One fine morning in the spring of 1838, the doors of one of the most stately houses in —— street, were thrown open to the public, and the auctioneer’s flag waving from the window gave a general invitation to every passer by. That ominous red flag! no less significant of evil than the black banner of the rover of the seas; for it is ever the signal of the disruption of household ties. That ominous red flag! sometimes betokening the instability of fortune—sometimes the work of death—sometimes telling of blighted fortunes—sometimes of broken hearts, but _always_ of discomfort and disquiet. And yet few things will so readily collect a concourse of people as that scarlet harbinger of destruction. There may be found the regular auction-haunters, men of idleness, bachelors, perhaps, glad to find an hour or two killed beneath the auctioneer’s hammer—single ladies of small fortunes, who have nothing to do for themselves, and have not yet learned the luxury of doing something for their neighbors—notable housewives, actuated by a sense of duty and a love of economy, who waste _nothing but time_ in their hunt after bargains—young ladies who come to see how such persons furnished their houses—and perhaps some would-be connoisseur in search of old pictures, which, if they have only hung long enough over a smoky fire-place, may be classed with the works of the old masters. On the morning in question, however, unusual attractions were offered to the visiters of such places, for it was the abode of wealth, and luxury, and taste which was thus desecrated—the mansion of the Watertons! The rich carpets were disfigured by many a dirty footstep,—the velvet couches bore the impress of many a soiling touch, and many a rude hand was laid upon the delicate and costly toys which had once been the admiration of the fashionable visitants of the family. Among the crowd were two of that _numerous tribe_ found in the very midst of fashionable life, who have learned the trick of combining meanness and extravagance—women who will spend hundreds upon a shawl, and at the same time beat down the wages of a poor sempstress until she is almost compelled to purchase with life itself the bread which ought to sustain life. Such were the two who now seated themselves in the drawing-room of the ruined family, in order to be in the _right place_ when certain articles were put up for sale. “I want nothing here,” said one, with a half scornful air, “except those mosaic tables; the carpets and curtains are ruined by carelessness, and no wonder, for Mrs. Waterton was a wretched house-keeper.” “And I only mean to buy that workbox,” said the other; “Mrs. Waterton told me it cost a thousand francs in Paris, and I am sure it will not sell for one fourth its cost.” “By the way, have you seen her since her husband’s failure?”