"But, gentlemen," cried Ralph, pleased at the impression which his words had made, "things have not come to that pass yet, nor will they, if I can help it. There is always life for a living man; that is, if he is willing and able to use it sensibly for his own preservation. What is this which has fallen on us after all? It may prove to be nothing but a fault in the lode. Such things occur frequently, and the recovered vein, when it is found again deeper down, is generally richer than it was before. It is true that what we have been working on may prove to be mere pockets of the metal, unconnected with other deposits, but we cannot say for certain until we have carefully examined, and that will require time. Meanwhile, idle tales may get abroad, which would shake public confidence, injure and discredit the property, and destroy the value of the stock. We must forestall mischievous rumours, gentlemen, and I now propose--Stinson! enter on the minutes, 'proposed and carried nem. con. that this board now declare a dividend of one dollar per share.'"
"That will be five per cent on the paid-up capital?" said Joe Webb. "All the earnings, so far, have gone in working expenses. It seems a big dividend to declare out of nothing."
"--sh!" muttered Belmore, pulling his sleeve. "--sh, man! It will be so much saved out of all that has gone to the dogs."
"But, Mr. President," Webb continued, "where is the money to come from to pay the dividend?"
"Never fear for that, squire. Declare your dividend, and up go your shares. We have still stock which has not been issued yet. We can sell it then at the advanced price, and shall be in plenty of funds to pay anything."
"But is that right? Mr. Herkimer. Is it honest?"
"Right? Honest? Sir! What do you mean? Your words require explanation," and Ralph pushed out his chest, making the diamond studs flash scornful fire on the farmer's inexpensive raiment, while his brow gloomed and his cheeks grew purple like an angry gobbler.
"Mr. Webb is more familiar with the procedure at quarter sessions, and the operations of agriculture, I suspect, than with the practice of the financial world," observed Jordan soothingly. He loved to lift his placid head, like Neptune, above the troubled waves, and still a rising storm. He used his smoothest, oil-pouring tones, enjoying them himself, and calming those who heard him. "I feel confident he had no intention of reflecting on our worthy president, who, on my thus explaining--with Mr. Webb's manifest concurrence--will refrain from viewing as unfriendly any unadvised expression he may have used. And, my dear Mr. Webb, you will permit me to say that the impulse which unadvisedly prompted still does you infinite honour. It would be well for our commercial community if the noble sentiments which flourish in the rural districts were to obtain in the busy marts of trade. In the present instance, however, my young friend will perhaps permit me to say that his scruples appear to be--well, to be just, a little over-strained. As Mr. Webb states the case, it may indeed be said that there is a seeming impropriety in the time chosen for declaring this dividend."
"It is not the time, it is the dividend I object to. It has not been earned, and it is to be paid out of the subscriptions of the new shareholders."
"My good man," cried Ralph, "can you make a better of it? You would not throw up the sponge--stop the workings--before it has been proved whether it is not merely a temporary check we are suffering. You do not want to lose all the money you have put in, and perhaps be sued by disappointed shareholders besides, till you are stripped bare of every cent you have in the world?"