“You seem to be very suddenly afraid of the King!” interrupted Pérousse; “Or else strange touches of those catch-word ideals ‘Loyalty’ and ‘Patriotism’ are troubling your mind! You speak of _my_ financial deal,--is not yours as important? Review the position;--it is simply this;--for years and years the Ministry have been speculating in office matters,--it is no new thing. Sometimes they have lost, and sometimes they have won; their losses have been replaced by the imposition of taxes on the people,--their gains they have very wisely said nothing about. In these latter days, however, the loss has been considerably more than the gain. ‘Patriotism,’ as stocks, has gone down. ‘Honour’ will not pay the piper. We cannot increase taxation just at present; but by a war, we can clear out some of the useless population, and invest in contracts for supplies. The mob love fighting,--and every small victory won, can be celebrated in beer and illuminations, to expand what is called ‘the heart of the People.’ It is a great ‘heart,’ and always leaps to strong drink,--which is cheap enough, being so largely adulterated. The country we propose to subdue is rich,--and both you and I have large investments of land there. With the success which our arms are sure to obtain, we shall fill not only the State coffers (which have been somewhat emptied by our predecessors’ peculations), but our own coffers as well. The King ‘vetoes’ the war; then let us hear what the People say! Of course we must work them up first; and then get their verdict while they are red-hot with patriotic excitement. The Press, ordered by Jost, can manage that! Put it to the country; (through Jost);--but do not talk of resigning when we are on the brink of success! _I_ will carry this thing through, despite the King’s ‘veto’!” “Wait!” said the Marquis, drawing his chair closer to Pérousse, and speaking in a low uneasy tone; “You do not know all! There is some secret agency at work against us; and, among other things, I fear that a foreign spy has been inadvertently allowed to learn the mainspring of our principal moves. Listen, and judge for yourself!” And he related the story of David Jost’s midnight experience, carefully emphasising every point connected with his own signet-ring. As he proceeded with the narration, Pérousse’s face grew livid,--once or twice he clenched his hand nervously, but he said nothing till he had heard all. “Your ring, you say, had never left the King’s possession?” “So the King himself assured me, this very afternoon.” “Then someone must have passed off an imitation signet on David Jost,” continued Pérousse meditatively. “What name did the spy give?” “Pasquin Leroy.” Carl Pérousse opened a small memorandum book, and carefully wrote the name down within it.