Final answer:
The italicized word 'Although' is a conjunction that connects two clauses and shows a contrast.
Step-by-step explanation:
The italicized word 'Although' is a conjunction in the sentence. Conjunctions are words that connect words, phrases, or clauses. In this sentence, 'Although' connects the two clauses 'you may laugh' and 'my friends and I cherish such dreams.' It shows a contrast between the two clauses.
Learn more about parts of speech