Pascal and the baron exchanged astonished glances. It must be confessed that frauds of every description are common enough in the racing world, and a great deal of dishonest manoeuvring results from greed for gain united with the fever of gambling. But never before had any one been accused of such an audacious and impudent piece of rascality as that which Kami-Bey imputed to Valorsay.

“How did you fail to discover this at the outset, prince?” inquired Pascal in an incredulous tone.

“Because my time was so much occupied.”

“But your servants?”

“Ah! that’s another thing. I shouldn’t be at all surprised if it were proved that the man who has charge of my stables had been bribed by the marquis.”

“Then, how were your suspicions aroused?”

“It was only by the merest chance. A jockey whom I thought of employing had often ridden one of the animals which I fancied myself the owner of. Naturally, I showed him the horse, but he had no sooner set eyes on it than he exclaimed: ‘That the horse! Never! You’ve been cheated, prince!’ Then we examined the others, and the fraud became apparent.”

Knowing Kami’s character better than Pascal, the baron had good reason to distrust the accuracy of these statements. For the Turkish millionaire’s superb contempt of money was only affected. Vanity alone unloosed his purse-strings. He was quite capable of presenting Jenny Fancy with a necklace costing five-and-twenty thousand francs for the sake of seeing his generosity recorded in the Gaulois or the Figaro the next day; but he would refuse to give a trifle to the mother of a starving family. Besides, it was his ambition to be regarded as the most swindled man in Europe. But though he was shamefully imposed upon, it was not voluntarily—for there was a strong dose of Arabian avarice and distrust in his composition.

“Frankly, prince,” said the baron, “your story sounds like one of the wild legends of your native land. Valorsay is certainly no fool. How is it possible that he could have been guilty of so gross a fraud—a fraud which might be, which could not fail to be discovered in twenty-four hours—and which, once proven, would dishonor him forever?”

“Before perpetrating such a piece of deception upon any one else, he would have thought twice; but upon me it’s different. Isn’t it an established fact that a person incurs no risk in robbing Kami-Bey?”