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club, could you see him issuing the order to his aids-de-camp amidst the smoke and roar of the battle-field.

"Ah, Marquis!" said Graham Vane, "are you gazing at Duplessis? He is the modern genius of Paris. He is at once the Cousin, the Guizot, and the Victor Hugo of speculation. Philosophy, Eloquence, audacious Romance,— all Literature now is swallowed up in the sublime epic of 'Agiotage,' and Duplessis is the poet of the Empire."

"Well said, M. Grarm Varn," cried Frederic, forgetting his recent lesson in English names. "Alain underrates that great man. How could an Englishman appreciate him so well?"

"'Ma foi!'" returned Graham, quietly. "I am studying to think at Paris, in order some day or other to know how to act in London. Time for the Bois. Lemercier, we meet at seven,—Philippe's."

CHAPTER V.

"What do you think of the Bourse?" asked Lemercier, as their carriage took the way to the Bois.

"I cannot think of it yet; I am stunned. It seems to me as if I had been at a 'Sabbat,' of which the wizards were 'agents de change,' but not less bent upon raising Satan."

"Pooh! the best way to exorcise Satan is to get rich enough not to be tempted by him. The fiend always loved to haunt empty places; and of all places nowadays he prefers empty purses and empty stomachs."

"But do all people get rich at the Bourse? or is not one man's wealth many men's ruin?"

"That is a question not very easy to answer; but under our present system Paris gets rich, though at the expense of individual Parisians. I will try and explain. The average luxury is enormously increased even in my experience; what were once considered refinements and fopperies are now called necessary comforts. Prices are risen enormously, house-rent doubled within the last five or six years; all articles of luxury are very much dearer; the very gloves I wear cost twenty per cent more than I used to pay for gloves of the same quality. How the people we meet live, and live so well, is an enigma that would defy AEdipus if AEdipus were not a Parisian. But the main explanation is this: speculation and commerce, with the facilities given to all investments, have really opened more numerous and more rapid ways to fortune than were known a few years ago.

"Crowds are thus attracted to Paris, resolved to venture a small capital in the hope of a large one; they live on that capital, not on their income, as gamesters do. There is an idea among us that it is necessary to seem rich in order to become rich. Thus there is a general extravagance and profusion. English milords marvel at our splendour. Those who, while spending their capital as their income, fail in their schemes of fortune, after one, two, three, or four years, vanish. What becomes of them, I know no more than I do what becomes of the old moons. Their place is immediately supplied by new candidates. Paris is thus kept perennially sumptuous and splendid by the gold it engulfs. But then some men succeed,—succeed prodigiously, preternaturally; they make colossal fortunes, which are magnificently expended. They set an example of show and pomp, which is of course the more contagious because so many men say, 'The other day those millionnaires were as poor as we are; they never economized; why should we?' Paris is thus doubly enriched,—by the fortunes it swallows up, and by the fortunes it casts up; the last being always reproductive, and the first never lost except to the individuals."

"I understand: but what struck me forcibly at the scene we have left was the number of young men there; young men whom I should judge by their appearance to be gentlemen, evidently not mere spectators,—eager, anxious, with tablets in their hands. That old or middle-aged men should find a zest in the pursuit of gain I can understand, but youth and avarice seem to me a new combination, which Moliere never divined in his 'Avare.'"

"Young men, especially if young gentlemen, love pleasure; and pleasure in this city is very dear. This explains why so many young men frequent the Bourse. In the old gaining now suppressed, young men were the majority; in the days of your chivalrous forefathers it was the young nobles, not the old, who would stake their very mantles and swords on a cast of the die. And, naturally enough, mon cher; for is not youth the season of hope, and is not hope the goddess of gaming, whether at rouge-et-noir or the Bourse?"

Alain felt himself more and more behind his generation. The acute reasoning of Lemercier humbled his amour propre. At college Lemercier was never considered Alain's equal in ability or book-learning. What a stride beyond his school-fellow had Lemercier now made! How dull and stupid the young provincial felt himself to be as compared with the easy cleverness and half-sportive philosophy of the Parisian's fluent talk!

He sighed with a melancholy and yet with a generous envy. He had too fine a natural perception not to acknowledge that there is a rank of mind as well as of birth, and in the first he felt that Lemercier might well walk before a Rochebriant; but his very humility was a proof that he underrated himself.

Lemercier did not excel him in mind, but in experience. And just as the drilled soldier seems a much finer fellow than the raw recruit, because he knows how to carry himself, but after a year's discipline the raw recruit may excel in martial air the upright hero whom he now despairingly admires, and never dreams he can rival; so set a mind from a village into the drill of a capital, and see it a year after; it may tower a head higher than its recruiting-sergeant.

CHAPTER VI.

"I believe," said Lemercier, as the coupe rolled through the lively alleys of the Bois de Boulogne, "that Paris is built on a loadstone, and that every Frenchman with some iron globules in his blood is irresistibly attracted towards it. The English never seem to feel for London the passionate devotion that we feel for Paris. On the contrary, the London middle class, the commercialists, the shopkeepers, the clerks, even the superior artisans compelled to do their business in the capital, seem always scheming and pining to have their home out of it, though but in a suburb."

