Mr. Phillips, the principal, had looked forward to this commencement with commendable pride. He felt that his two leading scholars would honor him and the institute not only by their high scholarship and their earnest Christian character, but also as eloquent and forcible speakers. Particularly was this true of Ray. He had already developed rare ability as a writer and a speaker. His thoughts were always fresh and original, and his language appropriate and well chosen, while he possessed a voice of marked richness, flexibility, and power. He knew that the fame of both these lads had already gone out from the school, and would doubtless draw a host of the friends of the academy together on the graduating day. Nor was he mistaken. The day dawned as bright and beautiful as a June day well could, and the audience filled the academic hall to its fullest capacity. Among those who were gathered there might have been noticed quite a number who are old friends of the reader. From Afton there were Mrs. Lawton and Daisy, Mr. and Mrs. Carleton, Mr. and Mrs. George Woodhull, Jacob Woodhull, Miss Squire and her eccentric father, who had lost none of his interest in Ray. Mr. Greenough, Mr. Shephard, Mr. Bacon, Dr. Gasque, and Sailor Jack had also come. From Wenton were all the Branfords, and with them was Captain Tom, who had arrived from his first voyage as commander of a ship, just in time to run up with the others to Easton. All of these, of course, had special reasons for being interested in the two who bore off the chief honors of the day. But there was another, an aged gentleman, who sat in the very front seat of the hall, and listened with rapt attention to the two lads as they gracefully took their places, and eloquently and forcibly delivered their addresses. It was Mr. Swinburne, older and feebler by four years now than when Ray had first met him at the university grounds of a neighboring metropolis, but still quite hale and hearty for his fourscore years. What he thought of the lads may be seen by an interview he sought with them a few hours later. "Young gentlemen," he said, shaking hands cordially with them, "I listened with great pleasure to you to-day. I was even more pleased to learn from your principal the marked position you have held throughout your course of study as followers of Jesus. I have heard of a certain set of resolutions you placed above your study table, on coming to this institution, and thus at the outset of your academic life took a position for the Master which by his grace you have steadily maintained. Now I have a favor to ask of each of you. I understand you will in the fall enter the university of which I am a graduate. I have there, as here, established scholarships to which I still hold the right to appoint the recipients. Two will be vacant at the beginning of the next academic year. May I have the privilege of naming you two young men as the ones who in my humble judgment are worthy to receive their benefits?"