“You have no idea, Mr. Spargo,” said the old gentleman, when, breakfast over, he and Spargo were closeted together in a little library in which were abundant evidences of the host’s taste in sporting matters; “you have no idea of the value which was attached to the possession of one of those silver tickets. There is mine, as you see, securely framed and just as securely fastened to the wall. Those fifty silver tickets, my dear sir, were made when our old race-meeting was initiated, in the year 1781. They were made in the town by a local silversmith, whose great-great-grandson still carries on the business. The fifty were distributed amongst the fifty leading burgesses of the town to be kept in their families for ever—nobody ever anticipated in those days that our race-meeting would ever be discontinued. The ticket carried great privileges. It made its holder, and all members of his family, male and female, free of the stands, rings, and paddocks. It gave the holder himself and his eldest son, if of age, the right to a seat at our grand race banquet—at which, I may tell you, Mr. Spargo, Royalty itself has been present in the good old days. Consequently, as you see, to be the holder of a silver ticket was to be somebody.”

“And when the race-meeting fell through?” asked Spargo. “What then?”

“Then, of course, the families who held the tickets looked upon them as heirlooms, to be taken great care of,” replied Mr. Quarterpage. “They were dealt with as I dealt with mine—framed on velvet, and hung up—or locked away: I am sure that anybody who had one took the greatest care of it. Now, I said last night, over there at the ‘Dragon,’ that I could repeat the names of all the families who held these tickets. So I can. But here”—the old gentleman drew out a drawer and produced from it a parchment-bound book which he handled with great reverence—“here is a little volume of my own handwriting—memoranda relating to Market Milcaster Races—in which is a list of the original holders, together with another list showing who held the tickets when the races were given up. I make bold to say, Mr. Spargo, that by going through the second list, I could trace every ticket—except the one you have in your purse.”

“Every one?” said Spargo, in some surprise.

“Every one! For as I told you,” continued Mr. Quarterpage, “the families are either in the town (we’re a conservative people here in Market Milcaster and we don’t move far afield) or they’re just outside the town, or they’re not far away. I can’t conceive how the ticket you have—and it’s genuine enough—could ever get out of possession of one of these families, and—”

“Perhaps,” suggested Spargo, “it never has been out of possession. I told you it was found in the lining of a box—that box belonged to a dead man.”

“A dead man!” exclaimed Mr. Quarterpage. “A dead man! Who could—ah! Perhaps—perhaps I have an idea. Yes!—an idea. I remember something now that I had never thought of.”

The old gentleman unfastened the clasp of his parchment-bound book, and turned over its pages until he came to one whereon was a list of names. He pointed this out to Spargo.

“There is the list of holders of the silver tickets at the time the race-meetings came to an end,” he said. “If you were acquainted with this town you would know that those are the names of our best-known inhabitants—all, of course, burgesses. There’s mine, you see—Quarterpage. There’s Lummis, there’s Kaye, there’s Skene, there’s Templeby—the gentlemen you saw last night. All good old town names. They all are—on this list. I know every family mentioned. The holders of that time are many of them dead; but their successors have the tickets. Yes—and now that I think of it, there’s only one man who held a ticket when this list was made about whom I don’t know anything—at least, anything recent. The ticket, Mr. Spargo, which you’ve found must have been his. But I thought—I thought somebody else had it!”

“And this man, sir? Who was he?” asked Spargo, intuitively conscious that he was coming to news. “Is his name there?”