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 at Freckles, and a merry twinkle came into his eye.

"I have been thinking," continued Mr. Bingham, "that you and Sir Wilton have earned me a good deal of money in the past year and a half—probably much more than I paid for him originally. You have been faithful, and you love him. Both Mr. Williams and Big Bill say they never saw such a love between a boy and a pony."

"¥es," interrupted Freckles, "I think as much of him as though he was my brother, and he loves me more than any one else in the world. Him and me is pals, Mr. Bingham."

"Yes, I see," said Mr. Bingham reflectively. He took up a cigar and bit off the end of it and lighted it. "Yes, I see," he said.

Freckles waited in breathless suspense for his next words.

"What I have been thinking is this," continued Mr. Bingham. "This last ac-