“Please explain that.”

“As I think I have remarked in your presence once before, there is extreme probability that the State of California will have passed additional anti-Jap legislation, designed to tighten the present law and eliminate the legal loop-holes whereby alien Japanese continue to acquire land despite the existing law.  If I stand pat no Jap can set foot in the San Gregorio valley for at least one year from date and by that time this legislation may be in force, in which event the Jap deal will be killed forever.  Also, there is always the off chance that I may manage, mysteriously, to redeem the property in the interim.  It would be worth a quarter of a million dollars to your father this minute if he could insure himself against redemption of the mortgage; and it would be worth an additional quarter of a million dollars to him if he were free to do business with Okada to-morrow morning.  Okada is a sure-fire prospect.  He will pay cash for the entire valley if I permit the deal to go through now.  If, however, through my stubbornness, your father loses out with Okada, it will be a year hence before he can even recommence work on his irrigation system and another year before he will have it completed.  Many things may occur during those two years—­the principal danger to be apprehended being the sudden collapse of inflated war-time values, with resultant money panics, forced liquidation and the destruction of public confidence in land investments.  The worry and exasperation I can hand your respected parent must be as seriously considered as the impending tremendous loss of profit.”

“I believe you are a very shrewd young man, Don Mike,” the girl answered, sadly.  “I think your plan will be much more likely to produce half a million dollars of what you call ‘getaway money’ than my suggestion that a friend run up the price on father at the sale.  But how do you know Okada will pay cash?”

“I do not know.  But if your father’s attorneys are Californians they will warn him to play safe when dealing with a Jap.”

“But is it not possible that Okada may not have sufficient money to operate on the excessive scale you outline?”

“Not a chance.  He is not buying for himself; he is the representative of the Japanese Association of California.”

“Well, Don Miguel Farrel,” the girl declared, as he ceased speaking, “I have only known you twenty-four hours, but in that time I have heard you do a deal of talking on the Japanese question in California.  And now you have proved a terrible disappointment to me.”

“In what way?” he demanded, and pulled his horse up abruptly.  He was vaguely distressed at her blunt statement, apprehensive as to the reason for her flushed face and flashing eye, the slightly strident note in her voice.

“I have regarded you as a true blue American—­a super-patriot.  And now you calmly plan to betray your state to the enemy for the paltry sum of half a million dollars!”