But before the day when the diplomas with their stiff white bows would be awarded, the future fate of the March Hare must be decided. Every recurrence of this thought clouded Paul's brow. He still had intact Mr. Carter's fifty-dollar bill. It was as crisp and fresh as on the day the magnate of Burmingham had put it into his hand, and the typewriter Paul coveted still glistened in the window of a shop on the main street. Day after day he had vacillated between the school and that fascinating store window, and each day he had looked, envied, and come home again. It was now so late that the purchase of this magic toy would be of little use to him. Nevertheless, he wanted it. Every night when he went to bed he quieted his conscience's accusations of cowardice by arguing that the money had not been spent. But not spending it, he was forced to own, was far from being the same thing as returning it. It was strange that it should be so hard for him to part with that money!

In the interim he had cashed in his war stamps and with the additional sum he had earned for doing the chores around the place he and Melville Carter had paid the bill the March Hare owed and deposited the remainder of their combined cash in the bank, so that the accounts now stood even. Whatever should now become of the magazine, its slate was a clean one so far as its financial standing went.

Having thus disposed of all debts and entanglements, only the adjustment of the deal with Mr. Carter remained. This was not so easily to be cleared from Paul's path.

It was his first thought in the morning, his last at night. He could never escape from it. Whenever he was in jubilant mood and in a flood of boyish happiness had forgotten it, it arose like a specter to torment him. What was he going to do with that money that he had kept so long? And what was he going to say to his classmates to earn it,—for earn it he must, since he had accepted it. It was a wretched position to be in. Why hadn't he given the bill back to the great man that day in the office? Or if he had no opportunity then, why hadn't he carried it promptly to the Echo building the next morning? He might have gone to Mr. Carter's house with it. There were a score of ways it might have been delivered to its rightful owner. Alas, he had been very weak, and by drifting along and taking no positive action had got himself into the dilemma in which he now floundered.

It was the president of 1921 who suddenly brought him up with a sharp turn by remarking one day:

"Well, Kip, you people of 1920 have certainly set us a pretty pace on the March Hare. I don't know whether, when it descends to us, we shall be able to keep it up to your standard or not."

"Descends to you!" repeated Paul vaguely.

"Yes. Of course 1920 is going to pass it on. You fellows can't very well take it with you," laughed the junior.

Paul evaded a direct answer.

"You never can tell which way a hare will run," he replied.