t the road, and it would be of great benefit to me," confessed
Merriwell; "but not even to obtain that benefit and advantage will I
permit the road to be constructed in a manner that I regard as criminal
from start to finish."

"You talk about not permitting it, young man. In case we decide to
build, I don't see how your permission or your refusal will have the
slightest effect on us. Will you explain how it can?"

"Yes."

"How? What will you do?"

"I will expose the whole rotten scheme to the public! I will let the
public know just how its money is being used for the purpose of
defrauding it. I will publish the story from one end of the country to
the other. You may borrow four million dollars and give as security the
stock of the Central Sonora, but I promise you I'll let daylight into
that thing so that the gullible public will decline to buy your stock,
and in the end you'll have to make that four millions good out of your
own pockets."

Again Jerome surveyed Frank Merriwell from his head to his feet, unable
to keep from his cold face a slight expression of wonderment. What sort
of a young man was this who not only refused to share in the profits of
such a deal, but threatened to stop the whole thing by exposure, even
though the construction of the railroad was greatly desired by him and
would be of incalculable value to him?

"I confess that you are beyond my comprehension," he said. "It is
possible, however, that Mr. Scott may be able to do something with you."

There was a queer look in the eyes of Old Gripper.

"I have found," he said, "that Mr. Merriwell is not easily turned aside
once he has determined on any course."

"But you," said Jerome--"you and the other gentlemen present know that
the plan I have proposed is the only safe and conservative way of
building this railroad. Here is Mr. Hatch--he has been concerned in
similar deals."

"But I have never had as an associate a man like Mr. Merriwell,"
confessed Warren Hatch, stroking his full beard with his thin hand. "In
fact, I think it wholly improbable that the whole of us could turn
Merriwell a whit, even if we set about the task in unison."

"Do you mean to admit," asked Jerome, "that you are willing to be
governed by this fellow, who is scarcely more than a boy? I can't think
it of you!"

"Perhaps we have good reasons," grunted Sudbury Bragg.

Jerome gazed at them each in turn, his show of wonderment increasing.

"And do you mean to say