"And you prefer the other alternative," said Raffles, "to loosing your grip upon a man who's done you no harm whatever! In interest alone he's almost repaid all you lent him in the first instance; you've first-class security for the rest; yet you must ruin him to revenge yourself upon us. On us, mark you! It's against us you've got your grievance, not against old Garland or his son. You've lost sight of that fact. That little trick this morning was our doing entirely. Why don't you take it out of us? Why refuse a fair offer to spite people who have done you no harm?"

"It's not a fair offer," growled Levy. "I made you the fair offer."

But his rage had moderated; he was beginning to listen to Raffles and to reason, with however ill a grace. It was the very moment which Raffles was the very man to improve.

"Mr. Levy," said he, "do you suppose I care whether you hold your tongue or not on a matter of mere suspicion, which you can't support by a grain of evidence? You lose a piece of jewellery abroad; you recover it intact; and after many days you get the bright idea that I'm the culprit because I happen to have been staying in your hotel at the time. It never occurred to you there or then, though you interviewed the gentleman face to face, as you were constantly interviewing me. But as soon as I borrow some money from you, here in London in the ordinary way, you say I must be the man who borrowed Mrs. Levy's necklace in that extraordinary way at Carlsbad! I should say it to the marines, Mr. Levy, if I were you; they're the only force that are likely to listen to you."

"I do say it, all the same; and what's more you don't deny it. If you weren't the man you wouldn't be so ready for another game like it now."

"Ready for it?" cried Raffles, more than ready for an undeniable point. "I'm always your man for a new sensation, Mr. Levy, and for years I've taken an academic interest in the very fine art of burglary; isn't that so, Bunny?"

"I've often heard you say so," I replied without mishap.

"In these piping times," continued Raffles, "it's about the one exciting and romantic career open to us. If it were not so infernally dishonest I should have half a mind to follow it myself. And here you come and put up a crib for me to crack in the best interests of equity and justice; not to enrich the wicked cracksman, but to restore his rightful property to the honest financier; a sort of teetotal felony—the very ginger-ale of crime! Is that a beverage to refuse—a chance to miss—a temptation to resist? Yet the risks are just as great as if it were a fine old fruity felony; you can't expect me to run them for nothing, or even for their own exciting sake. You know my terms, Mr. Levy; if you don't accept them, it's already two in the morning, and I should like to get to bed before it's light."

"And if I did accept them?" said Levy, after a considerable pause.

"The letter to which you attach such importance would most probably be in your possession by the beginning of next week."