"I can't see how it is to my advantage to part with money I can make a good use of," Cliffe replied.

"I must speak frankly, señor." Gomez's manner became confidential. "These concessions have already cost you something, and there are dissatisfied people who are anxious to rob the President of his power."

"I've heard that some of them are anxious to shoot him; but that's not my business."

"With your pardon, señor, we must disagree. If the President loses office before the papers are signed, the concessions go. I imagined you understood this."

"I suppose I did understand something of the kind," Cliffe admitted. "Still, if the revolutionists prove too strong for you, I'll lose any additional money I may let you have."

Gomez smiled, a slow and rather cruel smile.

"If we can get the money there will be an end of the discontent; we know how to deal with it. And now, with apologies, I must remark that while we give you the first opportunity, there are others——"

"Ah!" said Cliffe sharply. "I'd thought this business wouldn't have much attraction for my rivals. Whom am I up against?"

Gomez gave him a letter from a German syndicate, and Cliffe examined it closely. He knew the principal, and recognized the signature.

"I see; they're bolder than I thought," he said. "If I don't come up to the line, you'll make the deal with them."