It was not until Paul was on his way home that the full significance of Mr. Carter's action dawned upon him. He, Paul Cameron, had been bribed! He had taken from the magnate of Burmingham a sum of money in return for which he had tacitly pledged himself to use his influence to carry through a business deal which he held to be wrong, and with which he had no sympathy. To be sure, he had not done this monstrous deed voluntarily. Mr. Carter had thrust it upon him. He had been put in a difficult position and had failed to act. It was his passivity for which he now blamed himself. He should have repudiated the whole thing, hurled the odious money upon Carter's desk—since the man refused to take it back—and fled from the place. The fact that Mr. Carter had given him no opportunity to discuss the matter or refuse his offer was no excuse. He should have made the opportunity himself.

The only apology he could offer for his conduct was that he was completely stunned by the happenings of the afternoon. The drama had moved too swiftly for him. Until it was over, he had not sensed its trend. Was he really so much to blame?

Nevertheless, twist and excuse the fact as he would, the truth remained that there he was with the hateful fifty-dollar bill in his possession.

It was appalling, terrible! He, who had always prided himself on his honesty! He had not had the least notion of precipitating such a crisis when he had inquired about selling his Liberty Bond. The query had been a purely innocent one. He had to say something, and the chance of getting information from Mr. Carter had seemed too opportune to let slip. But as he reviewed the episode of the past half hour, he saw that Mr. Carter was perfectly justified in misunderstanding him and thinking that he laid himself open to the very situation that had come about.

Paul fingered the bill nervously. Fifty dollars! If he chose to use it to meet the deficit on the school paper he could now take his own savings for the new typewriter he wanted so much. Who would be the wiser? Had not Mr. Carter given him the money? It was his, his own property.

To forfeit that typewriter had been a wrench. He had not dared to admit to himself how bitter had been his disappointment at giving it up. It would be a long time before he could ever again earn enough money to buy a machine. And he needed it so much—needed it right away. Suppose he did buy a typewriter next year? A dozen typewriters would never mean to him what one would mean just now. Until he had made up his mind to do without it, it had seemed an indispensable possession, and now the necessity of having it came back again with redoubled force. He reflected on the machine's myriad advantages. Wasn't it almost imperative that he buy one? Wasn't such a thing for the welfare of the school? Surely it would not be a selfish action if he expended his money for the good of others.

Suppose he were to urge the fellows to sell out the March Hare to Carter? After all, they were their own masters. They need not do so unless they chose. He had no authority over them. To advise was a very different thing from commanding. No matter what measure he advocated, his opinion was neither final nor mandatory. He was no autocrat or imperator before whose decree his subjects trembled. It would be absurd to credit himself with such power.

And, anyway, the editorial board had never promised to bequeath the March Hare to the school. If parents, teachers, pupils, the general public had assumed this, they had had no right to do so. The paper, as Mr. Carter had said, was the property of those who had created it. Were they not free to dispose of it as they chose?

Yet all the while he argued thus, Paul knew, deep down in his soul, that although there had been no written or verbal agreement, the community considered the publication a permanent school property.

Should it be sold to Mr. Carter and continue to be published, what chances for success would another such paper have? It would be useless for 1921 to attempt to duplicate the March Hare. People were familiar with it; they knew and liked it. In all probability a great portion of its regular subscribers would continue to take the magazine, regardless of who published it. That it had ceased to be a school enterprise would not influence them. They liked it for what it was, not as a philanthropy. Probably, too, with Mr. Carter behind it, the March Hare would branch out and be made much more attractive. If the Echo press took up the publication of such a monthly, it would, of course, be with the intention of sweeping all other competitors out of the field. It would sweep them out, too. Mr. Carter would see to that. By fair means or foul he had always accomplished that which he willed to do.

Another school paper running in opposition to such a power? Why, it would not have the ghost of a chance to live! Besides, who would print it? No, if Mr. Carter took over the March Hare, the school must say good-by to further literary attempts.

But after all, was that his lookout? What concern of his would it be what became of Burmingham and 1921. They could struggle on as best they might. That was what his class had had to do.

Paul walked home very slowly, turning Mr. Carter's bill in his hand as he went. How delicate its workmanship! How wonderful its dainty tracery! He had never before noticed the accuracy with which a bill was fashioned.

"Who prints United States money, Dad?" he asked quite irrelevantly of his father, when next he saw him.

"Our United States greenbacks? Those are engraved and printed, my son, at the United States Bureau of Engraving and Printing at Washington. They are made from very fine and exquisitely prepared plates and printed on a special sort of paper. This paper has numberless little silk threads running through it which not only toughen it and prevent it from tearing but also make it almost impossible to duplicate. A counterfeiter would have to go to a deal of trouble to imitate such material."

Paul nodded. He had noticed the blue threads in his fifty-dollar bill. In fact, there was not much about it that he had not noticed while twisting and turning it in his fingers.

"Yes," continued his father, "our paper money and government notes are fine examples of accurate and perfect workmanship. I suppose, as they pass through our hands, we seldom consider the labor that goes into making them. From the time the designer begins his work to the moment the plates are made, tried out, and accepted, many, many hours of toil are consumed. You know, of course, that our government runs a very extensive printing plant where it uses tons of paper every year. There is no end to the government printing. The Congressional Records must be printed and filed, as must also thousands of reports from various boards and committees. Then there is stationery for official use; official documents of all sorts; catalogues; cards for government business."

