Ned's heart beat so loud and fast that he half-unconsciously placed his hand over it, as if he could in that way dull its sound.

"Five hundred thousand dollars for the plans, specifications and formula."

"Five hundred thousand, why, gentlemen, I——"

"And a royalty which can be arranged later to suit your own terms," the younger Pulsifer hastened to add.

"Look out, Hank Varian," Ned muttered to himself, as the inventor hesitated, or seemed to, "you are nearer getting a punch on your nose right now than you ever were before, you double-dyed traitor."

"It is a very generous offer," rejoined the inventor, "but——"

Again the Pulsifers interrupted him.

"We are authorized, I may say," added the elder one, "to make the sum eight hundred thousand——"

"Or more," put in his younger brother.

"Eight hundred thousand dollars," mused the inventor in a quiet tone; "why, the government you act for must be made of money."