There seems very little sense in trying to get water from a dry well. Chancellor Biddy Martin, however, feels otherwise. The chancellor released a plan, the Madison Initiative for Undergraduates, that would increase in-state tuition $250 and out-of-state tuition $750 annually for four years. The proposal has noble enough goals; half the money will go to financial aid to needy students, while the other half will go into better undergraduate education.