“As I thought,” said Tisdale softly, addressing the stars; “as I feared.”  Then, “Foster, Foster,” he admonished, “be careful.  Keep your head.  That syndicate is going to worry you some, old man, before you are through.”

Foster got to his feet.  “See here, Hollis, be fair.  Look at it once from the other side.  The Morgansteins have done more for Alaska than they will ever be given credit for.  Capital is the one key to open that big, new, mountain-locked country, and the Government is treating it like a boa-constrictor to be throttled and stamped out.  Millions went into the development of the El Dorado, yet they still have to ship the ore thousands of miles to a smelter, with coal,—­the best kind, inexhaustible fields of it,—­at our door.  And go back to McFarlane.  He put one hundred and fifty thousand into the Chugach Railway to bring out the coal he had mined, but he can’t touch it; it’s all tied up in red tape; the road is rotting away.  He is getting to be an old man, but I saw him doing day labor on the Seattle streets to-day.  Then there’s the Copper River Northwestern.  That company built a railroad where every engineer but one, who saw the conditions, said it could not be done.  You yourself have called it the most wonderful piece of construction on record.  You know how that big bridge was built in winter—­the only time when the bergs stopped chipping off the face of the glacier long enough to set the piers; you know how Haney worked his men, racing against the spring thaw—­he’s paying for it with his life, now, down in California.  In dollars that bridge alone cost a million and a half.  Yet, with this road finished through the coast mountains, they’ve had to suspend operation because they can’t burn their own coal.  They’ve got to change their locomotives to oil burners.  And all this is just because the President delays to annul a temporary restriction the previous executive neglected to remove.  We have waited; we have imported from British Columbia, from Japan; shipped in Pennsylvania, laid down at Prince William Sound at fifteen dollars a ton, when our own coal could be mined for two and a quarter and delivered here in Seattle for five.”

“It could, I grant that,” said Tisdale mellowly, “but would it, Stuart?  Would it, if the Morganstein interests had exclusive control?”

Foster seemed not to have heard that question.  He turned restlessly and strode across the room.  “The Government with just as much reason might have conserved Alaska gold.”

Tisdale laughed.  “That would have been a good thing for Alaska,” he answered; “if a part, at least of her placer streams had been conserved.  Come, Foster, you know as well as I do that the regulations early prospectors accepted as laws are not respected to-day.  Every discovery is followed by speculators who travel light, who do not expect to do even first assessment work, but only to stay on the ground long enough to stake as many claims as possible for themselves