himself agreeable to Mrs. Hardy and her
daughter, with, in the case of the former, considerable success. His
status with Irene was not so well defined, but the frequency of his
visits to the Hardy home afforded the opportunity for an attachment to
be developed by insensible degrees, and the day was nearing when
Conward would wish to trade upon that attachment.

"How is it, Mr. Conward," Mrs. Hardy said to him one evening over her
fancy work, for she practised an indefatigable industry in matters of
no importance,--"How is it that there is no demand for property? You
are a real estate expert; you should be able to answer that."

"It is simple enough," Conward answered. "It is all a matter of
confidence. So long as confidence was maintained, prices continued to
advance. When confidence began to be shaken, prices hesitated. If
confidence should disappear, values would follow suit."

"But why should confidence disappear? Isn't this city as good to-day
as it was a year ago? Doesn't it occupy the same site? Are not the
farms still producing?"

"That's just it, dear Mrs. Hardy. Why, indeed? Simply because the
booster has given way to the calamity howler. Its psychological
explanation is simple enough. The world lives by faith. Without faith
there would be neither seed-time nor harvest. That is true of raising
cities, as well as raising crops. But there are always those who
ridicule faith; always were, always will be. And as soon as faith
disappears, things begin to sink. Just like John, or whoever it was,
on the water----"

"Peter, I think," corrected Mrs. Hardy. "Yes, yes, I begin to
understand."

"Well, it's just like that. I may be a little off colour on my
scripture, but I have the principle of it, and that's the main thing.
And as soon as a city loses faith it begins to sink, just like Peter in
the Red Sea."

"I don't think it was the Red Sea," said Mrs. Hardy gently. "But that
is a matter of detail. As you say, the principle is the main thing.
So we owe all this--these empty houses and shops, unsalable property,
and everything, to those who have lost faith--or never had it. To men
like Mr. Elden, for instance. You remember how he tried to discourage
me from the very first--tried to break down my faith--that was it, Mr.
Conward--I see it all very plainly now--and he and others like him have
brought things to their present pass. Well, they have a great
responsibility."

Conward, practise