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。\"