MR. PRESIDENT AND GENTLEMEN:--I am obliged to my friend Dr. Clarke [James Freeman Clarke, D.D.] for the complimentary terms in which he has presented me to you. But I must appeal to your commiseration. Harvard and Yale! Can any undergraduate of either institution, can any recent graduate of either institution, imagine a man responding to that toast? [Laughter.] However, I must make the best of the position, and speak of some points upon which the two institutions are clearly agreed. And here I am reminded of a story of a certain New England farmer, who said that he and 'Squire Jones had more cows between them than all the rest of the village; and his brag being disputed, he said he could prove it, for the 'Squire had forty-five cows and he had one, and the village altogether had not forty-six. [Laughter.] We shall all agree that it is for the best interests of this country that it have sundry universities, of diverse tone, atmosphere, sphere, representing different opinions and different methods of study to some extent, and in different trainings, though with the same end. [Applause.] Holding this view, I have been somewhat concerned to see of late that the original differences between Harvard and Yale seem to be rapidly disappearing. For example, a good many years ago, Harvard set out on what is called the "elective" system, and now I read in the Yale catalogue a long list of studies called "optional," which strikes me as bearing a strong resemblance to our elective courses. [Laughter.] Again, my friend the Secretary of State has done me the honor of alluding to the reasons which induced his father, I suppose, rather than himself, to send him on that journey, which we Harvard men all deplore. [Laughter.]