The objection may be made to my discourse that I have considered our student as possessing the purse of Fortunatus and have lost sight of Herbert Spencer's doctrine that a very important part of education is to fit a man to acquire the means of living. I may reply that there are a number of Harvard students who will not have to work for their bread and whose parents would be glad to have them follow the course that I have recommended. It is not too much to hope, therefore, that among these there are, to use Huxley's words, "glorious sports of nature" who will not be "corrupted by luxury" but will become industrious historians. To others who are not so fortunately situated, I cannot recommend the profession of historian as a means of gaining a livelihood. Bancroft and Parkman, who had a good deal of popularity, spent more money in the collection and copying of documents than they ever received as income from their histories. A young friend of mine, at the outset of his career and with his living in part to be earned, went for advice to Carl Schurz, who was very fond of him. "What is your aim?" asked Mr. Schurz. "I purpose being a historian," was the reply. "Aha!" laughed Schurz, "you are adopting an aristocratic profession, one which requires a rent-roll." Every aspiring historian has, I suppose, dreamed of that check of L20,000, which Macaulay received as royalty on his history for its sale during the year 1856,[44] but no such dream has since been realized. Teaching and writing are allied pursuits. And the teacher helps the writer, especially in history, through the necessary elaboration and digestion of materials. Much excellent history is given to the world by college professors. Law and medicine are too exacting professions with too large a literature of their own to leave any leisure for historical investigation. If one has the opportunity to get a good start, or, in the talk of the day, the right sort of a "pull," I can recommend business as a means of gaining a competence which shall enable one to devote one's whole time to a favorite pursuit. Grote was a banker until he reached the age of forty-nine when he retired from the banking house and began the composition of the first volume of his history. Henry C. Lea was in the active publishing business until he was fifty-five, and as I have already frequently referred to my own personal experience, I may add that I was immersed in business between the ages of twenty-two and thirty-seven. After three years of general and special preparation I began my writing at forty. The business man has many free evenings and many journeys by rail, as well as a summer vacation, when devotion to a line of study may constitute a valuable recreation. Much may be done in odd hours in the way of preparation for historical work, and a business life is an excellent school for the study of human character. [3] Conversations of Goethe, Eng. trans., 230. [4] Trevelyan, I, 86.