electro-motor. This corresponds, at the conservative figure of
$20 per horse-power per annum to a yearly income of
$3,000,000,000, corresponding at 4 per cent. interest to a
capital value of $75,000,000,0000.[3]

[3] M. T. Bogert, "The Function of Chemistry in the
Conservation of our National Resources," Journal of the
American Chemical Society, February, 1909.



Such was the Christmas gift which Michael Faraday presented to
the world in 1821.

Faraday died a poor man in 1867, neither for lack of
opportunity nor for lack of ability to grasp his opportunities,
but because as his pupil Tyndall tells us, he found it
necessary to choose between the pursuit of wealth and the
pursuit of science, and he deliberately chose the latter. This
is not a bad thing. It is perhaps as it should be, and as it
has been in the vast majority of cases. But another fact which
can not be viewed with like equanimity is that of all the
inexhaustible wealth which Faraday poured into the lap of the
world, not one millionth, not a discernible fraction, has ever
been returned to science for the furtherance of its aims and
its achievements, for the continuance of research.

There is no regular machinery for securing the permanent
endowment of research, and it is always and everywhere a barely
tolerated intruder. In the universities it crouches under the