should be seen. For instance:

1. Just why were you so fearfully wrought up at the thought
of the public's getting ten millions instead of five? If you
had such confidence in the gigantic possibilities of
Amalgamated, why should you not have been glad to let the
poor suffering public have ten millions, or twenty millions,
instead of a paltry five millions? Was this hydrophobia of
yours at the mere suggestion prompted by a perfectly pure or
by a selfish motive? At the first did _you_ not plan to let
the public have very much more than this? Was it not your
thought, I mean, that the public should be in the thing
about equally with you promoters? Then why not welcome the
suggestion of Rogers? I do not understand this at all.

2. About that "bogus subscription." Did you not all plan to
do about the same thing? Did you not intend to have Rogers
put in a towering subscription, large enough to cover the
situation, and to permit the bank to reject all above the
five millions to be allowed the public? I believe _you_
expected Rogers to make it "genuine" by really putting it in
in time, and by laying down his check for the five per
cent.; but, as you fully expected to realize on the thing so
quickly, did you not understand that the whole of this
"subscription" would not have to be paid at all, and that
your "check" was after all only technical? If I am right,
how did this differ so greatly from what Rogers did? Was not
your avowed object to cheat the public into thinking they
were to be allowed to subscribe to seventy-five millions,
when actually you were only going to let them subscribe to
five? And if, on that last day, you knew the subscriptions
were pouring in in such a flood, and knew that offers of a
big premium were then being made, how in the world did the
idea of letting the outside public have twenty millions or
so (on which to immediately realize this premium) seem so
abhorrent to you, when you professed to be looking after
their interests?

The more I think of these points, the more mixed I become,
and I think many, very many of your readers are in the same
boat. Your illustration of the horse-race does not clear the
matter a particle. It certainly does appear on the face of
the facts you present that the people who did n