CHAFFS ADVISE TO PENNSYLVANIA.

"Inasmuch as Harvard has accepted the Columbia challenge for the New London race, Chaff advises Pennsylvania to apply for admission to this contest, Columbia, having defeated us last summer and being the challenging party in this race, will have little to say in opposition; and it is impossible to see how Harvard, who pleads only the lack of money for refusing our challenge for a separate race, can consistently negative such an admission, in which the expenses will not be increased by so much as a penny,-if indeed they are not reduced by the receipts from the larger number of spectators who will be attracted by the prospect of a race, instead of the funeral procession, which the Harvard-Columbia affair has hitherto been."