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editor had driven up to the porch and had asked Mrs. Derrick, whom he found reading a book of poems on the porch, if he could see Magnus. At the time, the Governor had gone with Phelps to inspect the condition of the young wheat on Hooven’s holding, but within half an hour he returned, and Genslinger had asked him for a “few moments’ talk in private.”

The two went into the “office,” Magnus locking the door behind him. “Very complete you are here, Governor,” observed the editor in his alert, jerky manner, his black, bead-like eyes twinkling around the room from behind his glasses. “Telephone, safe, ticker, account-books—well, that’s progress, isn’t it? Only way to manage a big ranch these days. But the day of the big ranch is over. As the land appreciates in value, the temptation to sell off small holdings will be too strong. And then the small holding can be cultivated to better advantage. I shall have an editorial on that some day.”

“The cost of maintaining a number of small holdings,” said Magnus, indifferently, “is, of course, greater than if they were all under one management.”

“That may be, that may be,” rejoined the other.

There was a long pause. Genslinger leaned back in his chair and rubbed a knee. Magnus, standing erect in front of the safe, waited for him to speak.

“This is an unfortunate business, Governor,” began the editor, “this misunderstanding between the ranchers and the Railroad. I wish it could be adjusted. HERE are two industries that MUST be in harmony with one another, or we all go to pot.”

“I should prefer not to be interviewed on the subject, Mr. Genslinger,” said Magnus.

“Oh, no, oh, no. Lord love you, Governor, I don’t want to interview you. We all know how you stand.”

Again there was a long silence. Magnus wondered what this little man, usually so garrulous, could want of him. At length, Genslinger began again. He did not look at Magnus, except at long intervals.

“About the present Railroad Commission,” he remarked. “That was an interesting campaign you conducted in Sacramento and San Francisco.”

Magnus held his peace, his hands shut tight. Did Genslinger know of Lyman’s disgrace? Was it for this he had come? Would the story of it be the leading article in to-morrow’s Mercury?

“An interesting campaign,” repeated Genslinger, slowly; “a very interesting campaign. I watched it with every degree of interest. I saw its every phase, Mr. Derrick.”

“The campaign was not without its interest,” admitted Magnus.

“Yes,” said Genslinger, still more deliberately, “and some phases of it were—more interesting than others, as, for instance, let us say the way in which you—personally—secured the votes of certain chairmen of delegations—NEED I particularise further? Yes, those men—the way you got their votes. Now, THAT I should say, Mr. Derrick, was the most interesting move in the whole game—to you. Hm, curious,” he murmured, musingly. “Let’s see. You deposited two one-thousand dollar bills and four five-hundred dollar bills in a box—three hundred and eight was the number—in a box in the Safety Deposit Vaults in San Francisco, and then— let’s see, you gave a key to this box to each of the gentlemen in question, and after the election the box was empty. Now, I call that interesting—curious, because it’s a new, safe, and highly ingenious method of bribery. How did you happen to think of it, Governor?”

“Do you know what you are doing, sir?” Magnus burst forth. “Do you know what you are insinuating, here, in my own house?”

“Why, Governor,” returned the editor, blandly, “I’m not INSINUATING anything. I’m talking about what I KNOW.”

“It’s a lie.”

Genslinger rubbed his chin reflectively.

“Well,” he answered, “you can have a chance to prove it before the Grand Jury, if you want to.”

“My character is known all over the State,” blustered Magnus. “My politics are pure politics. My–-”

“No one needs a better reputation for pure politics than the man who sets out to be a briber,” interrupted Genslinger, “and I might as well tell you, Governor, that you can’t shout me down. I can put my hand on the two chairmen you bought before it’s dark to-day. I’ve had their depositions in my safe for the last six weeks. We could make the arrests to-morrow, if we wanted. Governor, you sure did a risky thing when you went into that Sacramento fight, an awful risky thing. Some men can afford to have bribery charges preferred against them, and it don’t hurt one little bit, but YOU—Lord, it would BUST you, Governor, bust you dead. I know all about the whole shananigan business from A to Z, and if you don’t believe it—here,” he drew a long strip of paper from his pocket, “here’s a galley proof of the story.”

Magnus took it in his hands. There, under his eyes, scare-headed, double-leaded, the more important clauses printed in bold type, was the detailed account of the “deal” Magnus had made with the two delegates. It was pitiless, remorseless, bald. Every statement was substantiated, every statistic verified with Genslinger’s meticulous love for exactness. Besides all that, it had the ring of truth. It was exposure, ruin, absolute annihilation.

“That’s about correct, isn’t it?” commented Genslinger, as Derrick finished reading. Magnus did not reply. “I think it is correct enough,” the editor continued. “But I thought it would only be fair to you to let you see it before it was published.”

The one thought uppermost in Derrick’s mind, his one impulse of the moment was, at whatever cost, to preserve his dignity, not to allow this man to exult in the sight of one quiver of weakness, one trace of defeat, one suggestion of humiliation. By an effort that put all his iron rigidity to the test, he forced himself to look straight into Genslinger’s eyes.

