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Within a few minutes, they were clear of the town and rolling swiftly across a three-mile-wide mesa. Then they entered a long, narrow cañon, which they traversed for several miles, climbed a six-per-cent. grade to the crest of a ridge, rolled down into another cañon, climbed another ridge, and from the summit gazed down on the San Gregorio in all the glory of her new April gown.
By taking up the ten and twelve per cent. issues of the old North and West companies and giving two for one of the new six-per-cent one-hundred-dollar-share Union Traction stocks in their stead, he could satisfy the current stockholders, who were apparently made somewhat better off thereby, and still create and leave for himself a handsome margin of nearly eighty million dollars.
Such trifles as these could be foreseen and allowed for; but not one of the Grindstone's devoted little band had ever grappled with a general decorative scheme for the embellishment of a great edifice raised to the greater glory of Six-per-cent, or had attempted to adjust the rival claims of a horde of painters, sculptors, modellers, and mosaickers all eager for a chance to distinguish themselves and to cut down the surplus and the undivided profits.
An act, intended to hasten the increase of the navy, was passed in June, 1798, authorizing the President to accept such vessels as might be built by the citizens for the national service, and to issue six-per-cent stock to indemnify the subscribers. Under this law the Essex was built in Salem, Massachusetts, by a subscription raised among the citizens.
Under Miramon he had negotiated, on behalf of the clerical party, the new issue of six-per-cent. bonds of 75,000,000 francs, destined to take up the old discredited government bonds, twenty-five per cent. being paid in silver by the holders, and the interest being guaranteed partly by the state, and partly by the house of Jecker.
If we needed money, we had better give up this whole fool University idea and get a decent man-sized job. And then we wrote my father, or, rather, I wrote him without telling Carl till after the letter was mailed, and bless his heart! he replied with a fat God-bless-you-my-children registered letter, with check enclosed, agreeing to my stipulation that it should be a six-per-cent business affair.
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