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in full, so the Company will quietly collapse.”

“But,” objected the Marquis, “all the shareholders will know that I am a rogue.”

“Naturally.”

“They would hold me in utter contempt.”

“Perhaps so, but they would never venture to let you see it. I never thought that you would make objections; and whose character, however deep, will bear investigation?”

“Are you sure that you hold your people securely?” asked he; “and that none of them will turn surly?”

Mascarin was waiting for this question, and taking from his desk the pieces of cardboard which he took so much pains to arrange, he replied, “I have here the names of three hundred and fifty people who will each invest ten thousand francs in the Company. Listen to me, and judge for yourself.”

He put all three pieces of cardboard together, and then drawing out one he read⁠—

“ ‘N⁠⸺, civil engineer. Five letters written by him to the gentleman who procured his appointment for him: worth fifteen thousand francs.’

“ ‘P⁠⸺, merchant. Absolute proof that his last bankruptcy was a fraudulent one, and that he kept back from his creditors two hundred thousand francs. Good for twenty thousand francs.’

“ ‘Madame V⁠⸺. A photograph taken in very light and airy costume. Poor, but can pay three thousand francs.’

“ ‘M. H⁠⸺. Three letters from her mother, proving that the daughter had compromised herself before marriage. Letter from a monthly nurse appended. Can be made to pay ten thousand francs.’

“ ‘L⁠⸺. A song both impious and obscene. Good for two thousand francs.’

“ ‘S⁠⸺, head clerk in a Limited Company; proof of a false account. Can be made to pay fifteen thousand francs.’

“ ‘X⁠⸺, a portion of his correspondence with L⁠⸺ in 1848. Three thousand francs.’

“ ‘Madame M. de M⁠⸺. A true history of her adventure with M. J⁠⸺.’ ”

This sample was quite sufficient to satisfy M. de Croisenois. “Enough,” cried he, “I yield. I bow before your gigantic power, which utterly surpasses that of the police. Give me your orders.”

Before this Mascarin had conquered Hortebise and Paul Violaine, and now he had the Marquis at his feet. Many times during this conversation the Marquis had more than once endeavored to make up his mind to withdraw entirely from the business, but he had been unable to resist the strange fascination of that mysterious person who had been laying bare his scheme with such extraordinary audacity. The few vestiges of honesty that were still left in his corrupted soul revolted at the thought of the shameful compact into which he was about to enter, but the dazzling prospect held out before his eyes silenced his scruples, and he felt a certain pride in being the associate of men who possessed such seemingly illimitable power. Mascarin saw that there was no longer any necessity for the extreme firmness with which he had before spoken, and it was with the most studied courtesy that he replied: “I have no orders to give you, Marquis, our interests are identical, and we must all have a voice in the deliberations as to the best means of carrying them out.”

This change from hauteur to suavity gratified Croisenois’ pride immensely.

“Now,” continued Mascarin, “let us speak of your own circumstances. You wrote to me recently that you had nothing, and I am aware that you have no expectations for the future.”

“Excuse me, but there is the fortune of my poor brother George, who disappeared so mysteriously.”

“Let me assure you,” answered Mascarin, “that we had better be perfectly frank with each other.”

“And am I not so?” answered the Marquis.

“Why, in talking of this imaginary fortune?”

“It is not imaginary; it is real, and a very large one, too, about twelve or fourteen hundred thousand francs, and I can obtain it, for, by Articles 127 and 129 of the Code Napoleon⁠—”

He interrupted himself, as he saw an expression of hardly-restrained laughter upon the features of Dr. Hortebise.

“Do not talk nonsense,” answered Mascarin. “You could at first have filed an affidavit regarding your brother’s disappearance, and applied to the Court to appoint you trustee, but this is now exactly what you wish to avoid.”

“Why not, pray? Do you think⁠—”

“Pooh, pooh, but you have raised so much money on this inheritance that there is nothing of it left hardly, certainly not sufficient to pay your debts. It is the bait you used to allure your tradespeople into giving you credit.”

At finding himself so easily fathomed, Croisenois burst into a peel of laughter. Mascarin had by this time thrown himself into an armchair, as though utterly worn out by fatigue.

“There is no necessity, Marquis,” said he, “to detain you here longer. We shall meet again shortly, and settle matters. Meanwhile Catenac will draw up the prospectus and Articles of Association of the proposed Company, and post you up in the financial slang of which you must occasionally make use.”

The Marquis and the lawyer at once rose and took their leave. As soon as the door had closed behind them, Mascarin seemed to recover his energy.

“Well, Paul,” said he, “what do you think of all this?”

Like all men with weak and ductile natures, Paul, after being almost prostrated by the first discovery of his master’s villainy, had now succeeded in smothering the dictates of his conscience, and adopted a cynical tone quite worthy of his companions.

“I see,” said he, “that you have need of me. Well, I am not a Marquis, but you will find me quite as trustworthy and obedient.”

Paul’s reply did not seem to surprise Mascarin, but it is doubtful whether he was pleased by it, for his countenance showed traces of a struggle between extreme satisfaction and intense annoyance, while the doctor was surprised at the cool audacity of the young man whose mind he had undertaken to form.

Paul was a little disturbed by the long and continued silence of his patron, and at last he ventured to say timidly⁠—

“Well, sir, I am anxious to know under what conditions I am to be shown the way to make my fortune and marry Mademoiselle Flavia Rigal, whom I love.”

Mascarin gave a diabolical smile.

“Whose dowry you love,” he observed. “Let

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