“Yes; I keep that.  It’s payment for the ranch and water right, for my developing the scheme and building the project.  What I need is someone to sell the bonds; I’ll take care of everything else.  And because you, Mr. McDonnell, know the character of the land hereabouts and know water rights, the fertility of the soil when watered, and the soundness of a proper irrigation project as an investment, I’ve come first to you.  Millions aren’t involved; it’s a small project; the cost is uncommonly cheap and the security therefore exceptional; you know the property personally; I, as builder, and having everything at stake, would see that the construction is right.  So small an issue of bonds should be quickly placed in the East.  And the commission isn’t to be sneezed at.”

Mr. McDonnell’s features relaxed into a smile.

“I never saw an irrigation scheme yet that didn’t look a money-maker on paper,” he stated, “nevertheless, seventy-five per cent. of them wind up in the hands of a receiver.”

“Because of faulty estimates and wasteful construction, yes.  Because they’re generally too big, and the interest eats them up before the land is sold.  Because some start building on a shoestring.  Or because of changes in the projects that are costly, or rows in the management, or insufficient water, or bad land titles—­I know, I know.  I’ve studied and analyzed their troubles.  And I propose that this Perro Creek scheme of mine shall be one irrigation project that shall succeed.”

“And you think you’ve taken all precautions?”

“Yes.”

“With Mr. Menocal, even?”

“Even with Mr. Menocal, yes.  Once my application for changes has been approved and I have the money to build, what can he do?”

“You seem quite sure of yourself.”

“I’m sure of this irrigation project, anyway.  I’m going to build it.”  Conviction absolutely dominated his lean brown face; and the banker looking at the speaker’s chin, his firm mouth, curving nose, and gray eyes full of purpose, wondered if Menocal had met his match.

“Well, suppose you leave your maps and estimates for me to look over,” he said.  “When do you go to the capital?”

“This evening.”

“See me again on your return.  My attorney will examine your title to the land and the water right.  How are the young ladies on Perro Creek getting along?”

“They have plenty of fresh air and scenery,” Lee responded, relaxing from the tension under which he had been.

“It was rather a wild notion, their taking claims, but they wanted the experience.  I hope my niece is benefited in respect to her health.  My wife and I run up once in a while to see if they’re comfortable.”  Then he added, “Perhaps I had best confess that Imogene had told me of what you were at up there, and of your involvement with Mr. Menocal.  So this thing isn’t wholly new to me.”