Every summer, for several years past, it has been my custom to arrange in some pleasant place, either in England or on the continent, a gathering of old college friends. In this way I have been enabled not only to maintain some happy intimacies, but (what to a man of my occupation is not unimportant) to refresh and extend, by an interchange of ideas with men of various callings, an experience of life which might be otherwise unduly monotonous and confined. Last year, in particular, our meeting was rendered to me especially agreeable by the presence of a very dear friend, Philip Audubon, whom, since his business lay in the East, I had not had an opportunity of seeing for many years. I mention him particularly, because, although, as will be seen, he did not take much part in the discussion I am about to describe, he was, in a sense, the originator of it. For, in the first place, it was he who had invited us to the place in which we were staying,--an upland valley in Switzerland, where he had taken a house; and, further, it was through my renewed intercourse with him that I was led into the train of thought which issued in the following conversation. His life in the East, a life laborious and monotonous in the extreme, had confirmed in him a melancholy to which he was constitutionally inclined, and which appeared to be rather heightened than diminished by exceptional success in a difficult career. I hesitate to describe his attitude as pessimistic, for the word has associations with the schools from which he was singularly free. His melancholy was not the artificial product of a philosophic system; it was temperamental rather than intellectual, and might be described, perhaps, as an intuition rather than a judgment of the worthlessness and irrationality of the world. Such a position is not readily shaken by argument, nor did I make any direct attempt to assail it; but it could not fail to impress itself strongly upon my mind, and to keep my thoughts constantly employed upon that old problem of the worth of things, in which, indeed, for other reasons, I was already sufficiently interested. A further impulse in the same direction was given by the arrival of another old friend, Arthur Ellis. He and I had been drawn together at college by a common interest in philosophy; but in later years our paths had diverged widely. Fortune and inclination had led him into an active career, and for some years he had been travelling abroad as correspondent to one of the daily papers. I felt, therefore, some curiosity to renew my acquaintance with him, and to ascertain how far his views had been modified by his experience of the world.