Accepting the point of view of the captains of erudition, and so looking on the universities as competitive business concerns, and speaking in terms applicable to business concerns generally, the assets of these seminaries of learning are in an exceptional degree intangible assets. There is, of course, the large item of the good-will or prestige of the university as a whole, considered as a going concern. But this collective body of "immaterial capital" that pertains to the university at large is made up in great part of the prestige of divers eminent persons included among its personnel and incorporated in the fabric of its bureaucratic departments, and not least the prestige of its executive head; in very much the same way as the like will hold true, e. g., for any company of public amusement, itinerant or sedentary, such as a circus, a theatrical or operatic enterprise, which all compete for the acclamation and custom of those to whom these matters appeal.
For the purposes of such competition the effectual prestige of the university as a whole, as well as the detail prestige of its personnel, is largely the prestige which it has with the laity rather than with the scholarly classes. And it is safe to say that a somewhat more meretricious showing of magnitude and erudition will pass scrutiny, for the time being, with the laity than with the scholars. Which suggests the expediency for the university, as a going concern competing for the traffic, to take recourse to a somewhat more tawdry exhibition of quasi-scholarly feats, and a somewhat livelier parade of academic splendour and magnitude, than might otherwise be to the taste of such a body of scholars and scientists. As a business proposition, the meretricious quality inherent in any given line of publicity should not consign it to neglect, so long as it is found effectual for the end in view.
Competitive business concerns that find it needful to commend themselves to a large and credulous body of customers, as, e. g., newspapers or department stores, also find it expedient somewhat to overstate their facilities for meeting all needs, as also to overstate the measure of success which they actually enjoy. Indeed, much talent and ingenuity is spent in that behalf, as well as a very appreciable outlay of funds. So also as touches the case of the competitive seminaries of learning. And even apart from the exigencies of intercollegiate rivalry, taken simply as a question of sentiment it is gratifying to any university directorate to know and to make known that the stock of merchantable knowledge on hand is abundant and comprehensive, and that the registration and graduation lists make a brave numerical showing, particularly in case the directive head is duly imbued with a businesslike penchant for tests of accountancy and large figures. It follows directly that many and divers bureaux or departments are to be erected, which will then announce courses of instruction covering all accessible ramifications of the field of learning, including subjects which the corps of instructors may not in any particular degree be fit to undertake. A further and unavoidable consequence of this policy, therefore, is perfunctory work.
