The consequence is that we are threatened with the spectacle during the coming century of a great waste of money by well-meaning persons in the establishment all over the country of institutions calling themselves "universities," which are either so feebly equipped as rather to hinder than help the cause of education, or so completely committed by their organization to the propagation of certain social or religious theories as to deserve the appellation of mission stations rather than of colleges. Education is now an art of exceeding delicacy and complexity. To master it, so as to have a trustworthy opinion as to the relative value of studies and as to the best mode of pursuing them, and as to the organization of institutions devoted to the work of instruction, a man needs both learning and experience. The giving him money to employ in his special work, therefore, without leaving him discretion as to the manner in which he shall use it, is to prepare almost certainly for its waste in more than one direction. To make the most of the resources of the country for educational purposes, it is necessary above all things that they should be placed at the disposal of those who have made education a special study, and who are free, as we understand the Hopkins trustees to be, from any special bias or bond, and are ready or willing to look at the subject from every side. Their liberty, of course, brings with it great responsibility--all the greater for the reasons we have been enumerating. Now, as to the use which they should make of this liberty, the _Baltimore American_ fears that if they found a university of the class sketched by us some weeks ago, "the people of Maryland would be greatly disappointed--there would not be over fifty students," and "there would be a great outcry against the investment of three and a half millions of dollars for the benefit of so small a number." Whether the people of Maryland will be disappointed or not, depends on the amount of consideration they give the matter. If they are satisfied that the foundation of such a university as is now talked of is the best use that can be made of the money, they will not be disappointed, and there will be no "outcry" at all. Being an intelligent people, they will on reflection see that the value of a university by no means depends solely on the proportion borne by the number of its students to the amount of its revenues, because, judged in this way--that is, as instruments of direct popular benefit--all the universities in the country might be pronounced failures. The bulk of the community derives no direct benefit from them at all. Harvard, for instance, has an endowment of about five million dollars, we believe, and the total number of the students is only 1,200, while the population of the State of Massachusetts is 1,500,000, so that, even supposing all the students to come from Massachusetts, which they do not, less than one person in every thousand profits by the university.