I bowed.

"They leave you a pretty free hand, don't they?"

I replied that as far as routine business went I did much as seemed
good in my own eyes.

"Routine business? including investments, for instance?" he asked.

"Yes," said I; "investments in the ordinary course of
business--discounting bills and putting money out on loan and mortgage
over here. I place the money, and merely notify the people at home of
what I have done."

"A most proper confidence to repose in you," the President was good
enough say. "Confidence is the life of business; you must trust a man.
It would be absurd to make you send home the bills, and deeds, and
certificate, and what not. Of course they wouldn't do that."

Though this was a statement, somehow it also sounded like a question,
so I answered:

"As a rule they do me the compliment of taking my word. The fact is,
they are, as your Excellency says, obliged to trust somebody."

"Exactly as I thought. And you sometimes have large sums to place?"

At this point, notwithstanding my respect for the President, I began
to smell a rat.