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316 against bank examiners and plenty of publicity, I can promise you that."

Boyd sat down. Donovan and the other belligerent member jumped into the ring excitedly; but the others remained troubled, looking down. Three of them were absolutely in Boyd's hands, financially, since the collapse of the boom. The others recognized his power as a fighting man, as a financial magnate, as an experienced manipulator; they understood the weakness of their own position insofar as it had been based on sentiment rather than sound business considerations. After a time Oliver Mills interrupted the acrimonious flow.

"Gentlemen, in my opinion Mr. Boyd is right, much as some of us may deplore that fact. We are here to function as bankers. Colonel Peyton's case has been many times paralleled in the history of California. He is one of my dearest friends. I would much rather this would happen to me than to him," the little president was speaking with real emotion. "Owing to that fact perhaps we have let things run beyond discretion. Left to ourselves," his voice took on an edge, "possibly we might have continued to do so."

Twenty minutes later the matter was settled. It was voted to sell the notes and the mortgage underlying them to Patrick Boyd. Oliver Mills, with a heavy heart, agreed himself to tell Colonel Peyton and to explain the necessity. It was promised that the papers would be ready and the transaction finished the first day of the following month. Boyd himself stipulated for this delay. He was in haste to get the sale voted upon and entered in the minutes; but was reluctant to hand over funds until he had the other elements of his scheme a little more in hand. He had no fear that another purchaser of the notes could be found. It was too soon after the boom: you couldn't have sold a corner lot in the New Jerusalem for seventy-five cents.

The meeting broke up sadly. The board members talked low-voiced among themselves, pointedly ignoring Boyd's exit. Much he cared! The opinion for or against of these country bumpkins, these sentimental old maids, these spineless weaklings that could not stand up in a fair fight for even one round was not worth having. Boyd knew by experience that success