Seraphin could not but admire the skill with which Greifmann jumbled together subjects of the most heterogeneous nature. But he could not, at the same time, divest himself of some alarm at the banker’s declarations, for they betrayed a soul‐life of little or absolutely no moral worth. Money, interest, and respectability constituted the only trinity in which the banker believed. Morality, binding the conscience of man, a true and only God, and divine revelation, were in his opinion so many worn‐out and useless notions, which the progress of mankind had successfully got beyond. “When those who hold power take advantage of it at elections, they in no manner offend against propriety,” proceeded Carl. “Progress has convictions as well as ultramontanism. If the latter is active, why should not the former be so too? If, on the side of progress, the weak and dependent permit themselves to be cowed and driven, it is merely an advantage for the powerful, and for the others it is a weakness or cowardice. For this reason, the mode of electioneering pursued by Spitzkopf and his comrades amused but nowise shocked me, for they were not acting against propriety.” Seraphin saw it plainly: for Carl Greifmann there existed no distinction between good and evil; he recognized only a cold and empty system of formalities. The two young men issued from a narrow street upon the market‐place. This was occupied by a large public building. In the open space stood a group of men, among whom Flachsen appeared conspicuous. He was telling the others about Greifmann’s speech at the meeting of the ultramontanes. They all manifested great astonishment that the influential moneyed prince should have appeared in such company, and, above all, should have made a speech in their behalf. “He declared it was vulgar, impudent, ruffianly, to disturb a respectable assembly,” reported Flachsen. “He said he knew some of us, and that he would have us put where the dogs would not bite us if we attempted to disturb them again. That’s what he said; and I actually rubbed my eyes to be quite sure it was banker Greifmann that was speaking, and really it was he, the banker Greifmann himself, bodily, and not a mere apparition.” “I must say the banker was right, for it isn’t exactly good manners to howl, stamp, and whistle to annoy one’s neighbors,” owned another. “But we were paid for doing it, and we only carried out the orders given by certain gentlemen.”