Of all unhappy men he is assuredly the most unhappy who, ambitious, patient, and doggedly persevering, has chosen the moment to make his supreme venture and having made it has reaped failure instead of success. The gambler while he lives may play again; the miser, robbed, embark once more upon his furtive task of hoarding money; even the rejected lover need not despair of some day, somewhere finding happiness, since no one heart has a monopoly of love. But to him who aspires to shape the destiny of nations, to control the varying interests of great powers and play upon the emotions of whole peoples, there is never vouchsafed more than one opportunity. And failure then does more than bring upon the schemer the execration of the world he would have controlled: it clears eyes into which he had thrown dust, awakens passions he had lulled to sleep, provokes hostility where he had made false peace, and renders for ever impossible the recombination of conditions under which alone he could, if at all, succeed. For such an one life has lost all its savour. Existence may perhaps be permitted to him, but no more. He stakes his all upon one single venture, and, win or lose, he has no second throw. Failure is absolute, and spells despair. In such unhappy state was Mr. Sabin. More than ten days had passed since the tragedy in Boston Harbour, and now he sat alone in a private room in a small but exclusive hotel in New York. He had affected no small change in his appearance by shaving off his imperial and moustache, but a far more serviceable disguise was provided for him by the extreme pallor of his face and the listlessness of his every movement. He had made the supreme effort of his life and had failed; and failure had so changed his whole demeanour that had any of his recent companions on the _Calipha_ been unexpectedly confronted with him it is doubtful if they would have recognised him. For a brief space he had enjoyed some of the old zest of life in scheming for the freedom of his would-be murderer, in outwitting the police and press-men, and in achieving his own escape; but with all this secured, and in the safe seclusion of his room, he had leisure to look within himself and found himself the most miserable of men, utterly lonely, with failure to look back upon and nothing for which to hope.