another such paper have? It would be useless
for 1921 to attempt to duplicate the _March Hare_. People were familiar
with it; they knew and liked it. In all probability a great portion of
its regular subscribers would continue to take the magazine, regardless
of who published it. That it had ceased to be a school enterprise would
not influence them. They liked it for what it was, not as a
philanthropy. Probably, too, with Mr. Carter behind it, the _March Hare_
would branch out and be made much more attractive. If the _Echo_ press
took up the publication of such a monthly, it would, of course, be with
the intention of sweeping all other competitors out of the field. It
_would_ sweep them out, too. Mr. Carter would see to that. By fair means
or foul he had always accomplished that which he willed to do.

Another school paper running in opposition to such a power? Why, it
would not have the ghost of a chance to live! Besides, who would print
it? No, if Mr. Carter took over the _March Hare_, the school must say
good-by to further literary attempts.

But after all, was that his lookout? What concern of his would it be
what became of Burmingham and 1921. They could struggle on as best they
might. That was what his class had had to do.

Paul walked home very slowly, turning Mr. Carter's bill in his hand as
he went. How delicate its workmanship! How wonderful its dainty tracery!
He had never before noticed the accuracy with which a bill was
fashioned.

"Who prints United States money, Dad?" he asked quite irrelevantly of
his father, when next he saw him.

"Our United States greenbacks? Those are engraved and printed, my son,
at the United States Bureau of Engraving and Printing at Washington.
They are made from very fine and exquisitely prepared plates and printed
on a special sort of paper. This paper has numberless little silk
threads running through it which not only toughen it and prevent it from
tearing but also make it almost impossible to duplicate. A counterfeiter
would have to go to a deal of trouble to imitate such material."

Paul nodded. He had noticed the blue threads in his fifty-dollar bill.
In fact, there was not much about it that he had not noticed while
twisting and turning it in his fingers.

"Yes," continued his father, "our paper money and government notes are
fine examples of accurate and perfect workmanship. I suppose, as they
pass through our hands, we seldom consider the labor that goes into
ma