Clarence had dropped the letter with a burning indignation that seemed to sting his eyes until a scalding moisture hid the words before him. What might not Susy have said? What exaggeration of his affection was she not capable of suggesting? He recalled Mrs. McClosky, and remembered her easy acceptance of him as Susy's lover. What had they told Mrs. Peyton? What must be her opinion of his deceit towards herself? It was hard enough to bear this before he knew he loved her. It was intolerable now! And this is what she meant when she suggested that he should renew his old terms with Susy; it was for HIM that this ill-disguised, scornful generosity in regard to Susy's pecuniary expectations was intended. What should he do? He would write to her, and indignantly deny any clandestine affection for Susy. But could he do that, in honor, in truthfulness? Would it not be better to write and confess all? Yes,--EVERYTHING. Fortunately for his still boyish impulsiveness, it was at this time that the discovery of his own financial ruin came to him. The inquest on the body of Pedro Valdez and the confession of his confidant had revealed the facts of the fraudulent title and forged testamentary documents. Although it was correctly believed that Pedro had met his death in an escapade of gallantry or intrigue, the coroner's jury had returned a verdict of “accidental death,” and the lesser scandal was lost in the wider, far-spreading disclosure of fraud. When he had resolved to assume all the liabilities of his purchase, he was obliged to write to Mrs. Peyton and confess his ruin. But he was glad to remind her that it did not alter HER status or security; he had only given her the possession, and she would revert to her original and now uncontested title. But as there was now no reason for his continuing the stewardship, and as he must adopt some profession and seek his fortune elsewhere, he begged her to relieve him of his duty. Albeit written with a throbbing heart and suffused eyes, it was a plain, business-like, and practical letter. Her reply was equally cool and matter of fact. She was sorry to hear of his losses, although she could not agree with him that they could logically sever his present connection with the rancho, or that, placed upon another and distinctly business footing, the occupation would not be as remunerative to him as any other. But, of course, if he had a preference for some more independent position, that was another question, although he would forgive her for using the privilege of her years to remind him that his financial and business success had not yet justified his independence. She would also advise him not to decide hastily, or, at least, to wait until she had again thoroughly gone over her husband's papers with her lawyer, in reference to the old purchase of the Sisters' title, and the conditions under which it was bought. She knew that Mr. Brant would not refuse this as a matter of business, nor would that