　of　banking　and　underwriting；
  where　large　extensions　of　credit　and　the　temporary　use　of　large
  funds　are　of　substantial　consequence。　By　terms　of　the　corporate
  charter　the　board　was　required　to　render　to　the　governor　of　the
  state　a　yearly　report　of　all　the　pecuniary　affairs　of　the
  university；　but　no　penalty　was　attached　to　their　eventual　failure
  to　render　such　report；　though　some　legal　remedy　could　doubtless
  have　been　had　on　due　application　by　the　parties　in　interest；　as
  e。　g。；　by　the　academic　head　of　the　university。　No　such　report　has
  been　rendered；　however；　and　no　steps　appear　to　have　been　taken　to
  procure　such　a　report；　or　any　equivalent　accounting。　But　on
  persistent　urging　from　the　side　of　his　faculty；　and　after　some
  courteous　delay；　the　academic　head　pushed　an　inquiry　into　the
  corporation's　finances　so　far　as　to　bring　out　facts　somewhat　to
  the　following　effect：
  The　board；　or　the　group　of　local　business　men　who　constituted
  the　habitual　working　majority　of　the　board；　appear　to　have　kept　a
  fairly　close　and　active　oversight　of　the　corporate　funds
  entrusted　to　them；　and　to　have　seen　to　their　investment　and
  disposal　somewhat　in　detail　　and；　it　has　been　suggested；
  somewhat　to　their　own　pecuniary　advantage。　With　the　result　that
  the　investments　were　found　to　yield　a　current　income　of　some
  three　per　cent。　（rather　under　than　over）；　　in　a　state　where
  investment　on　good　security　in　the　open　market　commonly　yielded
  from　six　per　cent　to　eight　per　cent。　Of　this　income　approximately
  one…half　（apparently　some　forty…five　per　cent）　practically
  accrued　to　the　possible　current　use　of　the　university
  establishment。　Just　what　disposal　was　made　of　the　remainder　is
  not　altogether　clear；　though　it　is　loosely　presumed　to　have　been
  kept　in　hand　with　an　eventual　view　to　the　erection　and　repair　of
  buildings。　Something　like　one…half　of　what　so　made　up　the
  currently　disposable　income　was　further　set　aside　in　the
  character　of　a　sinking　fund；　to　accumulate　for　future　use　and　to
  meet　contingencies；　so　that　what　effectually　accrued　to　the
  university　establishment　for　current　use　to　meet　necessary
  academic　expenditures　would　amount　to　something　like　one　per　cent
  （or　less）　on　the　total　investment。　But　of　this　finally　disposable
  fraction　of　the　income；　again；　an　appreciable　sum　was　set　aside
  as　a　special　sinking　fund　to　accumulate　for　the　eventual　use　of
  the　university　library；　　which；　it　may　be　remarked；　was　in　the
  meantime　seriously　handicapped　for　want　of　funds　with　which　to
  provide　for　current　needs。　So　also　the　academic　establishment　at
  large　was　perforce　managed　on　a　basis　of　penurious　economy；　to
  the　present　inefficiency　and　the　lasting　damage　of　the
  university。
  The　figures　and　percentages　given　above　are　not　claimed　to　be
  exact；　it　is　known　that　a　more　accurate　specification　of　details
  would　result　in　a　less　favourable　showing。
  At　the　time　when　these　matters　were　disclosed　（to　a　small
  number　of　the　uneasy　persons　interested）　there　was　an　ugly
  suggestion　afloat　touching　the　pecuniary　integrity　of　the　board's
  management；　but　this　is　doubtless　to　be　dismissed　as　being　merely
  a　loose　expression　of　ill…will；　and　the　like　is　also　doubtless　to
  be　said　as　regards　the　suggestion　that　ther