This monograph is a transcript of a lecture given by Jack W. Peltason and the four responses by panelists from the University of Illinois at Urbana-Champaign. After a brief eulogy to David Dodds Henry, President of the University of Illinois (1955-71), the talk turns its focus to two decades of crisis for higher education--the 1960s and the 1990s. The changes that came out of the early revolution, which centered on student power, civil rights, the anti-war movement, and feminism, are seen to have strengthened colleges and universities. But public higher education in the 1990s is facing other threats: chronic underfunding; a wave of public and media criticism; "the illusion of the quick fix"; and the breakdown in the university system of shared governance. To meet these challenges, the following actions are proposed: improved efficiency in managing scarce resources; a focus on academic quality; a search for new sources of funding; and, finally, acceleration of the transfer of new knowledge to the marketplace. The panelists, James D. Anderson, John E. Cribbet, Eldon L. Johnson, and Silvia Manning, generally agree with the premises set forth in the lecture, although their concerns focus mainly on the lack of funding and public support. Following the four formal responses, the panelists and Dr. Peltason responded to questions from the audience. (CH)