It is very refreshing to hear an economist say that the principal thing on which he relies in carrying out his work of leading Yale University is the sentiment of graduates. He has not ignored the practical side, as abundant direct passages and frank statements testify, but he declares without qualification that the sentiment of the graduates of Yale is the most important support which the leader of Yale can have in carrying out the most important work of Yale. This is just as true a statement as it is an unexpected one for an executive to make. Let this always be remembered by those who manage Yale and there need be no fear. If this idea is properly held to, it may mean refusing hundreds of thousands of dollars given for the purposes which are not consistent with development of the high sentiment of Yale's community life. Such refusal would be worth that which can not be measured in money.