So one day he began to instil a spirit of discontent within the lad, asking him if he knew how much wealth his father Sigmund had and who now had it in charge.

And the boy answered: "The king himself has it in charge."

"Dost thou then trust him so utterly?" sneered Regin.

"It is but right he should have it so," answered Sigurd, "for he knows better how to guard it than I."

So Regin waited awhile, and then tried again, saying: "Surely it is a marvellous thing that thou, a king's son, should run about on thy feet like a horse-boy, and do the bidding of King Alf!"

"That is not so," said Sigurd, "for I have my way in all things, and whatever I desire is granted to me."

"Well, then," said Regin, "ask for a horse for thyself."

"Yes," said the boy; "and that shall I have when I have need of such a thing."

After this Sigurd went to the king, who smiled on him and said: "What wilt thou of me?"

And Sigurd said: "I would have a horse of my very own."

To which the king replied: "Choose for thyself a horse from any part of the kingdom it seems good to thee."

So Sigurd went away to the wild woods to consider where he should search for the finest steed in all the world; and as he pondered he met in the way a tall, old man, with a grey hat drawn over his forehead and a grey-blue cloak about his shoulders, who asked him where he was going.

"I want to choose a horse," said Sigurd. "Come thou with me, old man, and give me thy counsel."

So they went together to a meadow where all the finest horses in the king's dominions were feeding, in charge of the royal grooms. And the stranger said: "See now, let us drive all these horses into the deeps of the river and choose the one that best can cross the foaming tide."

And this they did. And it came to pa.s.s that, because of the strong swirl of the waters, all but one of the horses turned back and scrambled again to land.

But one not only breasted the tide as though it were still water, but, having gained the opposite bank, he raced round the meadow as though he were a colt. Then plunging into the river again he swam back quite easily and rejoined his companions.

"That is the horse that I will choose," said young Sigurd, and running out, he caught the beautiful creature by the mane. Young of years was he, grey of colour, and very great and fair of limb; and as yet no man had thrown foot across his back.

Then said the old man: "This horse is of the kin of Sleipnir, the steed of Odin. Nourish him well, for he will prove the best of horses to thee."

And with those words he vanished.

Then Sigurd called the steed Greyfell, and he proved, as Odin had promised, the best of all horses in the world.

And after awhile Regin spoke again to Sigurd and said: "It grieves me sore to see thee in this poor and humble guise at the court. But thou art a brave lad, and I will tell thee where there is much wealth to be won, as well as fame and honour in the winning of it, if thou wilt."

These words roused Sigurd's curiosity, and he asked where that wealth might be, and who had watch and ward over it.

And Regin answered: "Fafnir is his name, and he lies not so far away, on a lonely waste of heath. And when thou comest to that place, thou mayest well say that thou hast never seen or heard of such abundance of treasure."

"But I have already heard of Fafnir," said Sigurd thoughtfully. "Is he not the most terrible of dragons, so huge and evil that no man dare go out against him?"

"Not so," said the cunning Regin, "he is like unto other dragons of his kind. Men make too great a tale about him, that is all. But there, thy forefathers would have thought nothing of such a beast, but 'tis hardly to be expected that thou, though thou be of Volsung blood, shall have the heart and mind of those great ones whose deeds of fame still ring throughout the lands."

Then Sigurd grew angry. "Why shouldst thou lay on me the name of coward, who am yet but a child?" he said. "I have had as yet no chance to win renown. And tell me, why dost thou egg me on to this so strongly?"

"Hundreds of years ago," replied Regin, "when I was but a boy, I lived in the house of my father Hreidmar, the king of the dwarfs. His eldest son was named Fafnir, his second Otter, and I was the youngest and least; for I could never wield a sword in battle, though I was a cunning worker in iron and silver and gold. My brother Otter was cleverer than I, for he was a great fisher, and excelled all other men as such.

