surveillance　and　a　more　circumspect　administration　of　college
  discipline。　With　a　body　of　students　whose　everyday　interest；　as
  may　be　said　without　exaggeration；　lies　in　the　main　elsewhere　than
  in　the　pursuit　of　knowledge；　and　with　an　imperative　tradition
  still　standing　over　that　requires　the　college　to　be　（ostensibly
  at　least）　an　establishment　for　the　instruction　of　the　youth；　it
  becomes　necessary　to　organize　this　instruction　on　a　coercive
  plan；　and　hence　to　itemize　the　scholastic　tasks　of　the　inmates
  with　great　nicety　of　subdivision　and　with　a　meticulous　regard　to
  an　exact　equivalence　as　between　the　various　courses　and　items　of
  instruction　to　which　they　are　to　be　subjected。　Likewise　as
  regards　the　limits　of　permissible　irregularities　of　conduct　and
  excursions　into　the　field　of　sports　and　social　amenities。
  To　meet　the　necessities　of　this　difficult　control；　and　to
  meet　them　always　without　jeopardizing　the　interests　of　the　school
  as　a　competitive　concern；　a　close…cut　mechanical　standardization；
  uniformity；　surveillance　and　accountancy　are　indispensable。　As
  regards　the　schedule　of　instruction；　bona　fide　students　will
  require　but　little　exacting　surveillance　in　their　work；　and
  little　in　the　way　of　an　apparatus　of　control。　But　the　collegiate
  school　has　to　deal　with　a　large　body　of　students；　many　of　whom
  have　little　abiding　interest　in　their　academic　work；　beyond　the
  academic　credits　necessary　to　be　accumulated　for　honourable
  discharge；　　indeed　their　scholastic　interest　may　fairly　be　said
  to　centre　in　unearned　credits。
  For　this　reason；　and　also　because　of　the　difficulty　of
  controlling　a　large　volume　of　perfunctory　labour；　such　as　is
  involved　in　undergraduate　instruction；　the　instruction　offered
  must　be　reduced　to　standard　units　of　time；　grade　and　volume。　Each
  unit　of　work　required；　or　rather　of　credit　allowed；　in　this
  mechanically　drawn　scheme　of　tasks　must　be　the　equivalent　of　all
  the　other　units；　otherwise　a　comprehensive　system　of　scholastic
  accountancy　will　not　be　practicable；　and　injustice　and　irritation
  will　result　both　among　the　pupils　and　the　schoolmasters。　For　the
  greater　facility　and　accuracy　in　conducting　this　scholastic
  accountancy；　as　well　as　with　a　view　to　the　greater　impressiveness
  of　the　published　schedule　of　courses　offered；　these　mechanical
  units　of　academic　bullion　are　increased　in　number　and　decreased
  in　weight　and　volume；　until　the　parcelment　and　mechanical　balance
  of　units　reaches　a　point　not　easily　credible　to　any　outsider　who
  might　naively　consider　the　requirements　of　scholarship　to　be　an
  imperative　factor　in　academic　administration。　There　is　a
  well…considered　preference　for　semi…annual　or　quarterly　periods
  of　instruction；　with　a　corresponding　time　limit　on　the　courses
  offered；　and　the　parcelment　of　credits　is　carried　somewhat　beyond
  the　point　which　this　segmentation　of　the　school　year　would
  indicate。　So　also　there　prevails　a　system　of　grading　the　credits
  allowed　for　the　performance　of　these　units　of　task…work；　by
  percentages　（often　carried　out　to　decimals）　or　by　some　equivalent
  scheme　of　notation；　and　in　the　more　solicitously　perfected
  schemes　of　control　of　this　task…work；　the　percentages　so　turned
  in　will　then　be　further　digested　and　weighed　by　expert
  accountants；　who　revise　and　correct　these　returns　by　the　help　of
  statistically　ascertained　index　numbers　that　express　the　mean
  average　margin　of　error　to　be　allowed　for　each　individual　student
  or　instructor。
  In　point　of　formal　protestation；　the　standards　set　up　in　this
  scholastic　accountancy　are　high　and　rigorous；　in　application；　the
  exactions　of　the　credit　system　must　not　be　enforced　in　so
  inflexible　a　spirit　as　to　estrange　that　much…desired　contingent
  of　genteel　students　whose　need　of　an　honourable　discharge　is
