among the many marks of confidence and good-will which have been
bestowed upon me in the United States, there is none which I value more
highly than that conferred by the authorities of the University when
they invited me to deliver an address on such an occasion.

For the event which has brought us together is, in many respects,
unique. A vast property is handed over to an administrative body,
hampered by no conditions save these:--That the principal shall not be
employed in building: that the funds shall be appropriated, in equal
proportions, to the promotion of natural knowledge and to the
alleviation of the bodily sufferings of mankind; and, finally, that
neither political nor ecclesiastical sectarianism shall be permitted to
disturb the impartial distribution of the testator's benefactions.

In my experience of life a truth which sounds very much like a paradox
has often asserted itself: namely, that a man's worst difficulties
begin when he is able to do as he likes. So long as a man is struggling
with obstacles he has an excuse for failure or shortcoming; but when
fortune removes them all and gives him the power of doing as he thinks
best, then comes the time of trial. There is but one right, and the
possibilities of wrong are infinite. I doubt not that the trustees of
the Johns Hopkins University felt the full force of this truth when
they entered on the administration of their trust a year and a half
ago; and I can but admire the activity and resolution which have
enabled them, aided by the able president whom they have selected, to
lay down the great outlines of their plan, and carry it thus far into
execution. It is impossible to study that plan without perceiving that
great care, forethought, and sagacity, have been bestowed upon it, and
that it demands the most respectful consideration. I have been
endeavouring to ascertain how far the principles which underlie it are