such conditions any academic tendency either toward servility or toward demagogy is not likely to go long unchallenged. Considering the high cost and small profits of university manipulation in this light it is very doubtful whether so indirect a method of social defence would appeal to our financial pirates. Whatever their defects or vices, men of this type have at least received the rigorous training of the business career. They are not philosophers of farsighted vision, nor are they easily perturbed by fears of distant dangers. Troubles near at hand they see very clearly; indeed, one of the chief grounds of clamour against such men is the crass directness of the bribery to which on occasion they resort. Interests under fire appeal rather to political hirelings, to venal lawyers, to the courts, to legislatures, or to the press for effective protection and defence. College doctrines are too remote, too uncertain of manipulation to be of assistance. Although they did not learn it from the poet, business men are certainly not unmindful that: “was ein Professor spricht Nicht gleich zu allen dringet.” Given both the motive and the means, however, the task of corrupting the college teaching of economic, political, and social doctrines would seem almost hopelessly difficult. A given institution, may, indeed, be endowed almost exclusively by a certain man of great wealth. With very few exceptions knowledge of such munificence is made public property. If then the president or professors of such a university should endeavour to justify or palliate the business conduct of the founder their motives will be suspected from the start and their arguments, however artfully they might plead the case, discounted accordingly. If discretion were thrown to the winds (there is perhaps one case of this sort) the net effect of the work of such apologists, instead of aiding their financial friends, might profoundly injure and embarrass them. Those who are familiar with the character of the American student know that he would be the first to detect any insincerity in the discussion of public questions by an instructor or college official. If the prosperity of the college were due almost entirely to a single bounteous donor its venal professors would, of course, have no direct motive to defend the economic misconduct of any other than their particular friend among the captains of industry. Possibly they might develop a policy similar to that of newspapers in the same predicament,—silence or soft speaking regarding the sins of their great and rich friend combined with louder trumpetings against the social misconduct of other and indifferent financial interests. In the case of all our important institutions of learning, however, funds of very considerable size in the aggregate have been received from many sources in the past, and new gifts, even when they are of large amount, represent merely fractional additions thereto. Those who know