for
the windfall of a tradin' schooner at family worship in Jolly Harbour
at this very minute."

This view expressed small faith in the wits of Billy Topsail.

"Oh, Billy Topsail will stand un off," Jimmie Grimm stoutly declared.

"I'm doubtin' it," said the frank skipper.

"Wh-wh-_what_!" Archie exclaimed in horror.

"I'm just doubtin' it," the skipper repeated.

This was a horrifying confession; and Archie Armstrong knew that
Skipper Bill was not only wise in the ways of the French Shore but was
neither a man to take a hopeless view nor one needlessly to excite
anxiety. When Bill o' Burnt Bay admitted his fear that Billy Topsail
had neither the strength nor the wit to save the _Spot Cash_ from the
God-fearing folk of Jolly Harbour, he meant more than he said. The
affairs of Topsail, Armstrong, Grimm & Company seemed to be in a bad
way. It was now more than a mere matter of liquidating an obligation
on the first of September; the problem was of liquidating it at all.

"Wisht the _Grand Lake_ would 'urry up," said Bagg.

"I'd like t' save some splinters o' the schooner, anyway," the skipper
chuckled, in a ghastly way, "even if we _do_ lose the cargo."

It occurred all at once to Archie Armstrong that Topsail, Armstrong,
Grimm & Company were not only in obligation for the debt to Armstrong
& Company but were responsible for a chartered craft which was not
insured.

"A thousand dollars--a cold thousand dollars--_and_ the _Spot Cash_!"
he exclaimed, aghast.

"Wisht she'd 'urry up," Bagg repeated.

Archie, pacing the wharf, his hands deep in his pockets, his face
haggard and white, recalled that his father had once told him that
many a man had been ruined by having too large a credit. And Archie
had had credit--much credit. A mere boy with a thousand dollars of
credit! With a thousand dollars of credit in merchandise and coin and
the unquestioned credit of chartering a schooner! He realized that it
had been much--too much. Somehow or other, as he feverishly paced the
wharf at Hook-and-Line, the trading venture seemed infinitely larger
and more precarious than it had in his father's office on the rainy
day when the lad had so blithely proposed it. He understood, now, why
it was that other boys could not stalk confidently into the offices of
Armstrong & Company and be outfitted for a trading voyage.

His father's faith--his father's indulgent fatherhood--had provided
the all-too-large credit for his ruin.