Sylphide was excessively fond of sugar-plums (in which she was a great connoisseur), and also of fresh brioche, crumbs of which she would eat, in the most charming manner, from the snowy hand of her admiring friend; and as the bonbonnière of Madame de N. was always well supplied with her favorite dainties, Sylphide, who, on her side, was not ungrateful, soon contracted a lively affection for Madame de N. and her bonbonnière.

Such was the position of affairs, when an incident occurred which produced a total estrangement between the two ladies. M. de S., a gentleman well known in the diplomatic circles, whom Madame de N. had long numbered among her conquests, fascinated by the charms of the fair islander, deserted his brilliant countrywoman, and ranged himself among the satellites of her rival. And by a curious coincidence, at the very time that M. de S. quitted thus abruptly the orbit of Madame de N., the Prince of ——, who had hitherto been one of the brightest luminaries in the train of Lady R., left her ladyship to lay his homage at the feet of the charming Parisian. But the acquisition of the Prince seems to have failed to console the latter for the loss of a knight who had so long worn her colors; and the defection of M. de S. drew from her an expression of resentment towards her rival, which the mutual friend to whom these angry feelings had been confided, lost no time in repeating to the object of her displeasure. But Lady R., so far from being affected by the indignation of Madame de N., merely replied, with a careless shrug of her handsome shoulders, "Mais, ma chère, she has really nothing to complain of; all the world knows that 'exchange is no robbery!'"

At this time a magnificent bracelet, the latest achievement of the wonder-working atèliers of Froment & Meurice, had been the object of Lady R.'s most violent desire; but her lord, who was subject to occasional attacks of a malady not uncommon to the husbands of beautiful and fashionable ladies, was just then suffering from an attack of jealousy so acute, that, to the despair of Lady R., he utterly refused to gratify her desire to become the possessor of this costly ornament; and the lady, after having vainly called to her aid all the force of her address, and all the charms of her eloquence, found herself obliged, though with a heavy heart, to renounce the idea of its acquisition.

Lady R.'s desire for this bracelet, and its disappointment, were no secret to Madame de N.; and on learning, from the gossiping confidant, the response made by her rival to her complaint, a sudden thought darted through her mind. "Chère amie," said she to the confidant, "I beg you to say to her ladyship, that, since such is her opinion, I hold her to the acceptance of the consequences of her maxim."

The confidant lost no time in delivering this message, to which Lady R., thinking only of her host of admirers, laughingly replied, that Madame de N. was quite at liberty to make any practical application of the principle that she pleased.

Within two hours from the reception of this challenge, the beautiful bracelet, inclosed in an elegant case, on whose lid the initials of Lady R., surrounded by her crest, were engraved in letters of gold, had passed from the jeweller's show-rooms to the boudoir of Madame de N., who thenceforth, by means of an espionage that followed every movement of her rival, kept her constantly in view. At length the tournament, to be followed by the balloon-ascension (held a week or two ago in the Champ de Mars), was announced to the great delight of the spectacle-loving public; and having learned that the fair Englishwoman was to be present in an open carriage, Madame de N. determined to avail herself of this occasion to execute her scheme.

Accordingly on the appointed day, the bracelet, in its elegant case, being placed in the carriage beside her, and the coachman duly instructed in the part he was to play, Madame de N., holding in her hand her bonbonnière, supplied with fresh crumbs of the most delicate brioche, followed, at short distance, the carriage of her rival to the Champ de Mars, and took her stand just in the rear of her ladyship's phaeton.

Lady R. was in excellent spirits, receiving the homage of a crowd of attendant cavaliers; Sylphide, to the unspeakable joy of Madame de N., being seated on the front seat nearest her carriage.

Madame de N. waited patiently through the various evolutions of the gorgeous scene; and, at its close, when the great balloon of M. Poitevin rose majestically from the field, surrounded by its graceful band of nymphs that seemed to float, self-sustained, in the air, their silver wands and wreaths of flowers shining in the light of the setting sun, when all eyes followed the aëronauts, and deafening acclamations rent the air, in less time than we take in recounting the movement, the carriage of Madame de N. advanced to the side of Lady R.'s; Sylphide, attracted by the well-known bonbonnière, leapt lightly into the outstretched arms of her friend; and Madame de N. depositing the morocco case on the very spot Sylphide had quitted, bowed gracefully to her rival, and drove rapidly away, before Lady R. had had time to comprehend what was passing.

Great was her ladyship's amazement, as may well be supposed; and great, for the first few moments, was also her indignation; but the mystery was soon explained; for, in opening the case, which occupied Sylphide's vacant place, and which was unmistakably intended for her, she perceived the rich bracelet she had so much wished for, and beside it, the card of Madame de N., on which was written, in pencil, these words, which contained the key of the enigma, "Exchange is no robbery."