"Of course, sir," he told Parker, "King Agrippa is a good horse, but nobody would ever think of entering him in a real classic. I told Allesandro to be careful not to beat him too far. The time was nothing remarkable and I do not think I have spoiled your opportunity for winning with him in the Derby." "I noticed that. Thank you. And you'll loan him to me to beat that old scoundrel I told you about?" "You'll have to arrange that matter with your daughter, sir. I have raced my first and my last race for anything save the sport of a horse-race, and I am now about to present Panchito to Miss Kay." "Present him? Why, you star-spangled idiot, I offered you fifteen thousand dollars for him and you knew then I would have gone to fifty thousand." Don Mike laid a patronizing hand on John Parker's shoulder. "Old settler, you're buying Panchito and you're paying a heavier price than you realize, only, like the overcoat in the traveling salesman's expense account, the item isn't apparent. I'm going to sell you a dam, the entire Agua Caliente Basin and watershed riparian rights, a site for a power station and a right of way for power transmission lines over my ranch. In return, you're going to agree to furnish me with sufficient water from your dam, in perpetuity, to irrigate every acre of the San Gregorio Valley." John Parker could only stare, amazed. "On one condition, Miguel," he replied presently. "Not an acre of the farm lands of the San Gregorio shall ever be sold, without a _proviso_ in the deed that it shall never be sold or leased to any alien ineligible to citizenship." "Oh, ho! So you've got religion, eh?" "I have. Pablo dragged it into the yard last spring at the end of his riata, and it lies buried in the San Gregorio. That makes the San Gregorio consecrated ground. I always had an idea I was a pretty fair American, but I dare say there's room for improvement. What do you want for that power property?" "I haven't the least idea. We'll get together with experts some day and arrive at an equitable price. "Thank you son. I'll not argue with you. You've given me a first-class thrashing and the man who can do that is quite a fellow. Nevertheless, I cannot see now where I erred in playing the game. Mind telling me, boy?"