and thereby evaded the plain spirit of the law of the state.
I know that one branch line was bought for two hundred and fifty thousand
dollars, and capitalized for three millions, and that most of the others
were scandalously over-capitalized. I know that while the coming
transaction was still a secret, you and other, gentlemen connected with
the matter bought up large interests in other lines, which you proceeded
to lease to yourselves at guaranteed dividends which these lines do not
earn. I know that the first large dividend was paid out of capital. And
the stock which you sold to poor Garvin was so hopelessly watered that it
never could have been anything but worthless. If, in spite of these
facts, you do not deem yourself responsible for the misery which has been
caused, if your conscience is now clear, it is my duty to tell you that
there is a higher bar of justice."

The intensity of the fire of the denunciation had, indeed, a momentary
yet visible effect in the banker's expression. Whatever the emotions
thus lashed to self-betrayal, anger, hatred,--fear, perhaps, Hodder could
not detect a trace of penitence; and he was aware, on the part of the
other, of a supreme, almost spasmodic effort for self-control. The
constitutional reluctance of Eldon Parr to fight openly could not have
been more clearly demonstrated.

"Because you are a clergyman, Mr. Hodder," he began, "because you are
the rector of St. John's, I have allowed you to say things to me which
I would not have permitted from any other man. I have tried to take
into account your point of view, which is naturally restricted, your
pardonable ignorance of what business men, who wish to do their duty by
Church and State, have to contend with. When you came to this parish you
seemed to have a sensible, a proportional view of things; you were
content to confine your activities to your own sphere, content not to
meddle with politics and business, which you could, at first hand, know
nothing about. The modern desire of clergymen to interfere in these
matters has ruined the usefulness of many of them.

"I repeat, I have tried to be patient. I venture to hope, still, that
this extraordinary change in you may not be permanent, but merely the
result of a natural sympathy with the weak and unwise and unfortunate who
are always to be found in a complex civilization. I can even conceive
how such a discovery must have shocked you, temporarily aroused your
indignation, a