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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

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