Altogether, I was in a cheery frame of mind when I returned to the commercial college; and my earlier operations were crowned with a full measure of success. My father wrote and wired to me continually. “You are to exercise your own judgment, Loudon,” he would say. “All that I do is to give you the figures; but whatever operation you take up must be upon your own responsibility, and whatever you earn will be entirely due to your own dash and forethought.” For all that, it was always clear what he intended me to do, and I was always careful to do it. Inside of a month I was at the head of seventeen or eighteen thousand dollars, college paper. And here I fell a victim to one of the vices of the system. The paper (I have already explained) had a real value of one per cent; and cost, and could be sold for, currency. Unsuccessful speculators were thus always selling clothes, books, banjos, and sleeve-links, in order to pay their differences; the successful, on the other hand, were often tempted to realise, and enjoy some return upon their profits. Now I wanted thirty dollars' worth of artist-truck, for I was always sketching in the woods; my allowance was for the time exhausted; I had begun to regard the exchange (with my father's help) as a place where money was to be got for stooping; and in an evil hour I realised three thousand dollars of the college paper and bought my easel. It was a Wednesday morning when the things arrived, and set me in the seventh heaven of satisfaction. My father (for I can scarcely say myself) was trying at this time a “straddle” in wheat between Chicago and New York; the operation so called is, as you know, one of the most tempting and least safe upon the chess-board of finance. On the Thursday, luck began to turn against my father's calculations; and by the Friday evening, I was posted on the boards as a defaulter for the second time. Here was a rude blow: my father would have taken it ill enough in any case; for however much a man may resent the incapacity of an only son, he will feel his own more sensibly. But it chanced that, in our bitter cup of failure, there was one ingredient that might truly be called poisonous. He had been keeping the run of my position; he missed the three thousand dollars, paper; and in his view, I had stolen thirty dollars, currency. It was an extreme view perhaps; but in some senses, it was just: and my father, although (to my judgment) quite reckless of honesty in the essence of his operations, was the soul of honour as to their details. I had one grieved letter from him, dignified and tender; and during the rest of that wretched term, working as a clerk, selling my clothes and sketches to make futile speculations, my dream of Paris quite vanished. I was cheered by no word of kindness and helped by no hint of counsel from my father.