And now, why did the United States desire to part with the island? Was it for some whim? No! A great nation cannot act on caprice in any matter, however simple. The truth was this: situated as it was, Spencer Island had for a long time been known as a station perfectly useless. There could be no practical result from settling there. In a military point of view it was of no importance, for it only commanded an absolutely deserted portion of the Pacific. In a commercial point of view there was a similar want of importance, for the products would not pay the freight either inwards or outwards. For a criminal colony it was too far from the coast. And to occupy it in any way, would be a very expensive undertaking. So it had remained deserted from time immemorial, and Congress, composed of "eminently practical" men, had resolved to put it up for sale--on one condition only, and that was, that its purchaser should be a free American citizen. There was no intention of giving away the island for nothing, and so the reserve price had been fixed at $1,100,000. This amount for a financial society dealing with such matters was a mere bagatelle, if the transaction could offer any advantages; but as we need hardly repeat, it offered none, and competent men attached no more value to this detached portion of the United States, than to one of the islands lost beneath the glaciers of the Pole. In one sense, however, the amount was considerable. A man must be rich to pay for this hobby, for in any case it would not return him a halfpenny per cent. He would even have to be immensely rich for the transaction was to be a "cash" one, and even in the United States it is as yet rare to find citizens with $1,100,000 in their pockets, who would care to throw them into the water without hope of return. And Congress had decided not to sell the island under the price. Eleven hundred thousand dollars, not a cent less, or Spencer Island would remain the property of the Union. It was hardly likely that any one would be mad enough to buy it on the terms. Besides, it was expressly reserved that the proprietor, if one offered, should not become king of Spencer Island, but president of a republic. He would gain no right to have subjects, but only fellow-citizens, who could elect him for a fixed time, and would be free from re-electing him indefinitely. Under any circumstances he was forbidden to play at monarchy. The Union could never tolerate the foundation of a kingdom, no matter how small, in American waters. This reservation was enough to keep off many an ambitious millionaire, many an aged nabob, who might like to compete with the kings of the Sandwich, the Marquesas, and the other archipelagoes of the Pacific.