So that's the situation." The banker regarded Bryant for a time with a noncommittal face.
"State your proposition now," said he.
"This is it," Bryant went on.

"I propose to bond the ranch and water right for enough to build the project, then construct it, then market the land in farms at fifty dollars an acre.

The canal system can be completed easily next year, and sales and colonization proceed immediately when done.

Naturally, as a sale is made, the mortgage and notes will be put up behind the bonds to secure the latter.

The purchasers will pay down some cash, say, ten dollars an acre; that makes fifty thousand cash and two hundred thousand dollars in notes against sixty thousand dollars in bonds.