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Rh its conditions as well as my capacity enables me, observing the evolution of the past and forecasting, in so far as I may, the outcome, I am persuaded that the future of the country rests more largely in the hands of such institutions as this than in those of any other agency or activity. Do not say I flatter; for, while I can hope for no advancement, I think I have not overstated the case; I certainly have not overstated my conviction. There has been no man who has influenced the course of modern thought more deeply and profoundly than Adam Smith, a Professor in a Scotch University of the second class. So here in Columbia seventy years ago, Francis Lieber prepared and published his "Manual of Political Ethics." Adam Smith and Francis Lieber were but prototypes—examples of what I have in mind. The days were when the Senate of the United States afforded a rostrum from which thinkers and teachers first formulated, and then advanced, great policies. Those days, and I say it regretfully, are past. Unless I am greatly mistaken, however, a new political force is now asserting itself. I have recently, at a meeting of historical and scientific associations in Boston, had my attention forcibly called to this aspect of the situation now shaping itself. I there met young men, many, and not the least noticeable of whom, came from this section. They inspired me with a renewed confidence in our political future. Essentially teachers,—I might add, they were publicists as well as professors. Observers and students, they actively followed