begun.

"Dear me," I ventured to say, "that seems a good deal of money,
considering what there is to show for it."

"You cannot doubt the certificate, Mr. Martin," said the President.

I did doubt the certificate, and should have liked to ask what fee the
engineer had received. But I hastily said it was, of course, beyond
suspicion.

"Yes," said he steadily, "quite beyond suspicion. You see, Mr. Martin,
in my position I am compelled to be liberal. The Government cannot
set other employers the example of grinding men down by low wages.
However, reasons apart, there is the fact. We cannot go on without
more money; and I may tell you, in confidence, that the political
situation makes it imperative we should go on. Not only is my personal
honor pledged, but the Opposition, Mr. Martin, led by the colonel, is
making itself obnoxious--yes, I may say very obnoxious."

"The colonel, sir," said I, with a freedom engendered of dining, "is a
beast."

"Well," said the President, with a tolerant smile, "the colonel,
unhappily for the country, is no true patriot. But he is powerful;
he is rich; he is, under myself alone, in command of the army. And,
moreover, I believe he stands well with the signorina. The situation,
in fact, is desperate. I must have money, Mr. Martin. Will your
directors make me a new loan?"

I knew very well the fate that would attend any such application.
The directors were already decidedly uneasy about their first loan;
shareholders had asked awkward questions, and the chairman had found
no small difficulty in showing that the investment was likely to prove
either safe or remunerative. Again, only a fortnight before, the
Government had made a formal application to me on the same subject. I
cabled the directors, and received a prompt reply in the single word
"Tootsums," which in our code meant, "Must absolutely and finally
decline to entertain any applications." I communicated the contents
of the cable to Senor Don Antonio de la Casabianca, the Minister
of Finance, who had, of course, communicated them in turn to the
President.

I ventured to remind his Excellency of these facts. He heard me with
silent attention.

"I fear," I concluded, "therefore, that it is impossible for me to be
of any assistance to your Excellency."

He nodded, and gave a slight sigh. Then, with an air of closing the
subject, he said:

"I suppose the directors are past reason. Help yourself to a brandy
and soda."

"Allow