It is, I trust, unnecessary to say that I appreciate to the full the fact that the highest work of all will never be affected one way or the other by any question of compensation. And much of the work which is really best for the Nation must from the very nature of things be non-remunerative as compared with the work of the ordinary industries and vocations. Nor would it ever be possible or desirable that the rewards of transcendent success in scholarship should even approximate, from a monetary standpoint, the rewards in other vocations. But it is also true that the effect upon ambitious minds can not but be bad if as a people we show our very slight regard for scholarly achievement by making no provision at all for its reward. The chief use of the increased money value of the scholar’s prize would be the index thereby afforded of the respect in which it was popularly held. The American scientist, the American scholar, should have the chance at least of winning such prizes as are open to his successful brother in Germany, England, or France, where the rewards paid for first-class scholarly achievement are as much above those paid in this country as our rewards for first-class achievement in industry or law are above those paid abroad. But of course what counts infinitely more than any possible outside reward is the spirit of the worker himself. The prime need is to instil into the minds of the scholars themselves a true appreciation of real as distinguished from sham success. In productive scholarship, in the scholarship which adds by its work to the sum of substantial achievement with which the country is to be credited, it is only first-class work that counts. In this field the smallest amount of really first-class work is worth all the second-class work that can possibly be produced; and to have done such work is in itself the fullest and amplest reward to the man producing it. We outsiders should according to our ability aid him in every way to produce it. Yet all that we can do is but little compared to what he himself can and must do. The spirit of the scholar is the vital factor in the productive scholarship of the country.