"You have been in London, Frederic?"

"Of course; it is the mode to visit that dull and hideous metropolis."

"If it be dull and hideous, no wonder the people who are compelled to do business in it seek the pleasures of home out of it."

"It is very droll that though the middle class entirely govern the melancholy Albion, it is the only country in Europe in which the middle class seem to have no amusements; nay, they legislate against amusement. They have no leisure-day but Sunday; and on that day they close all their theatres, even their museums and picture-galleries. What amusements there may be in England are for the higher classes and the lowest."

"What are the amusements of the lowest class?"

"Getting drunk."

"Nothing else?"

"Yes. I was taken at night under protection of a policeman to some cabarets, where I found crowds of that class which is the stratum below the working class; lads who sweep crossings and hold horses, mendicants, and, I was told, thieves, girls whom a servant-maid would not speak to, very merry, dancing quadrilles and waltzes, and regaling themselves on sausages,—the happiest-looking folks I found in all London; and, I must say, conducting themselves very decently."

"Ah!" Here Lemercier pulled the check-string. "Will you object to a walk in this quiet alley? I see some one whom I have promised the Englishman to—But heed me, Alain, don't fall in love with her."

CHAPTER VII.

The lady in the pearl-coloured dress! Certainly it was a face that might well arrest the eye and linger long on the remembrance.

There are certain "beauty-women" as there are certain "beauty-men," in whose features one detects no fault, who are the show figures of any assembly in which they appear, but who, somehow or other, inspire no sentiment and excite no interest; they lack some expression, whether of mind, or of soul, or of heart, without which the most beautiful face is but a beautiful picture. This lady was not one of those "beauty-women." Her features taken singly were by no means perfect, nor were they set off by any brilliancy of colouring. But the countenance aroused and impressed the imagination with a belief that there was some history attached to it, which you longed to learn. The hair, simply parted over a forehead unusually spacious and high for a woman, was of lustrous darkness; the eyes, of a deep violet blue, were shaded with long lashes.

Their expression was soft and mournful, but unobservant. She did not notice Alain and Lemercier as the two men slowly passed her. She seemed abstracted, gazing into space as one absorbed in thought or revery. Her complexion was clear and pale, and apparently betokened delicate health.

Lemercier seated himself on a bench beside the path, and invited Alain to do the same. "She will return this way soon," said the Parisian, "and we can observe her more attentively and more respectfully thus seated than if we were on foot; meanwhile, what do you think of her? Is she French? is she Italian? can she be English?"

"I should have guessed Italian, judging by the darkness of the hair and the outline of the features; but do Italians have so delicate a fairness of complexion?"

"Very rarely; and I should guess her to be French, judging by the intelligence of her expression, the simple neatness of her dress, and by that nameless refinement of air in which a Parisienne excels all the descendants of Eve,—if it were not for her eyes. I never saw a Frenchwoman with eyes of that peculiar shade of blue; and if a Frenchwoman had such eyes, I flatter myself she would have scarcely allowed us to pass without making some use of them."

"Do you think she is married?" asked Alain.

"I hope so; for a girl of her age, if comme il faut, can scarcely walk alone in the Bois, and would not have acquired that look so intelligent, —more than intelligent,—so poetic."

"But regard that air of unmistakable distinction; regard that expression of face,-so pure, so virginal: comme il faut she must be."

As Alain said these last words, the lady, who had turned back, was approaching them, and in full view of their gaze. She seemed unconscious of their existence as before, and Lemercier noticed that her lips moved as if she were murmuring inaudibly to herself.

She did not return again, but continued her walk straight on till at the end of the alley she entered a carriage in waiting for her, and was driven off.

"Quick, quick!" cried Lemercier, running towards his own coupe; "we must give chase."

Alain followed somewhat less hurriedly, and, agreeably to instructions Lemercier had already given to his coachman, the Parisian's coupe set off at full speed in the track of the strange lady's, which was still in sight.

In less than twenty minutes the carriage in chase stopped at the grille of one of those charming little villas to be found in the pleasant suburb of A——-; a porter emerged from the lodge, opened the gate; the carriage drove in, again stopped at the door of the house, and the two gentlemen could not catch even a glimpse of the lady's robe as she descended from the carriage and disappeared within the house.

"I see a cafe yonder," said Lemercier; "let us learn all we can as to the fair unknown, over a sorbet or a petit verre." Alain silently, but not reluctantly, consented. He felt in the fair stranger an interest new to his existence.

They entered the little cafe, and in a few minutes Lemercier, with the easy savoir vivre of a Parisian, had extracted from the garcon as much as probably any one in the neighbourhood knew of the inhabitants of the villa.

It had been hired and furnished about two months previously in the name of Signora Venosta; but, according to the report of the servants, that lady appeared to be the gouvernante or guardian

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