"If that pleases you," said the old man, with a smile, "have your way; and if I tear up the note, it does not concern you."

It did please the distinguished capitalist of Rough-and-Ready; for the next few days his face wore a brightened expression, and he seemed to have recovered his old tranquillity. There was, in fact, a slight touch of consequence in his manner, the first ostentation he had ever indulged in, when he was informed one morning at his private office that Don Caesar Alvarado was in the counting-house, desiring a few moments' conference. "Tell him to come in," said Mulrady, shortly. The door opened upon Don Caesar—erect, sallow, and grave. Mulrady had not seen him since his return from Europe, and even his inexperienced eyes were struck with the undeniable ease and grace with which the young Spanish-American had assimilated the style and fashion of an older civilization. It seemed rather as if he had returned to a familiar condition than adopted a new one.

"Take a cheer," said Mulrady.

The young man looked at Slinn with quietly persistent significance.

"You can talk all the same," said Mulrady, accepting the significance. "He's my private secretary."

"It seems that for that reason we might choose another moment for our conversation," returned Don Caesar, haughtily. "Do I understand you cannot see me now?"

Mulrady hesitated, he had always revered and recognized a certain social superiority in Don Ramon Alvarado; somehow his son—a young man of half his age, and once a possible son-in-law—appeared to claim that recognition also. He rose, without a word, and preceded Don Caesar up-stairs into the drawing-room. The alien portrait on the wall seemed to evidently take sides with Don Caesar, as against the common intruder, Mulrady.

"I hoped the Senora Mulrady might have saved me this interview," said the young man, stiffly; "or at least have given you some intimation of the reason why I seek it. As you just now proposed my talking to you in the presence of the unfortunate Senor Esslinn himself, it appears she has not."

"I don't know what you're driving at, or what Mrs. Mulrady's got to do with Slinn or you," said Mulrady, in angry uneasiness.

"Do I understand," said Don Caesar, sternly, "that Senora Mulrady has not told you that I entrusted to her an important letter, belonging to Senor Esslinn, which I had the honor to discover in the wood six months ago, and which she said she would refer to you?"