MR. FELS' EXTRAVAGANCE 71 



tenants, and rents were cancelled. Liberal 

 loans were to be had for the asking, and very 

 soon every man in the place was indebted to 

 Mr. Fels for sums of £80 to £100. A more 

 fatuous policy could hardly be conceived. The 

 more reckless was Mr. Fels, the more extrava- 

 gant became the small-holders. The easier 

 money was to be had, the faster was it dis- 

 posed of " Mr. Fels would pay " became a 

 byword. Needless outlay and unprofitable ex- 

 penditure were cheerfully embarked on. No 

 one learned by their mistakes, for they were 

 paid for by another. Perspectives grew dis- 

 torted and the doctrines of " profit and loss " 

 forgotten. The place became permeated with 

 the short-sighted prodigality and extravagance 

 of its creator. 



At length even Mr. Fels grew tired, and he 

 decided to abandon the scheme. A meeting 

 was called wlien he announced his intention, 

 expressed his regret for a failure for which he 

 felt he could not blame himself, informed his 

 tenants that tliey could consider themselves 

 free of all liability to him, and that, if they 

 wished to leave, he would be willing to give 

 them one-lialf of tlic capital they possessed 



