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fession, and his eyes softened to a more friendly shade.

"His Majesty was not——" began the chan- cellor.

"Suppose you let him tell it," interrupted the financier. "He seems to have maintained his po- sition as well as you did yours."

The king lifted his hand, palm outwards, to- ward the chancellor, and it was quite as effective as if the open palm had been clapped over the chancellor's mouth.

" Go ahead, " Kent urged the king. " You tried reforms and they didn't succeed. Most of them don't. Er—what particular mania—I mean brand of reformation, was yours? Anti-gambling? Prohibition? Eugenics? Votes for women? Universal peace? What was it you tried?"

At first the king scowled at the American, a good, hearty scowl of outraged dignity, and then discerning that beneath the banter was more or less of sympathy, smiled a trifle sadly.

"I tried," he said, quietly, "to give them more liberty."

"Oh!" Kent let the exclamation slip. And then, after a slight pause, "I remember that yours was an absolute monarchy. Always has been; people brought up to respect the king boisterously when he happened to be respectable, and to swal-

low their disrespect when he happened to be the