“That’s severe, I take it,” said Ladarelle, as he lighted a cigarette and began to smoke.

“Feigning virtue will never make a saint,” said Grenfell, rising from the table; “but mock wickedness will always end by making a man a rascal!” He left the room as he spoke, and sauntered out unto the lawn; and now Ladarelle began to commune with himself—what notice he ought to take, if any, of these words. Were they to be considered as a moral sentiment of general application, or were they addressed specially to himself? The context favoured this latter supposition; but then he uttered them as a great truth; he had a trick of that sort of “preaching,” and the moment the word preaching crossed him, his anger was dispelled, for who minded preaching? Who was ever the better or the worse for it? Who ever deemed its denunciations personal?

The entrance of his man, Mr. Fisk, cut short his reflections, for he had sent him over to Dalradern, with his compliments, to ask after Mademoiselle O’Hara.

“Sir Within’s respects, Sir, the young lady is better; passed a good night, and seems much refreshed.”

“Here’s news, Grenfell,” cried Ladarelle, opening the window, and calling out to Grenfell—“here’s news; she has had a good night, and is better.”

Grenfell, however, had just received his letters from the post, and was already too deeply engrossed by one of them to mind him.

“I say, come here, and listen to the bulletin,” cried Ladarelle again; but Grenfell, without deigning the slightest notice to his words, thrust his letters into his pocket and walked hastily away.

The letter he had opened was from Vyner, and even in the first few lines had so far engaged his interest, that, to read it undisturbed, he set out to gain a little summer-house on a small island—a spot to which Ladarelle could not follow, as there was but one boat on the lake.

Having reached his sanctuary, he took forth the epistle, which, from Vyner, was an unusually long one, and began to read. It is not necessary that I should ask the reader’s attention to the whole of it. It opened by an apology for not having written before:

“I am ashamed to think, my dear Grenfell, how many of your questions remain unanswered; but as the Cardinal’s private secretary wrote to express the grief his Eminence felt at being obliged to die instead of dine out, so I must ask your patience for not replying to you, as I was occupied in being ruined. It is a big word, George, but not too big for the fact. When I gave up politics, for want of something to do, I took up speculation. A very clever rascal—I only found out the rascality later—with whom I made acquaintance at Genoa, induced me to make some railroad ventures, which all turned out successes. From these he led me on to others of a larger kind in Sardinia, and ultimately in Morocco. A great London banking firm was associated with the enterprise, which, of course, gave the air of stability to the operations, and as there was nothing unfair—nothing gambling in the scheme—nothing, in fact, that passed the limits of legitimate commercial enterprise, at the same time that there was everything to interest And amuse, I entered into it with all that ardour for which more than once your prudent temperament has rebuked me. I have no patience to go over the story; besides that the catastrophe tells it all. The original tempter—his name is Gennet—has fled, the great bankers have failed, and I am—I have ascertained—engaged to the full amount of all I have in the world—that is, nothing remains to us but my wife’s settlement to live on. A great blow this; I am staggering under it still. It was precisely the sort of misfortune I had thought myself exempt from, because I never cared much about money-getting; I was richer than I really needed to be; but, as the Spanish proverb says, ‘The devil never goes out to fish with only one sort of bait in his boat.’ I imagined I was going to be a great philanthropist. If I was to get lead from the Moors, I was to give them civilisation, culture, Heaven knows what cravings after good things here and hereafter. Don’t laugh, George; I give you my word of honour I believed it. Mr. Ridley Gennet was a great artist, and from the hour he waved his wand over me, I never really awoke ‘till I was beggared.’ Now, I do believe that you yourself, with all the craft you boast of, would not have come scathless out of his hands. These fellows are consummately clever, and in nothing more than in the quick reading of the characters they are placed in contact with. You can answer for it that I never was a gambler. I have played, it is true; but with no zest, no passion for play. That man, however, knew more of me than I did of myself; he detected a sort of combative spirit in my nature, which gives results very much like the love of play. It prompts to a rash self-confidence and a dogged resolution not to be beaten—no matter how heavy the odds against one. I say, he saw this, and he determined to make use of it. There was a time at which, at the loss of about twenty-eight or thirty thousand pounds, I might have freed myself of every liability; and, indeed, I was more than half inclined to do it; but the devil, in this fellow’s shape, hinted something about being poor-spirited and craven-hearted; said something about men who bore reverses ill, and only spread canvas when the wind was all astern; and that, in fact, the people who carried the day in life were exactly those who never would accept defeat. All he said met a ready concurrence from my own heart, and in I went after my thirty thousand, which soon became eighty. Even then I might have escaped—a heavy loser, of course, but not crushed—but he persuaded me that the concern was the finest enterprise in Europe, if emancipated from the influence of two powerful shareholders—men who, since they had joined us, had gone deeply into other speculations, whose prospects would be severely damaged by our success. One of these was La Marque, the Parisian banker, and a great promoter of the ‘Crédit Mobilier;’ the other an English contractor, whose name I may mention one of these days. They were, he said, to be bought out, and then I should stand the representative of four-sixths of the whole scheme. It reads like infatuation now that I go calmly over it; but I acceded. I commissioned Gennet to treat with these gentlemen, and gave him blank bills for the sums. For a while all seemed to go on admirably. La Marque himself wrote to me; he owned that his other engagements had not left him at liberty to develop the resources of our company to their full extent, and confessed that there were certain changes in the management that must lead to great advantage. With, however, what I thought at the time a most scrupulous honour—though I have come to regard it differently—he hinted to me that while Mr. G.‘s position in the ‘world of affairs’ was above all reproach, the fact of his conducting a transaction with blank acceptances was totally irregular and unbusiness-like; and he begged that I would give him a regular assurance, in a form which he enclosed, that I authenticated G.‘s position, and held myself responsible, not merely commercially, but as a man of honour, for such engagements as he should contract in my name. I made a few trifling alterations in the wording of this document, and sent it back with my signature. On the third day after, the London firm smashed, and on the evening that brought the news, G. bolted, and has not since been heard of.