I may be a bit short. I'll tell you what I think we ought to
do, you and I, I think we ought to enter into a temporary Moratorium.
All the best people are doing it. Of course I don't know if that's the
right phrase. But I begin to see how it works."

"It doesn't apply to sums under five pounds," said I severely.

"That's true. I admit it's a pretty narrow squeak. I just managed to get
on board, so to speak. Still, as the debt is five pounds----"

"I'll take L4 19_s_. 11_d_.," said I, and held out my hand.

"That's not playing the game," said James. "Can't you see you're going
to encourage all sorts of panic if you go about reducing debts in that
sort of way? What is to become of British credit if a man in your
position shows himself willing to accept sweeping reductions for the
sake of getting hold of cash? I'm just a little ashamed of you."

"Well, I've got to get home to-day. The ticket costs over five pounds,
and I've only got sixteen shillings."

"Nothing simpler, my dear fellow," said James cheerfully. "You ask the
booking-clerk for a ticket--pick it up--cover him with a Moratorium (if
that's the proper phrase) and hop into the train. The sixteen bob will
come in for tips."

I went back to William and sat down. "The upshot of it is, William," I
said, "that I can't go. You had better consider pretty carefully what
you're doing. I don't think the Moratorium was intended to work in this
sort of way. I've got to report myself at the War Office, and I can't
go. You may think you're acting as a good citizen should. You may not be
hoarding gold or hoarding food, but you are hoarding _me_."

"It doesn't apply to National Insurance payments," said William
brightly, "if that's any help to you."

"It only goes on till the 4th of September," I reminded him, "and the
bank rate was recently as high as ten per cent. and may easily go up
again. You've got to pay interest on it, you know."

That was where I had him. "How will you take it?" he asked, thrusting a
hand into his pocket.

"In new pound notes," said I.

* * * * *

DIES IRAE.

_To the GERMAN KAISER._

Amazing Monarch! who at various times,
Posing as Europe's self-appointed saviour,
Afforded copy for our ribald rhymes
By your behaviour;

We nursed no malice; nay, we thanked you much
Because your head-piece, swollen like a tumour,
Lent to a dullish world the needed touch
Of saving humou