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at the same time—that's your sort, sir, that's your sort—a religious paper that isn't run to make money is no use to us, sir, as an advertising medium—no use to anybody—in our line of business. I guess our next best dodge was sending a pleasure trip of newspaper reporters out to Napoleon. Never paid them a cent; just filled them up with champagne and the fat of the land, put pen, ink and paper before them while they were red-hot, and bless your soul when you come to read their letters you'd have supposed they'd been to heaven. And if a sentimental squeamishness held one or two of them back from taking a less rosy view of Napoleon, our hospitalities tied his tongue, at least, and he said nothing at all and so did us no harm. Let me see—have I stated all the expenses I've been at? No, I was near forgetting one or two items. There's your official salaries—you can't get good men for nothing. Salaries cost pretty lively. And then there's your big high-sounding millionaire names stuck into your advertisements as stockholders—another card, that—and they are stockholders, too, but you have to give them the stock and non-assessable at that—so they're an expensive lot. Very, very expensive thing, take it all around, is a big internal improvement concern—but you see that yourself, Mr. Bryerman—you see that, yourself, sir."

      "But look here. I think you are a little mistaken about it's ever having cost anything for Congressional votes. I happen to know something about that. I've let you say your say—now let me say mine. I don't wish to seem to throw any suspicion on anybody's statements, because we are all liable to be mistaken. But how would it strike you if I were to say that I was in Washington all the time this bill was pending? and what if I added that I put the measure through myself? Yes, sir, I did that little thing. And moreover, I never paid a dollar for any man's vote and never promised one. There are some ways of doing a thing that are as good as others which other people don't happen to think about, or don't have the knack of succeeding in, if they do happen to think of them. My dear sir, I am obliged to knock some of your expenses in the head—for never a cent was paid a Congressman or Senator on the part of this Navigation Company."

      The president smiled blandly, even sweetly, all through this harangue, and then said:

      "Is that so?"

      "Every word of it."

      "Well it does seem to alter the complexion of things a little. You are acquainted with the members down there, of course, else you could not have worked to such advantage?"

      "I know them all, sir. I know their wives, their children, their babies—I even made it a point to be on good terms with their lackeys. I know every Congressman well—even familiarly."

      "Very good. Do you know any of their signatures? Do you know their handwriting?"

      "Why I know their handwriting as well as I know my own—have had correspondence enough with them, I should think. And their signatures—why I can tell their initials, even."

      The president went to a private safe, unlocked it and got out some letters and certain slips of paper. Then he said:

      "Now here, for instance; do you believe that that is a genuine letter? Do you know this signature here?—and this one? Do you know who those initials represent—and are they forgeries?"

      Harry was stupefied. There were things there that made his brain swim. Presently, at the bottom of one of the letters he saw a signature that restored his equilibrium; it even brought the sunshine of a smile to his face.

      The president said:

      "That one amuses you. You never suspected him?"

      "Of course I ought to have suspected him, but I don't believe it ever really occurred to me. Well, well, well—how did you ever have the nerve to approach him, of all others?"

      "Why my friend, we never think of accomplishing anything without his help. He is our mainstay. But how do those letters strike you?"

      "They strike me dumb! What a stone-blind idiot I have been!"

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      "Well, take it all around, I suppose you had a pleasant time in Washington," said the president, gathering up the letters; "of course you must have had. Very few men could go there and get a money bill through without buying a single—"

      "Come, now, Mr. President, that's plenty of that! I take back everything I said on that head. I'm a wiser man to-day than I was yesterday, I can tell you."

      "I think you are. In fact I am satisfied you are. But now I showed you these things in confidence, you understand. Mention facts as much as you want to, but don't mention names to anybody. I can depend on you for that, can't I?"

      "Oh, of course. I understand the necessity of that. I will not betray the names. But to go back a bit, it begins to look as if you never saw any of that appropriation at all?"

      "We saw nearly ten thousand dollars of it—and that was all. Several of us took turns at log-rolling in Washington, and if we had charged anything for that service, none of that $10,000 would ever have reached New York."

      "If you hadn't levied the assessment you would have been in a close place I judge?"

      "Close? Have you figured up the total of the disbursements I told you of?"

      "No, I didn't think of that."

      "Well, lets see:

Spent in Washington, say, $191,000
Printing, advertising, etc, say $118,000
Charity, say, $16,000
Total, $325,000
The money to do that with, comes from—
Appropriation, $200,000
Ten per cent assessment on capital of
$1,000,000 $100,000
Total, $300,000

      "Which leaves us in debt some $25,000 at this moment. Salaries of home officers are still going on; also printing and advertising. Next month will show a state of things!"

      "And then—burst up, I suppose?"

      "By no means. Levy another assessment"

      "Oh, I see. That's dismal."

      "By no means."

      "Why isn't it? What's the road out?"

      "Another appropriation, don't you see?"

      "Bother the appropriations. They cost more than they come to."

      "Not the next one. We'll call for half a million—get it and go for a million the very next month."

      "Yes, but the cost of it!"

      The president smiled, and patted his secret letters affectionately. He said:

      "All these people are in the next Congress. We shan't have to pay them a cent. And what is more, they will work like beavers for us—perhaps it might be to their advantage."

      Harry reflected profoundly a while. Then he said:

      "We send many missionaries to lift up the benighted races of other lands. How much cheaper and better it would be if those people could only come here and drink of our civilization at its fountain head."

      "I perfectly agree with you, Mr. Beverly. Must you go? Well, good morning. Look in, when you are passing; and whenever I can give you any information about our affairs and prospects, I shall be glad to do it."

      Harry's letter was not a long one, but it

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