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 for the first Civil Service Reform Bill, which had been laid before Congress. It was personally elucidated by its author, Thomas A. Jenckes, a member of the House from Rhode Island.

Mr. Villard's Social Science secretaryship led him to enter upon the investigation and study of public and corporate financiering, including that of railroads and banks. The subject of railroad securities especially interested him, and the knowledge acquired in this respect prepared him in a measure for his later business career, though he did not then dream that he would soon enter into that field. His attention was also attracted to the so-called "mortgage banks" so common on the continent of Europe, but as yet unknown in the United States, and he prepared and published a paper advocating their adoption.

The climate of Boston did not agree with him, and he suffered so much from catarrh that, in the fall of 1870, he decided to seek medical advice in Germany. During his stay there, he submitted to the management of a large bank in Berlin a project for the establishment of mortgage-banks in the United States. It was favorably received, and the institution agreed to raise the necessary capital in the Continental way, provided a special charter could be obtained for it in one of the older States. On his return to Boston early in 1871, he interested parties there in the plan, and it was decided to apply to the Massachusetts Legislature for a charter. The application failed, and nothing ever came of the scheme, but the relations into which it had brought him with financial circles in Germany proved subsequently of great value to him.

Mr. Villard's health began to fail during 1871, and he decided in the fall to go to Germany with his family, in order to recuperate. While passing the following winter at Wiesbaden, he was called on by some acquaintances from Boston to assist in the negotiation of a large railroad loan at Frankfort-on-the-Main and Berlin, and this business still further extended his circle of acquaintance among German financiers. The family, augmented by the