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be induced to continue their higher education only by fellowships sufficient 
to pay their living expenses; if such aids were discontinued the numbers 
of our graduate students would be even less favorably impressive than at 
present, though in time the larger investment of those remaining would re- 
sult in the larger salaries that would have to be paid to the men more 
difficult to find. 
The keener competition in all walks of life in Europe has some adyan- 
tages—only the thoroughly trained can hope for success, hence the desire 
for the most complete preparation. We consider ourselves fortunate in 
being protected against foreign competition, and in being able in conse- 
quence to make an equally good living with less effort; but are we really 
to be congratulated on our lower intellectual standard of living and on 
our dependence upon imported thought and intellectual products? 
Another result of the limited scale on which scientific investigation is 
being conducted, and our “high standard of living,” is that it is not worth 
while for home manufacturers to supply refined or unusual scientific ma- 
terial; if an American investigator needs, for instance, a special chemical, 
he must wait two or three months for its importation, while his Kuropean 
colleague could obtain the same in as many days or even hours. or, if 
laanufactured here, two or three times the foreign price must be paid. The 
American artisan is more highly paid than his HMuropean brother, but not 
so the more eminent intellectual worker. 
Naturally the realization of the value of intellectual things is found 
first among those engaged in the work of education, and our larger and 
better endowed colleges have within the last half century shown their 
appreciation of productive scholarship and have developed graduate schools 
to compare more favorably with the Iuropean universities, so that it is 
no longer necessary for our students to go abroad for the inspiration of 
working with men who are extending the boundaries of human knowledge. 
Once started, the fascination of research insures its continuance as long as 
a favorable environment exists. 
The institutions that have been able by their large means to adequately 
maintain graduate departments have been so amply rewarded by their 
enhanced prestige, thut many others, without sufficient means, have at- 
tempted to do the same thing; the result has been impaired undergraduate 
instruction with a more or less successful imitation of graduate work. 
A graduate school should recognize as its most important possession 
the productive scholarship of its faculty, making the institution a center 
