"Why, the right to foreclose the mortgage when the interest is not
paid, of course," said Fitz, with a surprised look.

"Put yo' pencil through that line, quick--none of that for me. This
fo'closure business has ruined haalf the gentlemen in our county, suh.
But for that foolishness two thirds of our fust families would still
be livin' in their homes. No, suh, strike it out!"

"But, my dear Colonel, without that protecting clause you couldn't get
a banker to touch your bonds with a pair of tongs. What recourse have
they?"

"What reco'se? Reorganization, suh! A boilin'-down process which will
make the stock--which we practically give away at fifty cents on the
dollar--twice as valuable. I appreciate, my dear Fitz, the effo'ts
which you are makin' to dispose of these secu'ities, but you must
remember that this plan is _mine_.

"Now Major," locking his arm in mine, "listen; for I want you both to
understand exactly the way in which I propose to forward this
enterprise. Chad, bring me three wine-glasses and put that Madeira on
the table--don't disturb that railroad!--so.

"My idea, gentlemen," continued the colonel, filling the glasses
himself, "is to start this scheme honestly in the beginnin', and avoid
all dissatisfaction on the part of these vehy bondholders thereafter.

"Now, suh, in my experience I have always discovered that a vehy general
dissatisfaction is sure to manifest itself if the coupons on secu'ities