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ng pocket or pool farther up on the shore。 Cowperwood； as gay as a boy of ten； joined in the chase。 He raced after them briskly； losing one school； but pocketing another a little farther on and calling to her to come。
〃Oh！〃 exclaimed Berenice at one point。 〃Here they are now。 Come quick！ Drive them in here！〃
Her hair was blowy； her face a keen pink； her eyes an electric blue by contrast。 She was bending low over the waterCowperwood alsotheir hands outstretched； the fish； some five in all； nervously dancing before them in their efforts to escape。 All at once； having forced them into a corner； they dived； Berenice actually caught one。 Cowperwood missed by a fraction； but drove the fish she did catch into her hands。
〃Oh；〃 she exclaimed； jumping up； 〃how wonderful！ It's alive。 I caught it。〃
She danced up and down； and Cowperwood； standing before her； was sobered by her charm。 He felt an impulse to speak to her of his affection； to tell her how delicious she was to him。
〃You；〃 he said； pausing over the word and giving it special emphasis〃you are the only thing here that is wonderful to me。〃
She looked at him a moment； the live fish in her extended hands； her eyes keying to the situation。 For the least fraction of a moment she was uncertain； as he could see； how to take this。 Many men had been approximative before。 It was common to have compliments paid to her。 But this was different。 She said nothing； but fixed him with a look which said quite plainly； 〃You had better not say anything more just now； I think。〃 Then； seeing that he understood； that his manner softened； and that he was troubled； she crinkled her nose gaily and added： 〃It's like fairyland。 I feel as though I had caught it out of another world。〃 Cowperwood understood。 The direct approach was not for use in her case； and yet there was something； a camaraderie； a sympathy which he felt and which she felt。 A girls' school； conventions； the need of socially placing herself； her conservative friends； and their viewpointall were working here。 If he were only single now； she told herself； she would be willing to listen to him in a very different spirit； for he was charming。 But this way And he； for his part； concluded that here was one woman whom he would gladly marry if she would have him。
Chapter XLVII
American Match
Following Cowperwood's coup in securing cash by means of his seeming gift of three hundred thousand dollars for a telescope his enemies rested for a time； but only because of a lack of ideas wherewith to destroy him。 Public sentimentcreated by the newspaperswas still against him。 Yet his franchises had still from eight to ten years to run； and meanwhile he might make himself unassailably powerful。 For the present he was busy； surrounded by his engineers and managers and legal advisers； constructing his several elevated lines at a whirlwind rate。 At the same time； through Videra； Kaffrath； and Addison； he was effecting a scheme of loaning money on call to the local Chicago banksthe very banks which were most opposed to himso that in a crisis be could retaliate。 By manipulating the vast quantity of stocks and bonds of which he was now the master he was making money hand over fist； his one rule being that six per cent。 was enough to pay any holder who had merely purchased his stock as an outsider。 It was most profitable to himself。 When his stocks earned more than that he issued new ones； selling them on 'change and pocketing the difference。 Out of the cash…drawers of his various companies he took immense sums； temporary loans； as it were； which later he had charged by his humble servitors to 〃construction；〃 〃equipment；〃 or 〃operation。〃 He was like a canny wolf prowling in a forest of trees of his own creation。
The weak note in this whole project of elevated lines was that for some time it was destined to be unprofitable。 Its very competition tended to weaken the value of his surface…line companies。 His holdings in these as well as in elevated…road shares were immense。 If anything happened to cause them to fall in price immense numbers of these same stocks held by others would be thrown on the market； thus still further depreciating their value and compelling him to come into the market and buy。 With the most painstaking care he began at once to pile up a reserve in government bonds for emergency purposes； which he decided should be not less than eight or nine million dollars； for he feared financial storms as well as financial reprisal； and where so much was at stake he did not propose to be caught napping。
At the time that Cowperwood first entered on elevated…road construction there was no evidence that any severe depression in the American money…market was imminent。 But it was not long before a new difficulty began to appear。 It was now the day of the trust in all its watery magnificence。 Coal； iron； steel； oil； machinery； and a score of other commercial necessities had already been 〃trustified；〃 and others； such as leather； shoes； cordage； and the like； were； almost hourly； being brought under the control of shrewd and ruthless men。 Already in Chicago Schryhart； Hand； Arneel； Merrill； and a score of others were seeing their way to amazing profits by underwriting these ventures which required ready cash； and to which lesser magnates； content with a portion of the leavings of Dives's table； were glad to bring to their attention。 On the other hand； in the nation at large there was growing up a feeling that at the top there were a set of giantsTitanswho； without heart or soul； and without any understanding of or sympathy with the condition of the rank and file； were setting forth to enchain and enslave them。 The vast mass； writhing in ignorance and poverty； finally turned with pathetic fury to the cure…all of a political leader in the West。 This latter prophet； seeing gold becoming scarcer and scarcer and the cash and credits of the land falling into the hands of a few who were manipulating them for their own benefit； had decided that what was needed was a greater volume of currency； so that credits would be easier and money cheaper to come by in the matter of interest。 Silver； of which there was a superabundance in the mines； was to be coined at the ratio of sixteen dollars of silver for every one of gold in circulation； and the parity of the two metals maintained by fiat of government。 Never again should the few be able to make a weapon of the people's medium of exchange in order to bring about their undoing。 There was to be ample money； far beyond the control of central banks and the men in power over them。 It was a splendid dream worthy of a charitable heart； but because of it a disturbing war for political control of the government was shortly threatened and soon began。 The money element； sensing the danger of change involved in the theories of the new political leader； began to fight him and the element in the Democratic party which he represented。 The rank and file of both partiesthe more or less hungry and thirsty who lie ever at the bottom on both sideshailed him as a heaven…sent deliverer； a new Moses come to lead them out of the wilderness of poverty and distress。 Woe to the political leader who preaches a new doctrine of deliverance； and who； out of tenderness of heart； offers a panacea for human ills。 His truly shall be a crown of thorns。
Cowperwood； no less than other men of wealth； was opposed to what he deemed a crack…brained ideathat of maintaining a parity between gold and silver by law。 Confiscation was his word for itthe confiscation of the wealth of the few for the benefit of the many。 Most of all was he opposed to it because he feared that this unrest； which was obviously growing； foreshadowed a class war in which investors would run to cover and money be locked in strong…boxes。 At once he began to shorten sail； to invest only in the soundest securities； and to convert all his weaker ones into cash。
To meet current emergencies； however； he was compelled to borrow heavily here and there； and in doing so he was quick to note that those banks representing his enemies in Chicago and elsewhere were willing to accept his various stocks as collateral； providing he would accept loans subject to call。 He did so gladly； at the same time suspecting Hand； Schryhart； Arneel； and Merrill of some scheme to wreck him； providing they could get him where the calling of his loans suddenly and in concert would financially embarrass him。 〃I think I know what that crew are up to； he once observed to Addison； at this period。 〃Well； they will have to rise very early in the morning if they catch me napping。〃
The thing that he suspected was really true。 Schryhart； Hand； and Arneel； watching him through their agents and brokers； had soon discoveredin the very earliest phases of the silver agitation and before the real storm brokethat he was borrowing in New York； in London； in certain quarters of Chicago； and elsewhere。 〃It looks to me； said Schryhart； one day； to his friend Arneel； 〃as if our friend has gotten in a little too deep。 He has overreached himself。 These elevated…road schemes of his have eaten up too much capital。 There is another election coming on next fall； and he