"I never thought of that."

"Yes, indeed. Uncle Sam runs quite a jobbing office, all the details of which must be carefully systematized, too. Great care is taken that the spelling abbreviations and such details shall be uniform on all government documents. You can readily see how necessary it is that they should be. Therefore the government issues a manual for the use of its employees, a list of punctuation and capitalization marks and rules, as well as printers' marks which shall serve as a standard and must be conformed to for all government purposes."

"That is interesting, isn't it?" murmured Paul.

"You can readily understand that in preparing government reports and such things for the press a uniform abbreviation for the States, for example, must be used. It would be out of the question to have one person abbreviating Alabama one way and another person another. It would not only result in a slipshod lot of documents but the variation might mislead those who read it. In all such documents every detail must be the same. Moreover, often employees are far from being expert in such matters and a book to which they can refer is a great help to them. In addition, it settles all disputes arising between the clerks who make up the reports and the printers who print them; and it saves the time and labor of correcting errors."

"I see."

"Not only does the government printing office do a vast amount of printing for the use of the Washington authorities but it does a great deal of work for the country at large. Think, for instance, of the care and accuracy that goes into making out the United States census."

"Not only care but paper and ink," laughed Paul.

"All such tabulated documents consume quantities of paper," answered his father. "Directories, telephone books, circulars, and advertising matter in general demand tons and tons of paper every year, and the printing of them provides employment for hundreds of printers. As time goes on, more and more business is annually transacted by mail. The country is so tremendous and the expense of sending out salesmen to cover it so great that merchants now do much of their selling from mail-order catalogues. Many of these books are very attractive, too. A careful reproduction of the object for sale is made and the photograph sent broadcast to speak for itself. Jewelry firms issue tempting lists of their wares; china and glass dealers try to secure buyers by offering alluring pages of pictures, many of them in color; dry goods houses send out photographs of suits, hats, and clothing of all sorts. You have seen scores of such books and know how they are indexed and priced. In fact, there are commercial firms whose mail-order department is a business in itself, catalogues entirely supplanting salesmen. It is a much cheaper, wider-reaching means of selling, and often the results are quite as good as are the more old-fashioned methods. Now that artistic cuts can be reproduced with comparatively little expense this means of advertising is becoming more and more popular. Many charities annually make their appeal for funds by leaflet or card; stocks are offered to customers; your patronage to theaters, entertainments, and hotels is thus solicited. The combination of low postage rates and wide mail distribution is accountable for an almost overwhelming amount of printed business being transacted. Then, too, the mail is a great time-saver, or should be, an advantage to be considered in our busy, work-a-day world."

"But people don't read half the stuff they get through the mails," said Paul.

"No, of course not. If they did, they would do little else," smiled his father. "Nevertheless, they glance at it and now and then, as their eye travels over it, an item on the page catches their fancy. Any artistic advertisement will usually command attention; so will the receipt of some trifling article that is pretty or novel. Besides, it is chiefly the rushed city person who tosses the advertisement away unread. Those with more leisure, country people, perhaps, who receive little mail, usually read every word of the printed matter that reaches them. They do not have so many diversions as we do, and this printed stuff entertains them and keeps them in touch with the cities. Therefore they generally go over what is sent them quite carefully. Frequently they are miles from large shops and are forced to do much of their purchasing by mail, so such catalogues are a great convenience to them."

"I can see that," Paul admitted.

"Yes, indeed. Catalogues to those living in sparsely settled districts are a profound blessing. I should not be surprised to see the paper, ink, and printing business one of our largest industries. We cannot do without any of these commodities. Have you thought, for example, of the amount of material and labor that goes into producing the millions of thick telephone directories annually circulated among the subscribers? All these have to be printed somewhere."

"It must be an awful piece of work to get them out, Dad."

"It is. They must be printed absolutely correctly too, for an error will cause both the exchange and the subscriber no end of trouble. So it is with residence directories and many similar lists. If you consider, you can readily see that as a nation we consume an unbelievable amount of paper and ink in a year. That is why the shortage of these materials during the war caused such universal inconvenience. And not only do we demand a great deal of paper, and ink, and printer's skill in every department of our business, but being a country alert for education, we annually use a tremendous number of schoolbooks. Hundreds, thousands, millions of schoolbooks are printed each year for the purpose of educating and democratizing our growing citizens."

Paul stirred in his chair uneasily. The talk had drifted back into the familiar channels of the present. Again the school, Mr. Carter, the fifty-dollar bill, and the thoughts that for the instant had taken flight now returned to his mind, bringing a cloud to his face.

His father, noticing the shadow, looked kindly into the boy's eyes.

"You are tired to-night, son," he said.

"A little."

"Not working too hard?"

"No, sir. I don't think so."

"Everything going all right at school?"

"Yes."

"Paper still booming?"

"Yes, Dad. Going finely."

"I am glad to hear that."

Mr. Cameron waited a second. A wild impulse to take his father into his confidence seized Paul. He hesitated. Then it was too late. His father rose and with a friendly touch on his shoulder strode across the hall and into his den.

"You must not overwork at your editorial desk, my boy," he called jocosely from the distant threshold. "It doesn't pay."

Paul heard the door slam. The moment for confession had passed. His father had gone and he was alone with his conscience and Mr. Carter's fifty-dollar bill.