The lexicon of youth which is fated for a bright manhood, should never fail.
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The sentence means, in the beginning of youth the fate that is kept for a bright manhood must not be a failure.
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There was no such word as fail when I was a boy, but now I am a man.
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If you study while you are young your knowledge will be preserved and you can not fail.
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The word fail never appears in the natural teachings of youth and is kept for bright manhood.
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