"Because," replied Herzog, calmly, "the only news I had was not good news."

"At least I should have known it."

"Would the result of the operation have been different?"

"You have led me like a child in this affair," Serge continued, becoming animated. "I did not know where I was going. You made me promises, how have you kept them?"

"As I was able," quietly answered Herzog. "Play has its chances. One seeks Austerlitz and finds Waterloo."

"But," cried the Prince, angrily, "the shares which you sold ought not to have gone out of your hands."

"You believed that?" retorted the financier, ironically. "If they ought not to have gone out of my hands it was hardly worth while putting them into them."

"In short," said Panine, eager to find some responsible party on whom he could pour out all the bitterness of his misfortune, "you took a mean advantage of me."

"Good! I expected you to say that!" returned Herzog, smiling. "If the business had succeeded, you would have accepted your share of the spoil without any scruples, and would have felt ready to crown me. It has failed; you are trying to get out of the responsibility, and are on the point of treating me as if I were a swindler. Still, the affair would not have been more honest in the first instance than in the second, but success embellishes everything."

Serge looked hard at Herzog.

"What is there to prove," replied he, "that this speculation, which brings ruin and loss to me, does not enrich you?"

"Ungrateful fellow!" observed the financier, ironically, "you suspect me!"

"Of having robbed me!" cried Serge, in a rage. "Why not?"

Herzog, for a moment, lost his temper and turned red in the face. He seized Panine violently by the arm, and said:

"Gently, Prince; whatever insults you heap upon me must be shared by you. You are my partner."

"Scoundrel!" yelled Panine, exasperated at being held by Herzog.

"Personalities," said the financier, in a jesting tone. "Then I take my leave!"

And loosing his hold of the Prince, he went toward the door.

Serge sprang after him, exclaiming:

"You shall not leave this room until you have given me the means of rectifying this disaster."

"Then let us talk sensibly, as boon companions," said Herzog. "I know of a marvellous move by which we can get out of the difficulty. Let us boldly call a general meeting. I will explain the thing, and amaze everybody. We shall get a vote of confidence for the past, with funds for the future. We shall be as white as snow, and the game is played.

Are you in with me?"

"Enough," replied the Prince, intensely disgusted. "It does not suit me to do a yet more shameful thing in order to get out of this trouble. It is no use arguing further; we are lost."

"Only the weak allow themselves to be lost!" exclaimed the financier.

"The strong defend themselves. You may give in if you like; I won't.

Three times have I been ruined and three times have I risen again. My head is good! I am down now. I shall rise again, and when I am well off, and have a few millions to spare, I will settle old debts. Everybody will be astonished because they won't expect it, and I shall be more thought of than if I had paid up at the time."

"And if you are not allowed to go free?" asked Serge. "What if they arrest you?"

"I shall be in Aix-la-Chapelle to-night," said Herzog. "From there I shall treat with the shareholders of the Universal Credit. People judge things better at a distance. Are you coming with me?"

"No," replied Serge, in a low voice.

"You are wrong. Fortune is capricious, and in six months we may be richer than we ever have been. But as you have decided, let me give you a piece of advice which will be worth the money you have lost. Confess all to your wife; she can get you out of this difficulty."

The financier held out a hand to Serge which he did not take.

"Ah! pride!" murmured Herzog. "After all it is your right--It is you who pay!"

Without answering a word the Prince went out.

At that same hour, Madame Desvarennes, tired by long waiting, was pacing up and down her little drawing-room. A door opened and Marechal, the long-looked for messenger, appeared. He had been to Cayrol's, but could not see him. The banker, who had shut himself up in his private office where he had worked all night, had given orders that no one should interrupt him. And as Madame Desvarennes seemed to have a question on her lips which she dared not utter, Marechal added that nothing unusual seemed to have happened at the house.

But as the mistress was thanking her secretary, the great gate swung on its hinges, and a carriage rolled into the courtyard. Marechal flew to the window, and uttered one word,

"Cayrol!"

Madame Desvarennes motioned to him to leave her, and the banker appeared on the threshold.

At a glance the mistress saw the ravages which the terrible night he had pa.s.sed through had caused. Yesterday, the banker was rosy, firm, and upright as an oak, now he was bent, and withered like an old man. His hair had become gray about the temples, as if scorched by his burning thoughts. He was only the shadow of himself.

Madame Desvarennes advanced toward him, and in one word asked a world of questions.

"Well?" she said.

Cayrol, gloomy and fierce, raised his eyes to the mistress, and answered:

"Nothing!"

"Did he not come?"

"Yes, he came. But I had not the necessary energy to kill him. I thought it was an easier matter to become a murderer. And you thought so too, eh?"

"Cayrol!" cried Madame Desvarennes, shuddering, and troubled to find that she had been so easily understood by him whom she had armed on her behalf.

"The opportunity was a rare one, though," continued Cayrol, getting excited. "Fancy; I found them together under my own roof. The law allowed me, if not the actual right to kill them, at least an excuse if I did so. Well, at the decisive moment, when I ought to have struck the blow, my heart failed me. He lives, and Jeanne loves him."

There was a pause.

"What are you going to do?"

"Get rid of him in another way," answered Cayrol. "I had only two ways of killing him. One was to catch him in my own house, the other to call him out. My will failed me in the one case; my want of skill would fail me in the other. I will not fight Serge. Not because I fear death, for my life is blighted, and I don't value it; but if I were dead, Jeanne would belong to him, and I could not bear the thought of that even in death. I must separate them forever."

"And how?"

"By forcing him to disappear."