"Tell me about it all, Guilford. I do not understand, and I must know. I need not tell you that my interest is not prompted by curiosity. I hold you as my brother, and I love Barbara. Tell me." And Duncan did. As he outlined the compact that Barbara had insisted upon, the smiles replaced solemn apprehension on Mrs. Hallam's face, as though she foresaw all she desired as the outcome of such an arrangement. But all that she said was: "I am greatly relieved." XXVIII THE BIRTH OF A GREAT RAILROAD Upon becoming president of a strong bank, and the close associate of Hallam and Stafford in all their undertakings, Guilford Duncan became at once a factor to be recognized and reckoned with in all enterprises with which he had to do. He had brains, character, and indomitable energy, and these had already won for him the respect of the men of affairs. Now that he had control of money also, his power and influence were multiplied many fold. The time was one of expansion. The flood of irredeemable and heavily depreciated paper currency which had been issued under stress of war necessities, was producing the usual effect of inflation. It gave a false seeming of value to every purchasable thing. It caused rapid and great fluctuations in all markets. It lured men everywhere into speculation. It dangerously expanded credits and prompted men to undertake enterprises far beyond their means. Very early in his career as a banker, Guilford Duncan discovered that half the merchants in Cairo were young men of little capital and small capacity, who ought to have remained salaried clerks. These had grown ambitious, set up for themselves, and were carrying large stocks of goods almost wholly upon credit. They were staggering under loads of debt on which they were paying ruinous rates of interest. It was easy enough for him to protect his bank by gradually reducing its loans to such men as these, but the prudence thus exercised added to the number of his enemies. He cared little for that, so long as he knew his course to be right. Looking further afield he saw that a like condition of things existed all over the West, and was the inspiration of much greater undertakings than those of the merchants and shopkeepers. He used often to talk of these things with Hallam. "You're quite right," said that sagacious financier. "The country has gone on a big financial drunk, and of course the headache will come when the spree is over. But it won't be over for a considerable time to come, and in the meanwhile the country is getting a good deal of benefit from it.