y powerful, stronger than any distinction in letters or
politics or success in business; and there is a certain diminishing
number of people in New York, Philadelphia, Boston, who cultivate a good
deal of exclusiveness on account of descent."

"But I am told that this sort of aristocracy is succumbing to the new
plutocracy."

"Well, it is more and more difficult to maintain a position without
money. Mr. Morgan says that it is a disheartening thing to be an
aristocrat without luxury; he declares that he cannot tell whether the
Knickerbockers of New York or the plutocrats are more uneasy just now.
The one is hungry for social position, and is morose if he cannot buy it;
and when the other is seduced by luxury and yields, he finds that his
distinction is gone. For in his heart the newly rich only respects the
rich. A story went about of one of the Bonanza princes who had built his
palace in the city, and was sending out invitations to his first
entertainment. Somebody suggested doubts to him about the response. 'Oh,'
he said, 'the beggars will be glad enough to come!'"

"I suppose, Mr. Lyon," said Margaret, demurely, "that this sort of thing
is unknown in England?"

"Oh, I couldn't say that money is not run after there to some extent."

"I saw a picture in Punch of an auction, intended as an awful satire on
American women. It struck me that it might have two interpretations."

"Yes, Punch is as friendly to America as it is to the English
aristocracy."

"Well, I was only thinking that it is just an exchange of commodities.
People will always give what they have for what they want. The Western
man changes his pork in New York for pictures. I suppose that--what do
you call it?--the balance of trade is against us, and we have to send
over cash and beauty."

"I didn't know that Miss Debree was so much of a political economist."

"We got that out of books in school. Another thing we learned is that
England wants raw material; I thought I might as well say it, for it
wouldn't be polite for you."

"Oh, I'm capable of saying anything, if provoked. But we have got away
from the point. As far as I can see, all sorts of people intermarry, and
I don't see how you can discriminate socially--where the lines are."

Mr. Lyon saw the moment that he had made it that this was a suggestion
little likely to help him. And Margaret's reply showed that he had lost
ground.

"Oh, we do not try to discriminate--except as to foreigners.