The directors knew that their decision would create much dissatisfaction, but they had hoped that a fair and candid statement of the condition of the mills, and a direct appeal to the good sense of the help to accept smaller wages, rather than no wages at all, would prevent any serious trouble. But they overestimated the good judgment of their employés, and forgot how easily a few hot-headed leaders could transform a dissatisfied people into a frenzied mob. A few days later, following out the instructions he had received, Mr. Bacon caused the following notice to be conspicuously displayed about the mill premises: IMPORTANT NOTICE. For six months the Black Forge Mills have been run at a serious loss to the corporation, and at last the directors have been forced to one of two issues: Closing the mills, or reducing the expenses. For some time the board has hesitated as to which of these measures it would be the wiser to adopt. So far as the interests of the corporation are concerned, it would be better to shut down the mills at once; for the employés, however, it is certainly better that the mills should continue to run, even though they should receive less compensation for their work. This latter consideration has led the directors to finally decide to keep the mills running. But in order to do so they are compelled to announce that on and after August 1 there will be the following reductions on the present wages: A ten per cent. reduction on all wages of one dollar and under. A fifteen per cent. reduction on all wages over one dollar and under two dollars. A twenty per cent. reduction on all wages of two dollars and over. At the same time, they assure all who labor for the corporation that, the moment the present financial depression is over, there will be an immediate return to the present rate of wages. Per order of THE DIRECTORS. "That's all gammon--hey, George?" asked a great strapping fellow, named Blake, of George Branford, as he passed him in the mill, pointing, as he spoke, to one of the notices which was posted near them. "I hardly think so," replied George, good-naturedly; "we all know that the times are hard. Half of the up-town mills are already shut down, and I have been fearing something of that kind might happen here. For myself I am thankful it is nothing worse than this." "Get out!" exclaimed the man, angrily; "any one but a fool can see this is only done to hoodwink us into a complete submission to their wishes. I for one am tired of being ground under the heel of a soulless corporation."