Booklet cover has "Souvenir 1907" printed on the front, so evidently these covers were printed en masse for teachers to purchase and customize with inserts.

This example has an oval on the front where a photograph of the student (or maybe the teacher) has been cut out and pasted in place.  Surrounding the cartouche are illustrations of early school life including a flag, globe, art palette, and books.  The cover design is embossed.

Inside, attached with cord which extends to the outside of the booklet, are onion skin pages printed with poems and customized for the school.  

First page: "In memory of days spent together in the schoolroom this token is presented with compliments of your teacher" with illustrations of an eagle and lamp of knowledge above and below, respectively

Second page: Public School District No. 7; Tippecanoe Twp; Marshall Co, Indiana

J.F. Laird, Teacher; George D. Marks, Co Supt."

It goes on to list the students.

In the centerfold, another poem: The Close of School - "The school is out! the school is out! / Proclaim they one and all / The school is out! The merry shout / Resounds from room and hall" and continues like that for 12 stanzas, with illustrations of school life accompanying alongside the text

Final page: "The time has come to say farewell / For now our term is through / To sound our present school days knoll / And bid you all adieu"

Back cover has a full color illustration of a small building with gild scroll work above and below - unlikely the actual school from this souvenir though since it would have been printed along with the front.  

Scalloped edge and braided cord

Attractive end of school year gift for your child's favorite teacher, or a favorite teacher in your own life!

see photos for detailed condition (this is the item you will receive).  No tears, no creases, but slight discoloration on the edge of the back cover