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 would not be more than an equivalent to benefits received.

Mr. Franzoni denied that his company would receive any benefits from a contemplated road. As its representative he must decline to contribute fifty thousand pesos. But he would assume the responsibility of offering twenty-five.

Did Señor Espirition understand Señor Franzoni to mean twenty-five thousand pesos?

By no means. Twenty-five pesos. And in silver; not in gold.

“Your offer insults my government,” cried Señor Espirition, rising, with indignation.

“Then,” said Mr. Franzoni, in a warning tone, “we will change it.”

The offer was never changed. Could Mr. Franzoni have meant the government?

This was the state of affairs in Anchuria when the winter season opened at Coralio at the end of the second year of Losada’s administration. So, when the government and society made its annual exodus to the seashore it was evident that the presidential advent would not be celebrated by unlimited rejoic-