"Ma'am," the Duchessa went on, "Your Highness has grasped the situation perfectly; you and I are both running the greatest risk; the sentence passed on Fabrizio has not been quashed; consequently, on the day when they wish to rid themselves of me and to insult you, they will put him back in prison. Our position is as bad as ever. As for me personally, I am marrying the Conte, and we are going to set up house in Naples or Paris. The final stroke of ingratitude of which the Conte is at this moment the victim has entirely disgusted him with public life, and but for the interest Your Serene Highness takes in him, I should advise him to remain in this mess only on condition of the Prince's giving him an enormous sum. I shall ask leave of Your Highness, to explain that the Conte, who had 180,000 francs when he came into office, has to-day an income of barely 20,000 lire. In vain did I long urge him to think of his pocket. In my absence, he has picked a quarrel with the Prince's Farmers-General, who were rascals; he has replaced them with other rascals, who have given him 800,000 francs."

"What!" cried the Princess in astonishment; "Heavens, I am extremely annoyed to hear that!"

"Ma'am," replied the Duchessa with the greatest coolness, "must I turn the mandarin's head back to the left?"

"Good heavens, no," exclaimed the Princess; "but I am annoyed that a man of the Conte's character should have thought of enriching himself in such a way."

"But for this peculation he would be despised by all the honest folk."

"Great heavens! Is it possible?"

"Ma'am," went on the Duchessa, "except for my friend, the Marchese Crescenzi, who has an income of three or four hundred thousand lire, everyone here steals; and how should they not steal in a country where the recognition of the greatest services lasts for not quite a month? It means that there is nothing real, nothing that survives disgrace, save money. I am going to take the liberty, Ma'am, of saying some terrible truths."

"You have my permission," said the Princess with a deep sigh, "and yet they are painfully unpleasant to me."

"Very well, Ma'am, the Prince your son, a perfectly honest man, is capable of making you far more unhappy than his father ever did; the late Prince was a man of character more or less like everyone else. Our present Sovereign is not sure of wishing the same thing for three days on end, and so, in order that one may make sure of him, one must live continually with him and not allow him to speak to anyone. As this truth is not very difficult to guess, the new Ultra Party, ruled by those two excellent heads, Rassi and the Marchesa Raversi, are going to try to provide the Prince with a mistress. This mistress will have permission to make her own fortune and to distribute various minor posts; but she will have to answer to the Party for the constancy of the master's will.

NECESSARY PECULATION