"I don't understand why they left that pearl in a necklace like this," said Raynard. "I shall have it taken out. As it is, the necklace is dirt cheap at the price—a hundred and fifty thousand francs."

Raoul continued to gaze at the necklace so that Raynaud should not observe his agitation. He would remember that scene for the rest of his life.

"It's a clouded pearl but it may be possible to get it back to its former luster."

An argument ensued on the subject and lasted some time among the gentlemen who had come in with Raynaud. Then they took their departure and Raoul and Raynaud were left to themselves. Raoul confessed everything. While he was speaking the banker looked at him at first with an air of amazement and afterwards with threatening severity. In a trembling voice Raoul finished his story.

"It's not for myself. Monsieur, that I am pleading. It is that my mother should not be told anything. I hold myself at your disposal and you can do with me as you please. I am your property. I am willing to accept the lowest kind of work, and if I have to earn the money a penny at a time, I will pay back the ten thousand francs."

He ceased speaking. The banker maintained a silence, a dreadful and prolonged silence. Raoul thought that all was over with him. He took his revolver from his pocket.

Raynaud saw the movement and realized that Raoul was about to shoot himself. He clutched him by the arm, snatched the weapon away, and threw it on the desk.

"Wretched boy, what are you doing?"

Raoul sank to his knees and broke into a fit of sobbing. Raynaud helped him to rise.

"Calm yourself, your mother shall not be told anything."