“I congratulate you,” he observed, handing back the proof, “upon your journalistic enterprise. Your paper will sell to-morrow.” “Oh, I don’t know as I want to publish this story,” remarked the editor, indifferently, putting away the galley. “I’m just like that. The fun for me is running a good story to earth, but once I’ve got it, I lose interest. And, then, I wouldn’t like to see you—holding the position you do, President of the League and a leading man of the county—I wouldn’t like to see a story like this smash you over. It’s worth more to you to keep it out of print than for me to put it in. I’ve got nothing much to gain but a few extra editions, but you—Lord, you would lose everything. Your committee was in the deal right enough. But your League, all the San Joaquin Valley, everybody in the State believes the commissioners were fairly elected.”

“Your story,” suddenly exclaimed Magnus, struck with an idea, “will be thoroughly discredited just so soon as the new grain tariff is published. I have means of knowing that the San Joaquin rate—the issue upon which the board was elected—is not to be touched. Is it likely the ranchers would secure the election of a board that plays them false?”

“Oh, we know all about that,” answered Genslinger, smiling. “You thought you were electing Lyman easily. You thought you had got the Railroad to walk right into your trap. You didn’t understand how you could pull off your deal so easily. Why, Governor, LYMAN WAS PLEDGED TO THE RAILROAD TWO YEARS AGO. He was THE ONE PARTICULAR man the corporation wanted for commissioner. And your people elected him—saved the Railroad all the trouble of campaigning for him. And you can’t make any counter charge of bribery there. No, sir, the corporation don’t use such amateurish methods as that. Confidentially and between us two, all that the Railroad has done for Lyman, in order to attach him to their interests, is to promise to back him politically in the next campaign for Governor. It’s too bad,” he continued, dropping his voice, and changing his position. “It really is too bad to see good men trying to bunt a stone wall over with their bare heads. You couldn’t have won at any stage of the game. I wish I could have talked to you and your friends before you went into that Sacramento fight. I could have told you then how little chance you had. When will you people realise that you can’t buck against the Railroad? Why, Magnus, it’s like me going out in a paper boat and shooting peas at a battleship.”

“Is that all you wished to see me about, Mr. Genslinger?” remarked Magnus, bestirring himself. “I am rather occupied to-day.” “Well,” returned the other, “you know what the publication of this article would mean for you.” He paused again, took off his glasses, breathed on them, polished the lenses with his handkerchief and readjusted them on his nose. “I’ve been thinking, Governor,” he began again, with renewed alertness, and quite irrelevantly, “of enlarging the scope of the ‘ Mercury.’ You see, I’m midway between the two big centres of the State, San Francisco and Los Angeles, and I want to extend the ‘Mercury’s’ sphere of influence as far up and down the valley as I can. I want to illustrate the paper. You see, if I had a photo-engraving plant of my own, I could do a good deal of outside jobbing as well, and the investment would pay ten per cent. But it takes money to make money. I wouldn’t want to put in any dinky, one-horse affair. I want a good plant. I’ve been figuring out the business. Besides the plant, there would be the expense of a high grade paper. Can’t print half-tones on anything but coated paper, and that COSTS. Well, what with this and with that and running expenses till the thing began to pay, it would cost me about ten thousand dollars, and I was wondering if, perhaps, you couldn’t see your way clear to accommodating me.”

“Ten thousand?”

“Yes. Say five thousand down, and the balance within sixty days.”

Magnus, for the moment blind to what Genslinger had in mind, turned on him in astonishment.

“Why, man, what security could you give me for such an amount?”

“Well, to tell the truth,” answered the editor, “I hadn’t thought much about securities. In fact, I believed you would see how greatly it was to your advantage to talk business with me. You see, I’m not going to print this article about you, Governor, and I’m not going to let it get out so as any one else can print it, and it seems to me that one good turn deserves another. You understand?”

Magnus understood. An overwhelming desire suddenly took possession of him to grip this blackmailer by the throat, to strangle him where he stood; or, if not, at least to turn upon him with that old-time terrible anger, before which whole conventions had once cowered. But in the same moment the Governor realised this was not to be. Only its righteousness had made his wrath terrible; only the justice of his anger had made him feared. Now the foundation was gone from under his feet; he had knocked it away himself. Three times feeble was he whose quarrel was unjust. Before this country editor, this paid speaker of the Railroad, he stood, convicted. The man had him at his mercy. The detected briber could not resent an insult. Genslinger rose, smoothing his hat.

“Well,” he said, “of course, you want time to think it over, and you can’t raise money like that on short notice. I’ll wait till Friday noon of this week. We begin to set Saturday’s paper at about four, Friday afternoon, and the forms are locked about two in the morning. I hope,” he added, turning back at the door of the room, “that you won’t find anything disagreeable in your Saturday morning ‘Mercury,’ Mr. Derrick.”

He went out, closing

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