Yeah, Earlham College does provide scholarships based on merit. Here are some of them:

Merit Scholarships
Minimum Criteria: Based on academic performance
Separate application needed: No

Earlham College provides aids at an average of 43032 per student meeting 94% of students need. 100% of students with need receive financial aid at an average of 38564 need-based grant. They also provide other scholarships including Bonner Scholarship and The Carleton B. Edwards Chemistry Scholarships.