"By day he took the form of an otter, and dwelt in the river, and brought fish in his mouth to the bank. He lived usually thus, coming home only to eat and slumber, for on dry land he could see nothing.

But Fafnir was by far more grim, as he was greater than us all, and he would have everything we possessed called his.

"Now in the waterfall hard by our house lived a dwarf called Andvari, who had changed himself into the likeness of a pike; and this he did that he might eat the smaller fishes, of which the river was full.

"And one day it came to pa.s.s that three of the Asa folk, Odin, Loki, and Hnir, being on a journey, came to Andvari's waterfall just as Otter, having eaten a large salmon, was slumbering on the river bank.

When Loki saw him he took up a stone, and threw it with such force that my brother fell dead on the ground. At this the Asas were well content, for they did not know that he was a dwarf's son. And they flayed off his skin and Loki carried it away with him, hanging it over his shoulder.

"Now at eventide they came to the house of my father, and entered in, suspecting no evil. But when Loki, coming last, threw his burden on the floor, the dwarf king recognised the skin, and his face grew black with rage. Before the Asas could defend themselves or flee, he made signs to his servants who bound them fast in the midst of the floor.

"Then the Asas asked what ransom they should pay, and Hreidmar answered and said: 'In the depth of the waterfall lies the Flame of the Waters, the Gold of the Sea, hidden there by the dwarfs, and called by men Andvari's h.o.a.rd. Find this for me, and fill with it the otter skin, and cover it outside with the same red gold, and then, and then only, will I let you go free.'

"Now this was a heavy ransom indeed, for not only was Andvari's h.o.a.rd hidden cunningly away, but the otter skin had the property of stretching itself to an enormous size.

"The Asas, however, determined to do their best, and they sent Loki, who was set free for the purpose, to find the Magic Gold.

"So Loki went down to the river bank and peered and poked and searched. This he did for days, but nowhere could he discover either the dwarf Andvari or his h.o.a.rd. At length he noticed a wonderfully fine pike, with gills of gold, which each day sported in the foam of the waterfall, and he suspected that this was the dwarf in the form of a fish.

"So he went to Ran, the G.o.ddess of the sea, and borrowed her magic net, and taking this to the waterfall he cast it therein; and the pike swam into the net and was caught. Then said Loki:

"What fish of all fishes Swims strong in the flood, But hath learnt little wit to unfold?

Thine head must thou buy If fate thou would'st fly, And find me the water's red gold."

"The dwarf now resumed his proper form, and answered sulkily:

"Andvari folk call me, A dwarf is my father, And deep in the fall is my home.

For of ill-luck a fay This fate on me lay, Through wet ways ever to roam."

"Slowly, and very reluctantly, the dwarf accepted the situation; but at last he consented to yield up the golden h.o.a.rd as ransom for his life, and diving into the depths of the waterfall he brought up thence, little by little, his marvellous pile of treasure.

"Last of all he laid upon the bank, which now shone like a sea of gold, the glittering Helmet of Dread and a ma.s.sive breastplate, all of the precious metal.

"'This is the full measure,' said he, as he laid his burden at Loki's feet.

"But Loki caught sight of a ring gleaming upon his thumb. 'Give me also that ring,' said he.

"Now this ring was a talisman and had the power of attracting to it all precious metal like itself; therefore Andvari would not part with it.

"Then Loki s.n.a.t.c.hed the ring from him with a wicked laugh, and went his way chuckling. But Andvari crept into a cleft of the rocks, and from thence called out angry curses upon him.

"That gold h.o.a.rd of mine Shall be to all thine A cause of dissension and woe; And no good at all Shall ever befall The man to whose hands it shall go."

"Meanwhile, Loki had carried the treasure to Hreidmar, and they placed it on the otter skin, which ever stretched and widened, so that, with all that large store, one hair of the bristle remained uncovered. And on this Loki placed the magic ring, that was called 'Andvari's Loom,'

because it made much gold, and at last the skin was entirely covered.

Then Loki chanted: