ommercial Academy. You are a foreigner, and you will have a
difficulty in accepting the reality of this seat of education. I assure
you before I begin that I am wholly serious. The place really existed,
possibly exists to-day: we were proud of it in the State, as something
exceptionally nineteenth-century and civilised; and my father, when he
saw me to the cars, no doubt considered he was putting me in a straight
line for the Presidency and the New Jerusalem.

"Loudon," said he, "I am now giving you a chance that Julius Caesar could
not have given to his son--a chance to see life as it is, before your
own turn comes to start in earnest. Avoid rash speculation, try to
behave like a gentleman; and if you will take my advice, confine
yourself to a safe, conservative business in railroads. Breadstuffs are
tempting, but very dangerous; I would not try breadstuffs at your time
of life; but you may feel your way a little in other commodities. Take a
pride to keep your books posted, and never throw good money after bad.
There, my dear boy, kiss me good-bye; and never forget that you are an
only chick, and that your dad watches your career with fond suspense."

The commercial college was a fine, roomy establishment, pleasantly
situate among woods. The air was healthy, the food excellent, the
premium high. Electric wires connected it (to use the words of the
prospectus) with "the various world centres." The reading-room was well
supplied with "commercial organs." The talk was that of Wall Street; and
the pupils (from fifty to a hundred lads) were principally engaged in
rooking or trying to rook one another for nominal sums in what was
called "college paper." We had class hours, indeed, in the morning, when
we studied German, French, book-keeping, and the like goodly matters;
but the bulk of our day and the gist of the education centred in the
exchange, where we were taught to gamble in produce and securities.
Since not one of the participants possessed a bushel of wheat or a
dollar's worth of stock, legitimate business was of course impossible
from the beginning. It was cold-drawn gambling, without colour or
disguise. Just that which is the impediment and destruction of all
genuine commercial enterprise, just that we were taught with every
luxury of stage effect. Our simulacrum of a market was ruled by the real
markets outside, so that we might experience the course and vicissitude
of prices. We must keep books, and our ledgers w