"But, Mr. Philips, you are employed by the firm, of which I am the senior member. I furnished nearly all the capital—that is, my father and I together."

"I know it, sir; and I felt it to be my duty to speak, or I should not have done so. Of course I have drawn a catastrophe upon myself by what I have done."

"What's that?"

"Mr. Whippleton will hate me, and discharge me at once. I wished to resign this morning, but he would not allow me to do so."

"I'm glad he did not. If I find you have been mistaken, I shall say nothing about the matter to him. Mr. Faxon and the invoices will soon answer me one way or the other. I asked you if you thought Mr. Whippleton had been using the firm's money for his own purposes. You did not answer me."

"I think he has, sir. He is engaged in a large land speculation with Mr. Waterford."

"Waterford!" exclaimed the dignified senior. "He is no better than a swindler."

"Indeed!" I exclaimed, recalling the fact that I had just seen the subject of this harsh epithet making an appointment with the beautiful daughter of Mr. Collingsby.

"Perhaps I know him better than others; but no matter about him."

"He is a very wealthy young man," I suggested.