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“Mr. Coyd can supply the answer.” replied The Shadow, casually. He looked straight toward the congressman as he spoke. “Moreover, I think he may be willing to do so.”

“How?” queried Coyd. He was impressed by the magnetism of those focused eyes. “I am willing, sir, to listen to any reasonable request from Senator Releston. But when he tries to label me as a madman—”

“Senator Releston admits that he is wrong,” interposed The Shadow, quietly. “He accepts the statement made by both you and your physician. Your mental faculties are active. It is wise that you should continue in your high service to the government.”

Coyd was on his feet, his chest swelling as he listened to these flattering statements. The Shadow smiled solemnly.

“At the same time,” he added, “Senator Releston cannot ignore your own admission of poor memory. An admission, Mr. Coyd, that has also been backed by your physician. So, in full fairness to Senator Releston, you should take precautionary measures to offset any future lapse of memory.”

“How can I do that?”

“By agreeing to let Senator Releston read any public statement before you make it; and to discuss its wisdom with him. That, Mr. Coyd, would be a courtesy.”

Releston spoke up promptly.

“A courtesy which I shall gladly return,” he assured. “I shall inform you of any public utterance which I intend to make, Mr. Coyd.”

Coyd nodded slowly. His expression showed that he had been conciliated.

“I agree,” he declared, emphatically. “But suppose I should forget? My memory is really bad—”

“You can instruct your secretaries,” interposed The Shadow. “Have them remind you that Senator Releston is to be informed beforehand of your statements.”

“Vincent can help with that,” added Releston, quickly. “If he could be here more regularly—more often—”

“Very well,” interrupted Coyd, abruptly. Then, to his secretaries: “You hear that, Jurrick? Tabbert? Jove!

Why didn't the two of you jolt me yesterday?”

“I was afraid to, sir,” confessed Jurrick. “When I was copying your penciled notes. I wondered about them—”

“And I was puzzled when I heard you read them, sir.” broke in Tabbert. “But I knew that Jurrick must have copied them exactly. I saw you hand them to him, sir; I knew how quick you always are to catch any error in a copy.”

“I understand,” nodded Coyd. “I know that I must have written that statement and delivered it verbatim. But I cannot explain my folly. Jove, Releston! Is there no way to stop it?”

RELESTON shook his head; Crozan copied the senator's example. The Shadow, however, spoke in slow, deliberate fashion. His even−toned words were definite.

“My understanding of the present situation,” he remarked, “is that the congressional committees are authorized to regulate the sales and purchase of all munitions that our government may require. Am I correct, senator?”

“Absolutely,” returned Releston. “But we cannot control exports, Cranston. We can only lay down the law in reference to government purchases.”

“I understand. I have heard also that Congress made a large appropriation for American armament, to be supplied as occasion may demand, bringing this country up to its treaty limitations. Am I correct again?”

“You are, Cranston. One function of the present committees is to determine when that appropriation shall be made; and how the moneys shall be spent.”

“Very well.” The Shadow's smile was fixed. “Suppose that you, senator, and Mr. Coyd, issue a joint statement. Tell the public that the committees may recommend that the entire appropriation be spent at once; that all munitions available should he purchased immediately, with the price fixed barely above cost. And then—”

The Shadow paused, his smile unchanging. Senator Releston had grasped the idea. The solon's stern face was lighted with enthusiasm.

“Marvelous, Cranston!” cried Releston. “You have the answer! These factories will be working overtime, rushing their foreign orders, knowing that our present committees cannot stop them.

“But we control supplies needed for the American government. We can make the factories store away their output; we can deny them the privilege of export on the grounds that we control all munitions that the American government may want. We can make them wait for our refusal before they ship their munitions.

Until we say that we will not buy, they cannot unload elsewhere!”

“And when you decide that you will not buy,” remarked The Shadow, “Congress will again have been in session. The new committees will have been formed, empowered to control—to ban—all exports of munitions.”

“Munitions on hand, with no sale,” ejaculated Releston, his face beaming. “The only possible purchaser would be our own government. It would buy at cost—”

“But it never will,” assured The Shadow. “Once your statement has been made, senator, with Mr. Coyd's approval, the whole game will be spiked. Those rising stocks will slump back; the factories will never open.”

RELESTON nodded. He turned to Harry Vincent and pointed to a typewriter in the corner of the room.

“Take this statement, Vincent,” said the senator, briskly, “direct on the machine. A joint statement by the congressional committees on munitions, of the Senate and the House—”

The Shadow had stepped forward; Releston saw a slight restraining gesture of his hand. The senator understood; he turned to Layton Coyd.

“It is your privilege, sir,” bowed Releston. “You have heard the plan, Mr. Coyd. I shall concede to you the honor of delivering the words for this epoch−making statement.”

It was the perfect stroke. Coyd, when the cause had seemed hopeless, had expressed his willingness to follow Releston's lead. He could not withdraw from it; in fact, a statement from Releston alone would be sufficient to spike the scheme by which swindlers hoped to use munitions makers as a step to wealth.

Even though he might have shown reluctance, Coyd was committed, now that The Shadow had shown the way. But if Coyd were forced to play second fiddle at this time, future relations might be strained between him and Releston. Knowing that, The Shadow had gestured to the senator; Releston, wise in all circumstances, was stepping aside for Coyd.

In grandiloquent fashion, Coyd stepped forward. Bombastically, he delivered his statement, one hand tucked beneath his coat in Napoleonic fashion.

The statement finished, Coyd relaxed. He seemed to shrink as he always did, when an effort had been ended.

As Coyd groped his way back to his chair, Harry pulled out sheets of paper and their carbons. He brought the triplicate copies to Releston, who pointed toward Coyd. Harry brought the papers to the congressman. Coyd signed each one with a flourish.

At the bottom of each sheet, Releston wrote the words: “Approved in full”; then added his own signature.

Coyd saw the action and smiled. He knew that the glory was all his. Speaking quietly, his tone filled with friendliness, he said:

“I leave the rest to you, senator. I am too tired to interview the press. I am starting for Virginia within an hour. Doctor Borneau assures me that after a brief rest, I shall be myself again.”

“Call the newspapers, Vincent,” ordered Releston. “Tell them to have representatives at my apartment within fifteen minutes. This news will reach New York by wire in time for the noon editions. It will stop that forced rise of munitions shares, before the closing rush at the market.”

THE visitors left Coyd's. Harry took the wheel of the sedan. Senator Releston occupied the center of the rear seat, clutching two of the precious papers that bore Coyd's signature and his approval. The senator was bubbling with enthusiasm. Foster Crozan, on his right, was nodding, his lips wreathed with a steady, set smile.