"Now I'll tell you what was in the little black book," said Estuban.

Greg looked at his watch. "Hold on!" he said. "It's past one. De Socotra might possibly return here. His room is adjoining. We had better go down to my own room where there is no danger of being disturbed. In any case I have to be there at two to receive a report over the telephone."

In the little hall-room at Bessie Bickle's Estuban, white-faced and grim, told his tale. There was no sign of weakness in him now. He referred to his murdered friend calmly. He said:

"First I must try to make you understand the situation in Managuay that produced this crime. It may be difficult for a free American to credit, though it is simple enough. You must bear in mind that Managuay is a very small country, a sort of small-town republic, and quite outside the currents of the world's thought; indeed for Managuayans the outside world hardly exists. In other countries, even the most backward, of late years a social conscience has developed, but in Managuay no! Our overlords are still as rapacious as feudal barons. We have no prosperous middle class to act as a balance wheel. In Managuay there is nothing between the old Spanish aristocracy and the miserable peons.

"Up to a dozen years ago Managuay was a poor country; the old landholders were impoverished, and they had no business acumen; trade passed by our ports. Then American business men began to find us; they had the business ability and the Managuayans had the rich land. Gradually there grew up the infamous association that has almost ruined my country.

"The trouble was, the land was too rich. Under improved methods of cultivation and with the markets made accessible, great fortunes were reaped from rubber, coffee, fruit in a single season. Too easily made money atrophies men's moral sense; they become filled with a lust for more! more! more!

"Our landholders sold their lands to American corporations, taking shares in payment. After that the lazy Managuayans had nothing to do but spend their dividends. The American business men did all the work, and they became the real owners of my country. They never interfered openly in the government; they didn't have to, for their Managuayan stockholders were only too willing tools. The entire country is now run with a single eye to producing dividends for the American corporations. What is the consequence? Our people are wretched beyond description. They are set to work on the plantations and in the factories while they are scarcely out of infancy. This keeps down the price of labor and prevents them from ever learning enough to organize against their pitiless masters. It would wring your heart to see them. The generation now growing up are like little old men and women before they are mature!

"It is characteristic of such a gang that the principals never show themselves in the open. We have a succession of figure-heads as President of Managuay, but the real power never changes: it is lodged in the hands of Señor Francisco de Socotra. He is the instrument of Big Business. All the reins of power are gathered up into his hands. He directs our poor travesties of courts with a nod,—the judges are his appointees; he is the real commander of our army; he owns our newspapers. What chance has the truth of being spoken?

"I do not mean to blame the United States for the pass we have been brought to; the evil men are the Managuayans who have betrayed their country. The only criticism I would make of your government is that it thoughtlessly backs up its buccaneers of commerce without examining into their methods. And we little helpless people suffer. The ruling gang in Managuay derives its real power from the implied support of the United States which is behind it. I believe that Secretaries of State are honest men, but they may be swayed through devious courses that they know not of. And up to this time there never was anybody to speak for the wretched natives of Managuay.

"You can see how hopeless it was to think of successfully opposing so perfect an organization. I may mention as a significant fact that our army is largely recruited from neighboring states. It is plentifully supplied with machine guns. With the judges and the machine guns on the other side what could a poor man do? Our so-called popular elections were of the nature of a comic opera.