"I shall be happy to oblige you, Mr. Perner—very happy indeed." Then he turned suddenly and shook Perner's hand.
They talked on. By and by the Colonel refilled his pipe and leaned back in his chair.
"Fortune is a fickle jade," he said. "I have won and lost her seven times. I do not know that I shall ever do so again—it takes money to make money. Such resources as I have are not at present convertible into cash. Speculation without capital may win," he continued, "but the chances are much against it. It takes money to start anything, even a paper, as you gentlemen can testify."
The others assented silently.
"I might have told you that, in the beginning," Colonel Hazard went on, "had you asked me. Of course, I did not know the true condition of affairs until a state of dissolution had been reached. I could have advised you from past experience and observation."
The Colonel drew a number of luxurious whiffs from his pipe. The others only listened. The Colonel resumed:
"I knew a man some years ago who started a paper with forty thousand dollars in cash and an excellent scheme—premiums similar to yours. He spent that forty thousand, and another forty thousand on top of it—money from his people. Then he borrowed all he could get, at any rate of interest. He was bound to make it go, and he did make it go at last; but when the tide turned and commenced to flow his way he didn't have a dollar—not a dollar!"
Colonel Hazard looked into the fire and smoked reflectively.
"Humph!" commented Perner, "that part of it was like Frisby."
The Colonel turned quickly.