etween St. George's and Hamilton,
lumbered past them. Cosden smiled as he turned to his companion.

"There's a perfect illustration of the situation," he said. "Your
machines belong to the same vintage as that old coach, yet by
maintaining a monopoly, as you have been able to do until now, you have
succeeded in forcing manufacturers to employ antique methods, and to pay
you a whacking big royalty for the privilege of remaining twenty years
behind the times. That stage-coach will stand as much chance of
continuing on its beat, if our trolley scheme goes through, as your
machines have of keeping out of the scrap-heap when ours once get on the
market. This isn't any news to you, Thatcher, and that's what makes your
whole crowd so anxious."

"If what Duncan tells us is correct," Thatcher retorted quickly, "we
have just about as much show of pulling off the trolley scheme as you
fellows have of putting this machinery game over on us. Somebody has
been going to do this to us for twenty years, but somehow the
manufacturers keep coming back to renew their contracts."

"Of course they do," Cosden admitted; "they haven't dared to do anything
else. Look at the terms in your leases! Any manufacturer would have to
be absolutely sure that the new machines were backed strongly enough to
keep you from punishing him for his temerity. That can now be
guaranteed, and with the element of fear eliminated they will flock to
us, rejoicing that they have the opportunity to leave their shackles of
bondage behind them."

"Another Emancipation Proclamation!" laughed Thatcher; but Cosden found
the moment to impress the enemy with the strength of his position too
opportune to allow himself to be diverted.

"Think of it, Thatcher," he cried with characteristic enthusiasm. "In
less than two years they can save enough, through the economies of
production, to buy their machines outright, instead of continuing year
after year to pay you tribute with nothing at the end to show for it. We
give them methods as well as machines, and show them how an ordinary
workman can produce the high-grade output of a skilled operative by
means of the improved automatic features of our machinery. The makers of
medium-quality goods can now turn out work equal to that heretofore
produced only by high-grade manufacturers."

"You're a grand salesman, Cosden," Thatcher said lightly. "Your company
ought to put you on the road! Our people would pay you a big salary to
ha