“Remember the mill the Dutchman had?... Ground salt, and nothing but salt ... Ours won’t grind anything but mortgages ... Well, the hair of the dog must cure the bite ... Fight fire with fire ... Similia similibus curantur ... We can’t trade horses, nor methods, in the middle of the ford.... The mill has got to go on grinding mortgages until we’re carried over; and Hinckley and the Grain Belt Trust must float ’em. Of course the infernal mill ground salt until it sent the whole shooting-match to the bottom of the sea; but you mustn’t be misled by analogies. The Dutchman hadn’t any good old Al to lose telegrams in an absent-minded way where they would do the most good, and sell railroads to old man Pendleton ... As for us, it’s the time-worn case of electing between the old sheep and the lamb. We’ll take the adult mutton, and go the whole hog ... And if we lose, the tail’ll have to go with the hide.... But we won’t lose, Al, we won’t lose. There isn’t treason enough in all the storehouses of hell to balk or defeat us. It’s a question of courage and resolution and confidence, and imparting all those feelings to every one else. There isn’t malice enough, even if it were a whole pack, instead of one lone hyena, to put out the fires in those furnaces over there, or stop the wheels in that flume, or make our streets grow grass. The things we’ve built are going to stay built, and the word of Lattimore will stand!”
“My hand on that!” said I.
There was little in the way of higgling: for Cornish proudly refused much to discuss matters; and when we found what we must pay to prevent the explosion, it sickened us. Jim strongly urged upon Harper the taking of Cornish’s shares.
“No,” said Harper, “the Frugality and Indemnity is too good a thing to drop; and I can’t carry both. But if you can show me how, within a short time, you can pay it back, I’ll find you the cash you lack.”
We could not wait for the two millions from Pendleton; and the interim must be bridged over by any desperate means. We took, for the moment only, the funds advanced through Harper; and Cornish took his price.
The day after Harper went away we were busy all day long, drawing notes and mortgages. Every unincumbered piece of our property, the orts, dregs, and offcast of our operations, were made the subjects of transfers to the rag-tag and bobtail of Lattimore society. A lot worth little or nothing was conveyed to Tom, Dick, or Harry for a great nominal price, and a mortgage for from two-thirds to three-fourths of the sum given back by this straw-man purchaser. Our mill was grinding mortgages.
I do not expect that any one will say that this course was justified or justifiable; but, if anything can excuse it, the terrible difficulty of our position ought to be considered in mitigation, if not excuse. Pressed upon from without, and wounded by blows dealt in the dark from within; with dreadful failure threatening, and with brilliant success, and the averting of wide-spread calamity as the reward of only a little delay, we used the only expedient at hand, and fought the battle through. We were caught in the mighty swirl of a modern business maelstrom, and, with unreasoning reflexes, clutched at man or log indifferently, as we felt the waters rising over us; and broadcast all over the East were sown the slips of paper ground out by our mill, through the spout of the Grain Belt Trust Company; and wherever they fell they were seized upon by the banks, which had through years of experience learned to look upon our notes and bonds as good.
“Past the bulge,” quoted Jim, “and into the slump! We’ll see what the whelp says when he finds that, in spite of all his attempts to scuttle, there isn’t going to be any slump!”
By which observation it will appear that, as our operations began to bring in returns in almost their old abundance, our courage rose. At the very last, some bank failures in New York, and a bad day on ’Change in Chicago, cut off the stream, and we had to ask Harper to carry over a part of the Frugality and Indemnity loan until we could settle with Pendleton; but this was a small matter running into only five figures.