We should be far too from the discouraging persuasion, that man is fixed, by the law of his nature, at a given point: that his improvement is a chimæra, and the hope delusive of rendering ourselves wiser, happier or better than our forefathers were.
Here, the writers are saying that we– as a University, and humankind in general– should stray as far as possible from the mindset that “man is fixed.” In other words, we need to recognize that it is possible for a person to change and improve. Via education, they can learn new things and gain intelligence over time, rather than remaining constant. This is important because it gives the University more purpose; it is bettering the lives of the people that attend and enhancing their intelligence.
Kate Colgan