Milton says, that the lyric poet may drink wine and live generously, but the epic poet, he who shall sing of the gods, and their descent unto men, must drink water out of a wooden bowl. For poetry is not "Devil's wine," but God's wine.
We are living in 1937, and our universities, I suggest, are not half-way out of the fifteenth century. We have made hardly any changes in our conception of university organization, education, graduation, for a century - for several centuries.