"Is your Bourse in London like this?"

"I cannot tell you: at our Exchange the general public are not admitted: the privileged priests of that temple sacrifice their victims in closed penetralia, beyond which the sounds made in the operation do not travel to ears profane. But had we an Exchange like this open to all the world, and placed, not in a region of our metropolis unknown to fashion, but in some elegant square in St. James's or at Hyde Park Corner, I suspect that our national character would soon undergo a great change, and that all our idlers and sporting-men would make their books there every day, instead of waiting long months in 'ennui' for the Doncaster and the Derby. At present we have but few men on the turf; we should then have few men not on Exchange, especially if we adopt your law, and can contrive to be traders without risk of becoming bankrupts. Napoleon I. called us a shopkeeping nation. Napoleon III. has taught France to excel us in everything, and certainly he has made Paris a shopkeeping city."

Alain thought of Raoul and Enguerrand, and blushed to find that what he considered a blot on his countrymen was so familiarly perceptible to a foreigner's eye.

"And the Emperor has done wisely, at least for the time," continued the Englishman, with a more thoughtful accent. "He has found vent thus for that very dangerous class in Paris society to which the subdivision of property gave birth; namely the crowd of well-born, daring young men without fortune and without profession. He has opened the 'Bourse' and said, 'There, I give you employment, resource, an 'avenir.'' He has cleared the byways into commerce and trade, and opened new avenues of wealth to the noblesse, whom the great Revolution so unwisely beggared. What other way to rebuild a 'noblesse' in France, and give it a chance of power be side an access to fortune? But to how many sides of your national character has the Bourse of Paris magnetic attraction! You Frenchmen are so brave that you could not be happy without facing danger, so covetous of distinction that you would pine yourselves away without a dash, coute quo coute, at celebrity and a red ribbon. Danger! look below at that arena: there it is; danger daily, hourly. But there also is celebrity; win at the Bourse, as of old in a tournament, and paladins smile on you, and ladies give you their scarves, or, what is much the same, they allow you to buy their cachemires. Win at the Bourse,—what follows? the Chamber, the Senate, the Cross, the Minister's 'portefeuille.' I might rejoice in all this for the sake of Europe,—could it last, and did it not bring the consequences that follow the demoralization which attends it. The Bourse and the Credit Mobilier keep Paris quiet, at least as quiet as it can be. These are the secrets of this reign of splendour; these the two lions couchants on which rests the throne of the Imperial reconstructor."

Alain listened surprised and struck. He had not given the Englishman credit for the cast of mind which such reflections evinced.

Here Lemercier rejoined them, and shook hands with Graham Vane, who, taking him aside, said, "But you promised to go to the Bois, and indulge my insane curiosity about the lady in the pearl-coloured robe?"

"I have not forgotten; it is not half-past two yet; you said three.
'Soyez tranquille;' I drive thither from the Bourse with Rochebriant."

"Is it necessary to take with you that very good-looking Marquis?"

"I thought you said you were not jealous, because not yet in love. However, if Rochebriant occasions you the pang which your humble servant failed to inflict, I will take care that he do not see the lady."

"No," said the Englishman; "on consideration, I should be very much obliged to any one with whom she would fall in love. That would disenchant me. Take the Marquis by all means."