"Thank you! Now we are not retracing our steps, as you threatened to do.

We go on from where we left off. Therefore, I can give you a few moments, sir. What insult did I offer you?"

"You told me that I ought to be ashamed of myself."

"That was not an insult, Mr. Daunt. I intended it to be merely a frank expression of opinion. Just a moment, please!" he urged, breaking in on violent language. He brought his thumb and forefinger together to make a circle and poised his hand over his head. "I don't wear one of these. I have no right to wear one. Halo, I mean! I'm no prig or preacher--at least, I don't mean to be. But when I talk business I intend to talk it straight and use few words--and those words may sound rather blunt, sometimes. Just a moment, I say!"

He leaned over the table and struck a resounding blow on it with his knuckles. "This is a nutsh.e.l.l proposition and we'll keep it in small compa.s.s. You gave me a layout of your proposed stock issue. No matter what has been done by the best of big financiers, no matter what is being done or what is proposed to be done, in this particular case your consolidation means that you've got to mulct the people to pay unreasonably high charges on stock. It isn't a square deal. My property was developed on real money.

I know what it pays and ought to pay. I won't put it into a scheme that will oblige every consumer of electricity to help pay dividends on imaginary money. And if you're seriously attempting to put over any consolidation of that sort on our people, Mr. Daunt, I repeat that you ought to be ashamed of yourself."

"And now you have heard him with your own ears," clamored the banker.

"What do you say to that, Mr. Corson?"

"All capitalization entails a fair compromise--values to be considered in the light of new development," said the Senator. "Let's discuss the proposition, Stewart."

"Discussion will only snarl us up. I'm stating the principle. You can't compromise principle! I refuse to discuss."

"Have you gone crazy over this protection-of-the-people idea?" demanded Corson, with heat.

"Maybe so! I'm not sure. I may be a little muddled. But I see a principle ahead and I'm going straight at it, even though I may tread on some toes.

I believe that the opinion doesn't hold good, any longer, as a matter of right, that because a man has secured a franchise, and his charter permits him to build a dam across a river or the mouth of a lake, he is thereby ent.i.tled to all the power and control and profit he can get from that river or lake without return in direct payment on that power to the people of the state. We know it's by const.i.tutional law that the people own the river and the lake. I'm putting in a report on this whole matter to the incoming legislature, Senator Corson."

"Good Heavens! Morrison, you're not advocating the soviet doctrine that the state can break existing contracts, are you?" shouted the Senator.

"I take the stand that charters do not grant the right for operators of water-power to charge anything their greed prompts 'em to charge on ballooned stock. I a.s.sert that charters are fractured when operators flagrantly abuse the public that way! I'm going to propose a legislative bill that will oblige water-power corporations to submit in public reports our state engineers' figures on actual honest profit-earning valuation; to publish complete lists of all the men who own stock so that we may know the interests and the persons who are secretly behind the corporations."

Corson displayed instant perturbation.

"Such publication can be twisted to injure honest investors. It can be used politically by a man's enemies. Stewart, I am heavily interested financially in Daunt's syndicate, because I believe in developing our grand old state. I bring this personal matter to your attention so that you may see how this general windmill-tilting is going to affect your friends."

"I'm for our state, too, sir! And I'll mention a personal matter that's close to me, seeing that you have broached the subject. St. Ronan's mill is responsible for more than two hundred good homes in the city of Marion, built, owned, and occupied by our workers. And in order to clean up a million profit for myself, I don't propose to go into a syndicate that may decide to ship power out of this state and empty those homes."

"You are leaping at insane conclusions," roared Daunt. He shook his finger under Morrison's nose.

"I'll admit that I have arrived at some rather extreme conclusions, sir,"

admitted Stewart, putting his threatened nose a little nearer Daunt's finger. "I based the conclusions on your own statement to me that you proposed to make my syndicate holdings more valuable by a legislative measure that would permit the consolidation to take over poles and wires of existing companies or else run wires into communities in case the existing companies would not sell."

"That's only the basic principle of business compet.i.tion for the good of the consuming public. Compet.i.tion is the demand, the right of the people,"

declared Daunt.

