Suppose he were to urge the fellows to sell out the _March Hare_ to Carter? After all, they were their own masters. They need not do so unless they chose. He had no authority over them. To advise was a very different thing from commanding. No matter what measure he advocated, his opinion was neither final nor mandatory. He was no autocrat or imperator before whose decree his subjects trembled. It would be absurd to credit himself with such power. And, anyway, the editorial board had never promised to bequeath the _March Hare_ to the school. If parents, teachers, pupils, the general public had assumed this, they had had no right to do so. The paper, as Mr. Carter had said, was the property of those who had created it. Were they not free to dispose of it as they chose? Yet all the while he argued thus, Paul knew, deep down in his soul, that although there had been no written or verbal agreement, the community considered the publication a permanent school property. Should it be sold to Mr. Carter and continue to be published, what chances for success would another such paper have? It would be useless for 1921 to attempt to duplicate the _March Hare_. People were familiar with it; they knew and liked it. In all probability a great portion of its regular subscribers would continue to take the magazine, regardless of who published it. That it had ceased to be a school enterprise would not influence them. They liked it for what it was, not as a philanthropy. Probably, too, with Mr. Carter behind it, the _March Hare_ would branch out and be made much more attractive. If the _Echo_ press took up the publication of such a monthly, it would, of course, be with the intention of sweeping all other competitors out of the field. It _would_ sweep them out, too. Mr. Carter would see to that. By fair means or foul he had always accomplished that which he willed to do. Another school paper running in opposition to such a power? Why, it would not have the ghost of a chance to live! Besides, who would print it? No, if Mr. Carter took over the _March Hare_, the school must say good-by to further literary attempts. But after all, was that his lookout? What concern of his would it be what became of Burmingham and 1921. They could struggle on as best they might. That was what his class had had to do. Paul walked home very slowly, turning Mr. Carter's bill in his hand as he went. How delicate its workmanship! How wonderful its dainty tracery! He had never before noticed the accuracy with which a bill was fashioned. "Who prints United States money, Dad?" he asked quite irrelevantly of his father, when next he saw him.