In Bishop Lawrence’s introduction—an introduction which touched me deeply, not only because of the words used, but because of the high value which I put upon the friendship of the man using them—he spoke of the effort that I am making for peace throughout the world. Of course I am for peace. Of course every President who is fit to be President must be for peace. But I am for one thing before peace; I am for righteousness first, and then peace. I am for peace, because normally peace is the best instrument wherewith to obtain righteousness. But, Mr. Agassiz, when you and those like you faced 1861, you had to win peace by war, and you rendered us forever your debtors, because when the choice was between what was peaceful and what was right you chose what was right. A great university like this has two especial functions. The first is to produce a small number of scholars of the highest rank, a small number of men who, in science and literature, or in art, will do productive work of the first class. The second is to send out into the world a very large number of men who never could achieve, and who ought not to try to achieve, such a position in the field of scholarship, but whose energies are to be felt in every other form of activity; and who should go out from our doors with the balanced development of body, of mind, and above all of character, which shall fit them to do work both honorable and efficient. Much of the effort to accomplish the first function, that of developing men capable of productive scholarship, as distinguished from merely imitative, annotative, or pedagogic scholarship, must come through the graduate school. The law school and medical school do admirable work in fitting men for special professions, but they in no shape or way supply any shortcomings in the graduate school any more than does the college proper, the college of the undergraduates. The ideal for the graduate school and for those undergraduates who are to go into it must be the ideal of high scholarly production, which is to be distinguished in the sharpest fashion from the mere transmittal of ready-made knowledge without adding to it. If America is to contribute its full share to the progress not alone of knowledge, but of wisdom, then we must put ever-increasing emphasis on university work done along the lines of the graduate school. We can best help the growth of American scholarship by seeing that as a career it is put more on a level with the other careers open to our young men. The general opinion of the community is bound to have a very great effect even upon its most vigorous and independent minds. If in the public mind the career of the scholar is regarded as of insignificant value when compared with that of a glorified pawnbroker, then it will with difficulty be made attractive to the most vigorous and gifted of our American young men. Good teachers, excellent institutions, and libraries are all demanded in a graduate school worthy of the name.