“All that is plain enough,” the president replied promptly.  “A large portion of these bills have been at various times discounted for us in the People’s Bank, and in other banks, when we have needed money.”

“But why should we be in such need of money?” inquired the director earnestly.  He had been half asleep in his place for over a year, and was just beginning to get his eyes open.  “I believe we have had no serious losses of late.  There have been but few fires that have touched us.”

“But there have been a good many failures in the last six months, most of which have affected us, and some to quite a heavy amount,” returned the president.  “Our post-note business has proved most unfortunate.”

“So I should think if it has lost us a hundred thousand dollars, as appears from this statement.”

“It is useless to look at that now,” said Mr. Lawrence.  “The great business to be attended to is the raising of means to meet this trying emergency.  How is it to be done?”

There was a deep silence and looks of concern.

“Can it be raised at all?  Is there any hope of saving the institution?” asked one of the board, at length.

“In my opinion, none in the world,” was replied by another.  “I have thought of little else but the affairs of the company since yesterday, and I am satisfied that all hope is gone.  There are thirty thousand dollars to be provided to-morrow.  Our balance is but five thousand, even if all the bills maturing to-day have been paid.”

“Which they have, I presume, as no protests have come in,” remarked the president.

“But what is the sum of five thousand dollars set off against thirty thousand?  It is as nothing.”

“Surely, gentlemen are not prepared to give up in this way,” said the president, earnestly.  “A failure will be a most disastrous thing, and we shall all be deeply sufferers in the community if it takes place.  We must make efforts and sacrifices to carry it through.  Here are twelve of us; can we not, on our individual credit, raise the sum required?  I, for one, will issue my notes to-morrow for twenty thousand dollars.  If the other directors will come forward in the same spirit, we may exchange the bills among each other, and by endorsing them mutually, get them through the various banks where we have friends or influence, and thus save the institution.  Gentlemen, are you prepared to meet me in this thing?”

Two or three responded affirmatively.  Some positively declined; and others wanted time to think of it.

“If we pause to think, all is ruined,” said Mr. Lawrence, excited.  “We must act at once, and promptly.”

But each member of the board remained firm to the first expression.  Nothing could be forced, and reflection only tended to confirm those who opposed the president’s views in their opposition to the plan suggested.  The meeting closed, after two hours’ perplexing deliberation, without determining upon any course of action.  At ten o’clock on the next day the directors were to meet again.