"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 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." Fitz agreed to the striking out of all such harassing clauses, and the colonel continued his inspection.