  greater　than　their　love　of　knowledge。　Neither　must　its　demands　on
  the　student's　time　and　energy　be　allowed　seriously　to　interfere
  with　those　sports　and　〃student　activities〃　that　make　up　the　chief
  attraction　of　college　life　for　a　large　proportion　of　the
  university's　young　men；　and　that　are；　in　the　apprehension　of
  many；　so　essential　a　part　in　the　training　of　the　modern
  gentleman。
  Such　a　system　of　accountancy　acts　to　break　the　continuity　and
  consistency　of　the　work　of　instruction　and　to　divert　the　interest
  of　the　students　from　the　work　in　hand　to　the　making　of　a　passable
  record　in　terms　of　the　academic　〃miner's　inch。〃　Typically；　this
  miner's　inch　is　measured　in　terms　of　standard　text　per　time　unit；
  and　the　immediate　objective　of　teacher　and　student　so　becomes　the
  compassing　of　a　given　volume　of　prescribed　text；　in　print　or
  lecture　form；　　leading　up　to　the　broad　principle：　〃Nichts　als
  was　im　Buche　steht。〃　Which　puts　a　premium　on　mediocrity　and
  perfunctory　work；　and　brings　academic　life　to　revolve　about　the
  office　of　the　Keeper　of　the　Tape　and　Sealing　Wax。　Evidently　this
  organization　of　departments；　schedules　of　instruction；　and　scheme
  of　scholastic　accountancy；　is　a　matter　that　calls　for　insight　and
  sobriety　on　the　part　of　the　executive；　and　in　point　of　fact　there
  is　much　deliberation　and　solicitude　spent　on　this　behalf。
  The　installation　of　a　rounded　system　of　scholastic
  accountancy　brings　with　it；　if　it　does　not　presume；　a　painstaking
  distribution　of　the　personnel　and　the　courses　of　instruction　into
  a　series　of　bureaux　or　departments。　Such　an　organization　of　the
  forces　of　the　establishment　facilitates　the　oversight　and　control
  of　the　work；　at　the　same　time　that　it　allows　the　array　of
  scheduled　means；　appliances　and　personnel　at　its　disposal　to　be
  statistically　displayed　to　better　effect。　Under　existing
  circumstances　of　rivalry　among　these　institutions　of　learning；
  there　is　need　of　much　shrewd　management　to　make　all　the　available
  forces　of　the　establishment　count　toward　the　competitive　end；　and
  in　this　composition　it　is　the　part　of　worldly　wisdom　to　see　that
  appearances　may　often　be　of　graver　consequence　than　achievement；
  as　is　true　in　all　competitive　business　that　addresses　its
  appeal　to　a　large　and　scattered　body　of　customers。　The
  competition　is　for　custom；　and　for　such　prestige　as　may　procure
  custom；　and　these　potential　customers　on　whom　it　is　desirable　to
  produce　an　impression；　especially　as　regards　the　undergraduate
  school；　are　commonly　laymen　who　are　expected　to　go　on　current
  rumour　and　the　outward　appearance　of　things　academic。
  The　exigencies　of　competitive　business；　particularly　of　such
  retail　trade　as　seems　chiefly　to　have　contributed　to　the
  principles　of　businesslike　management　in　the　competing　schools；
  throw　the　stress　on　appearances。　In　such　business；　the　〃good
  will〃　of　the　concern　has　come　to　be　（ordinarily）　its　most　valued
  and　most　valuable　asset。　The　visible　success　of　the　concern；　or
  rather　the　sentiments　of　confidence　and　dependence　inspired　in
  potential　customers　by　this　visible　success；　is　capitalized　as
  the　chief　and　most　substantial　element　of　the　concern's
  intangible　assets。　And　the　accumulation　of　such　intangible
  assets；　to　be　gained　by　convincing　appearances　and　well…devised
  pronouncements；　has　become　the　chief　object　of　persistent
  endeavour　on　the　part　of　sagacious　business　men　engaged　in　such
  lines　of　traffic。　This；　that　the　substance　must　not　be　allowed　to
  stand　in　the　way　of　the　shadow；　is　one　of　the　fundamental
  principles　of　management　which　the　universities；　under　the
  guidance　of　business　ideals；　have　taken　over　from　the　wisdom　of
  the　business　community。
  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　tho