"I'm a bit skeptical--still basing my opinion on your own statements as to common-stock dividends--as to the price per kilowatt after compet.i.tors shall have been sandbagged according to that legislative measure," drawled the mayor. He turned to the Senator. "You see, sir, your guest and myself are still a good ways apart in our business ideas!"

"We'll drop business--drop it right where it is," said the Senator, curtly. "Mr. Daunt has tried to meet you more than half-way in business, in my house, taking my indors.e.m.e.nt of you. When I recommended you I was not aware that you had been making radical speeches to a down-town mob. I am shocked by the change in you, Stewart. Have you any explanation to give me?"

"I'm afraid it would take too long to go over it now in a way to make you understand, sir. I don't want to spoil my case by leaving you half informed. Mr. Daunt and I have reached an understanding. Pardon me, but I insist that I must keep my promise to Miss Corson."

The father did not welcome that announcement. "I trust that the understanding you mention includes the obligation to forget all that Mr.

Daunt has said under my roof this evening."

"I have never betrayed confidences in my personal relations with any man, Senator Corson," returned Morrison.

"Then your honor naturally suggests your course in this peculiar situation."

"Let's not stop to split hairs of honor! What do you expect me to do?"

demanded Morrison, bruskly business-like.

"I'll tell you what I expect," volunteered Daunt. "You have possession of facts----"

"I did not solicit them, sir. I was practically forced into an interview with you when I much rather would have been enjoying myself in the ballroom."

"Nevertheless, you have the facts. Under the circ.u.mstances you have no right to them. I expect you to show a gentleman's consideration and keep carefully away from my affairs."

"I, also, must ask that much, as your mutual host," put in Corson.

"Gentlemen," declared Stewart, setting back his shoulders, "by allowing myself to stretch what you term 'honor' to that fine point I would be held up in a campaign I have started--prevented from going on with my work, simply because Mr. Silas Daunt is among the men I'm fighting. I'm exactly where I was before Mr. Daunt talked to me. I propose to lick a water-power monopoly in this state if it's in my humble power to do it. If you stay in that crowd, Mr. Daunt, you've got to take your chances along with the rest of 'em."

"Stewart, your position is outrageous," blazed Corson. "You're not only throwing away a wonderful business opportunity on lines wholly approved by general usage--simply to indulge an impractical whim for which you'll get no thanks--taking a nonsensical stand for a mere dream in the way of public ownership--but you're insulting me, myself, by the inference that may be drawn."

"I don't understand, sir."

"Well, then, understand!" said the Senator, carried far by his indignation. "You know how I made my fortune!"

"I do!"

"Was I not justified in buying in all the public timber-lands at the going price?"

"Yes, seeing that the people of the state were fools enough to stay asleep and let lands go for a dollar or so an acre--lands to-day worth thousands of dollars an acre for the timber on 'em!"

"I paid the price that was asked. That's as far as a business man is expected to go."

"Certainly, Senator. I'm glad for you. But, I repeat, the people were asleep! Now I'm going to wake 'em up to guard their last great heritage--the water-power that they still own! I'll keep 'em awake, if I've got strength enough in this arm to keep on drumming and breath enough to keep the old trumpet sounding!"

"The corporations in this state are organized, they will protect their charters, they will make you let go of your wild scheme," bellowed the banker. "By the jumped-up Jehoshaphat, they will make you let go, Morrison! By the great--"

"Hush!" pleaded their host. "They can hear outside. No profanity!"

Stewart had started toward the door; he paused for a moment when he had his hand on the k.n.o.b. "We will not let go!" he said, calmly. "We won't let go--and this is not profanity, Senator Corson--we won't let go of as much as one dam-site!"

X

A SENATOR SIZES UP A FOE

After Stewart had closed the door behind himself Senator Corson rose hastily. For a few moments he surveyed the panels of the oaken portal with the intentness of one who was studying a problem on a printed page. Then, plainly, his thoughts went traveling beyond the closed door. But he appeared to be receiving no satisfaction from his scrutiny or from his thoughts. He scowled and muttered.

He stared into the palms of his soiled gloves; the suggestion they offered did not improve his temper. He ripped them from his hands. "What the mischief ails 'em, down here? They're all more or less slippery, Daunt!

I've been sensing it all the evening! I feel as if I'd been handling eels."