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mechanical trade, or a branch in merchandize in the hands of 

 an individual or a company, sustains itself. And the same 

 thing is true of all plans for the promotion of learning, as by 

 voluntary associations and otherwise. There is always a lack 

 of willing customers. The necessity of keeping up a large 

 supply, and in a manner forcing the commodity on the pubhc, 

 is understood only by a comparatively small number, while 

 the mass, for whom the benefit is directly intended, and who, 

 as a body, are abundantly able to pay the cost of production, 

 cannot comprehend their need of it, and refuse to give an 

 equivalent for its value. 



As I have said, therefore, the question is not, whether en- 

 dowment shall or shall not be employed. In some shape, it 

 must be acknowledged to be indispensable to the preservation 

 of learning. Nothing effective can be done without it. All 

 those mighty interests which are connected with the progress 

 of mental illumination, are absolutely dependent on it. Among 

 an enlightened audience, and on an occasion like the present, 

 I shall assume that not one individual can be found who would 

 be willing to commit the interests of learning and education in 

 this country solely to the support which they would derive 

 from a spontaneous demand for their benefits, accompanied by 

 a voluntary disposition to render a full and just equivalent for 

 the value received. The question then which presents itself, 

 and a grave and important one it is, is this; what shall be the 

 mode or system of endowment adopted in our country for the 

 preservation and advancement of learning, and for the univer- 

 sal instruction of the people? 



It will be observed that I speak of adopting a mode, as if, 

 up to the present time, no established system whatever had ex- 

 1 ted 11 1 II hold to be nearly the fact. I cannot call 

 that a digested system, which abandons the most considerable 

 portions of the subject to chance or charity; which concerns it^ 

 self with plans for cherishing certain favorite extremities, 

 while the heart is ready to stop for lack of proper stimulus and 

 vital heat. It will be observed also, that I speak of endow- 

 ment, not as needed alone for popular education, or to sustain 

 is equally r 



