me."

"Perhaps now that I have the place----"

"No; I've carried that loan long enough. If it isn't paid when due,
I'll start foreclosure proceedings immediately."

Bryant nodded.

"Well, I merely asked out of curiosity," said he. "It's your right to
demand payment--and I'm on hand with the money. Make out a release so
that I can clear the record. Here's a Denver draft for six thousand
dollars--I figure principal and interest at five thousand four hundred
and you can have the balance placed to my credit in the bank. I
shouldn't continue the loan at its present rate of interest in any
case; eight per cent. is too much for money. Besides, I want the ranch
clear of incumbrance."

With an expressionless face Menocal gazed at the draft, turned it
over, examined the back, then at last laid it down on his desk.

"Isidro," he called to the teller, "make out a mortgage release for
the Stevenson place. Copy the description from the mortgage in my file
in the vault. Afterward credit six hundred dollars to--What is your
name?"

"Lee Bryant."

"Six hundred dollars to Lee Bryant, Isidro. Mr. Bryant will give you
his signature." Again facing his visitor, he said, "Do you know that
that ranch has no water to speak of? I'm afraid you may not find the
property what you expect."

"It has a good appropriation from the Pinas River here."

"Ah, but it can't be used," Menocal exclaimed, with a bland smile.

"I propose to use it."

"What!"

Bryant kept his eyes fixed on the amazed banker's orbs.

"Didn't I speak clearly?" he inquired. "I own one hundred and
twenty-five second feet of water in this river and it's my intention
to apply it. I'm going to make a real ranch down there."

A shadow seemed to settle on Menocal's face, leaving it altered, less
placid, more purposeful.

"Considerable capital will be required to build a canal there," he
remarked. "You're certainly not going into this thing on your own
account, are you? Who is putting up the money? Eastern people?"

Bryant smiled, but made no answer. His smile and his silence provoked
an angry gleam from the banker's eyes.

"Well, it doesn't matter," Menocal continued. "But you're going to
discover that you haven't this water right, after all."

"What makes you think so?"

"Because it was never used, because no real canal was ever built, only
a little ditch that doesn't exist now. The right will be cancelled,
and the water will be reappropriated for lands along