“That settles it, Monty is a spy.”

“I don’t see how that proves it,” she answered.

“The Banque de France has no ten thousand franc note,” he returned; “its highest value is five thousand francs. In two years Montague Vaughan has not found that out. The ordinary tourist who passes a week here and spends nothing to speak of might be excused, but not a serious student like Monty.”

“I will vouch for him,” Mrs. Harrington said. “I’ve known him for years and I don’t think it’s a life suited to him at all, is it, Monty?”

“Oh, I don’t know,” said he airily. “I may be leading a double life.” He looked at her not without an expression of triumph. Little did she know in what a conspiracy he was already enlisted. After an excellent repast and a judicious indulgence in some rare wine Monty felt he was extraordinarily well fitted for delicate intrigue, preferably of an international character. He stroked his budding moustache with the air of a gentleman adventurer.

Alice Harrington smiled. She was a good judge of character and Monty was too well known to her to lend color to any such notion.

“It won’t do,” she averred, “but Mr. Denby has every earmark of it. There’s that piercing look of his and the obsequious way waiters attend on him.”

Monty laughed heartily. He was in possession of a secret that made such an idea wholly preposterous. Here was a man with a million-franc pearl necklace in his pocket, a treasure he calmly proposed to smuggle in against the laws of his country, being taken for a spy.

“Alice,” he said still laughing, “I’ll go bail on Steve for any amount you care to name. I am also willing to back him against all comers for brazen nerve and sheer gall.”

Denby interrupted him a little hastily.