Paul Held – unknown German document

My grandmother died recently and my grandfather is moving from independent living to a specialized care facility, so many things are being shifted around and some cool items are coming to light. My dad just gave me this document, which had been stored folded up in an envelope labeled “Paul Held school paper 1870.” Paul Held was my grandfather’s grandfather, and was born in Germany 22 April 1854 but immigrated to the US. He would have been 16 when this document is dated in May 1870.

Paul Held 1870 German document

Transcribing/translating this isn’t going to be an easy task as I don’t speak any German at all!