of this class are not paid when they become due. As a gen'ral rule
this interest money is never earned for the fust two years, and the
money to pay it with is inva'ably stolen from the principal. All this
dishonesty I avoid, suh, by the issue of my Deferred Debenture Bonds."

"How?" I asked, seeing the colonel pause for a reply.

"By cuttin' off the fust fo' coupons. Then everybody knows exactly
where they stand. They don't expect anythin' and they never get it."

Fitz gave one of his characteristic roars and asked if the fifth would
ever be paid.

"I can't at this moment answer, but we hope it will."

"It is immaterial," said Fitz, wiping his eyes. "This class of
purchasers are all speculators, and like excitement. The very
uncertainty as to this fifth coupon gives interest to the investment,
if not to the investor."

"None of yo' Irish impudence, suh. No, gentlemen, the plan is not only
fair, but reasonable. Two years is not a long period of time in which
to foster a great enterprise like the C.& W.A.L.R.R., and it is for
this purpose that I issue the Deferred Debentures. Deferred--put off;
Debenture--owed. What we owe we put off. Simple, easily understood,
and honest.

"Now, suh," turning to Fitz, "if after this frank statement any graspin'
banker seeks to trammel this enterprise by any fo'closure clauses, he
sha'n't have a bond, suh. I'll take them all myself fust."