"Er, er,—oh, this is terrible! Billie Budd stole 'em, not me. He came into my room early Monday morning, while I was dressing, and showed me the pair of cuff-buttons he said he had stolen during Sunday night, and gave me one to keep for him until he had a good chance to dispose of it. Then, right after I returned from calling on you to inform you of their loss, which was about half-past ten, he and I went out to the stables and he gave the other one to Olaf here to hide for him. Here's the one I have been keeping, Mr. Holmes," stammered Thorneycroft, as he took the second sparkling cuff-button out of his vest-pocket and laid it on the table beside the one recovered from Olaf. "When the village constables came up here to search us, I simply slipped the thing into the upper edge of my shoe until they had gone, and I've been carrying it here in my vest-pocket ever since."

And Eustace paused as he drew out his handkerchief and mopped his perspiring face.

"Then you had it right with you when you burst into my office in Baker Street to tell me of the loss, and your nervous excitement at the time was a fake,—you big stiff?" Holmes asked, blowing out a cloud of cigarette-smoke.

"Yes. I acknowledge with shame that I did. But it was that scoundrel Budd that burglarized His Lordship's room and stole the jewels originally, and the coachman and myself are both simply receivers of stolen goods, not robbers. O Your Lordship, this is awful," Eustace added, turning to the Earl. "I am a graduate and an honor man of Oxford University, as you know, and I surely must have been intoxicated when I let Budd entice me into his damnable scheme! The reason he took the jewels was because he had been losing heavily at cards in London recently, as he told me, and wanted to sell them to recoup his losses. I'll swear I didn't have a thing to do with the disappearance of the other nine cuff-buttons, because if I did, I'd tell you. That's all."

The Earl looked at Holmes sitting there puffing out smoke in a very dégagé attitude, with the smile of triumph still on his eagle-like face, in spite of his absurd disguise, then he looked at the confused and embarrassed Thorneycroft standing at one side of the table, anxiously rubbing his hands, then he looked at the red-faced Olaf standing near him, and finally he looked at me sitting in another chair, furnishing the calm and sober background for all this sensationalism,—as usual.

"Well, by Jove, I hardly know what to say, and that's the truth, Holmes," he remarked at length; "but the fact that my recreant secretary has just now voluntarily coughed up the second cuff-button without trying to hide it again in his shoe, as he might have done, inclines me to let him live this time. So I'll forgive you, Eustace, but don't you ever let it happen again, or I might forget myself so far as to have you blackballed from all of the London clubs you belong to," added the Earl, shaking his finger at Eustace.

"Thank you, Your Lordship, thank you!" cried the latter profusely, "I shall endeavor to deserve your consideration by doing my best to help you find the other cuff-buttons still missing."

"Keep the change, Eustace," said the Earl dryly. "Now, Holmes, what'll we do with this little stiff over here?"

And he pointed to the still trembling coachman, who stood fumbling his cap in his hands.

"Why, he looks harmless enough," commented Holmes; "I knew he didn't have brains sufficient to plan the robbery, but was merely Billie Budd's tool. So I think you might as well forgive him, too, Your Lordship, and thus get all the states' evidence they can turn for us. Thorneycroft," he added, turning to the secretary, "you accused Luigi Vermicelli, the Earl's valet, of having stolen the cuff-buttons, and you there, Olaf, accused your stable-partner, Carol Linescu, of the theft. I shall give your statements due consideration, and lay for the accused parties accordingly. Now, Watson, we'll get busy and see if we can't recover some more of the cuff-buttons before luncheon. It's only a little after nine now," looking at his watch, "and we have nearly three hours left. And, by the way, I believe I made a bet of five pounds with Billie Budd yesterday morning that I would find some of the cuff-buttons that same day. He won the bet, since I didn't find the heirlooms until to-day, but inasmuch as the aforesaid Budd is a fugitive from justice, I'll just confiscate the stakes and call myself the winner! Doc, hand over those ten pounds you've been keeping there."