"That is a masterly exposition of the dilemma, Mr. Perkins," said the school-master warmly.

Mr. Perkins had spoken in his court-room tone of voice, with one hand thrust into his frilled shirt-bosom. He removed this hand for a second, as he gravely bowed to Mr. Pinkham.

"Nothing could be clearer," said Mr. Ward. "In case the paper is worthless, what then? I am not asking you in your professional capacity," he added hastily; for Lawyer Perkins had been known to send in a bill on as slight a provocation as Mr. Ward's.

"That's a point. The next of kin has his claims."

"My friend Shackford, of course," broke in Mr. Craggie. "Admirable young man!--one of my warmest supporters."

"He is the only heir at law so far as we know," said Mr. Perkins.

"Oh," said Mr. Craggie, reflecting. "The late Mr. Shackford might have had a family in Timbuctoo or the Sandwich Islands."

"That's another point."

"The fact would be a deuced unpleasant point for young Shackford to run against," said Mr. Ward.

"Exactly."