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70 Town. He gets $25,000 in Tenth Deferred Reorganisation Certificates a year—which, if the Certificates pay ten cents on the dollar, as we hope, will turn out to be a good salary in the end."

"But why does he beg? Who gets the money?" asked Alice.

"The City," said the Dormouse. "Once in a while when the Printing Plant gets clogged up with large orders of Bonds for our various enterprises, the City has to get hold of a few dollars of real money, so they send Simpkins out for it. I believe he's out to-day trying to raise the interest on the Sixteenth Mortgage Extension Bonds on the Municipal Cigarette Plant purchased year before last. It's ten months overdue and the former owners have asked the Government to smoke up."

"Oh!" said Alice. "Is the Printing Plant clogged up?"

"Unmercifully," said the Dormouse. "Not to say teetotally. They're