And thus Cleveland continued to show the superior advantages possessed by “Eldorado.” About a city with its houses, public squares, churches, mill sites, etc., there was something more real to the mind of the merchant, than about stocks in banks, railroads, or canals, and he felt much better pleased with “Eldorado” than he did with the Eagle Bank. After considering the matter for a week, and holding several long conversations with large holders of lots in “Eldorado,” Mr. Townsend concluded to purchase out Cleveland’s entire interest, and then turn his attention towards forwarding the improvements already begun. This intention was put into execution forthwith. All the necessary papers were drawn, and duly recorded, and the plan of “Eldorado” transferred from the walls of Mr. Cleveland’s counting-room, to those of Mr. Townsend. Previous to this, the notes of the latter for the large sum of forty thousand dollars, passed into the hands of the former, and were immediately converted into cash. CHAPTER V. ELDORADO. About a month after Mr. Townsend became the owner of nearly half of a new and flourishing western city, he sent an agent out to examine the condition of things there, and to take charge of certain improvements it was his intention to begin forthwith. The agent had been gone a little over six weeks, when the following letter was received from him: “DEAR SIR:--After some considerable difficulty, I have, at last, succeeded in finding ‘Eldorado.’ No one, in this part of the country, had ever heard of such a place. When I showed the plan of the city, and map of the surrounding country, people shook their heads, and said there must be some mistake. But, by the aid of a State surveyor, who knew rather more about matters and things than the common people, I was able to find the exact place which, with some of the natural advantages, as that of a water-power, for instance, which have been assigned to it, is yet as wild and unbroken a spot as I have met in these wild regions. I learn that an actual survey of it was made about a year ago, and the whole tract purchased for a hundred dollars, and thought dear at that by those who did not know for what it was designed. Of the railroads that are to run through it, only one is commenced, or likely to be these ten years, and that will not pass within sixty miles of the place. In a word, sir, not the first spade-full of earth has been turned in this beautiful city of ‘Eldorado,’ nor the first tree cut down. I fear that you have been most shamefully deceived. I will await your reply to this letter before returning home. Very respectfully, yours, etc.” “Forty thousand dollars more as good as cast into the sea!” said Mr. Townsend, with forced composure, as he read the last sentence of this letter, and comprehended the whole matter. “Fool! Fool! Why did I not send the agent before I made the purchase? Was ever a man so beside himself!”