"You can't afford to let me drop," he pleaded in a hoarse voice. "As soon as you take away your support the brutes I've borrowed from will come down on me like wolves, and, to protect your interests, you'll have to enforce your mortgage rights. I needn't point out that this will spoil your plans. You're not ready to make your grab at Allenwood yet."

Davies heard him unmoved. He was comparing his attitude with that of the ruined lad he had just dismissed. Carlyon was, of course, a fool who deserved his fate, but his pluck had roused the moneylender's sympathy. He did not mean to let it make him merciful, but he had some human feeling, and it inspired him with contempt for Mowbray. The fellow was clever enough to see that Davies' plans were directed against his relatives and friends, but this had not prevented his falling in with them for the sake of a temporary advantage. His pride was a sham; he forgot it when it threatened to cost him something. Moreover he had not been straight with Davies in several ways. He had a rogue's heart, but was without the rogue's usual nerve.

"I often have to change my plans," Davies said calmly. "Just now I'm short of money, and must get some in. Anyway, there's no secret about the mortgage; it had to be registered."

"Of course; but I don't suppose anybody knows about it, for all that. People don't spend their time turning up these records."

"It would be a wise precaution, when they dealt with you," Davies answered pointedly.

Gerald did not resent the taunt.

"But you can't get your money for the note," he urged. "It's impossible for me to meet it now."

"Or later, I guess. Well, I'll have to fall back on the endorser; he's a solid man."

A look of terror sprang into Gerald's face.

"You can't do that!"