Mr. Smith’s unwearied efforts were largely in the line of making out and receipting bills for tuition, and it may be said that this was to him by far the most agreeable of the duties he undertook to perform.

“I have been proud of my pupils,” continued the principal, “and it has given me pleasure to reflect that you all reflected credit, more or less, upon my teaching. I have, also, sought to form your manners, to train you to fill the positions which Providence may have in store for you. In a word, while from time to time you may have indulged in little escapades, slightly-culpable, I have felt that you were all gentlemen.”

“What in the world does he mean?” thought more than one puzzled boy. “What is all this leading to?”

Among those to whom this thought occurred, was Hector Roscoe, who was very far from conjecturing that all this long preamble was to introduce an attack upon him.

“But,” proceeded Socrates, after a pause, “I have this afternoon been painfully undeceived. I have learned, with inexpressible pain, that Smith Institute has received an ineffaceable stigma.”

“Old Sock is getting eloquent!” whispered Ben Platt.

“I have learned,” continued Socrates, with tragic intensity, “that I have nourished a viper in my bosom! I have learned that we have a thief among us!”

This declaration was greeted with a buzz of astonishment. Each boy looked at his next door neighbor as if to inquire, “Is it you?”

Each one, except the three who were behind the scenes. Of these, Jim Smith, with an air of supreme satisfaction, looked in a sidelong way at Hector, unconscious the while that two pairs of eyes—those of Wilkins and Ben Platt—were fixed upon him.

“I thought you would be surprised,” said the principal, “except, of course, the miserable criminal. But I will not keep you in suspense. To-day, by inadvertence, I left my wallet, containing a considerable sum of money, on the bureau in my chamber. An hour later, discovering my loss, I went upstairs, but the wallet was gone. It had mysteriously disappeared. I was at a loss to understand this at first, but I soon found a clew. I ascertained that a boy—a boy who is presently one of the pupils of Smith Institute—had entered my chamber, had appropriated the wallet, had carried it to his dormitory, and there had slyly concealed it in the pocket of a pair of pants. Doubtless, he thought his theft would not be discovered, but it was, and I myself discovered the missing wallet in its place of concealment.”