It was on the day preceding that on which our story opens, that William first received intimation by a threatening letter, of the determination of the new proprietor regarding the arrears which he was owing; and on the next he went himself to the factor, who lived at the distance of about ten miles, to endeavour to avert the proceedings with which he was threatened, by entering into some arrangements regarding the debt. The result of this interview is announced in the expressions with which William seated himself in his arm-chair, as quoted at the outset of our tale; for he had just at that moment returned from his unsuccessful mission. He had addressed himself to his wife; but what he said was equally meant for the ear of his daughter--a young, beautiful, and interesting girl of about nineteen, who was also present at the time. On William's announcing the determination of the factor regarding them, his wife, without saying a word, but looking the very picture of grief and despair, flung herself into a chair opposite her husband, where she sat for some time in silence, wiping away at intervals, with the corner of her apron, the tears that forced themselves into her eyes. After a short time, during which neither father, mother, nor daughter had spoken a syllable, each being wrapped up in the contemplation of the miserable prospects which lay before them, Mrs Waterstone at length said-- "And is there, then, nae hope for us now, William, after a' oor toil and oor fecht?" "Nane--nane that I can see," replied the husband, after a lengthened pause, in a voice rendered stern by despair, and at the same time glancing towards his daughter, who, with her face buried in her apron, was sobbing and weeping in a distant corner of the apartment. "Nane that I can see," he again repeated. "There's nae help for us under heaven. Naething for us noo, Betsy, but the meal pock." "Weel, God's will be dune, William," replied the broken-hearted woman; "since it is sae, we maun submit; although it is hard, at oor time o' life, and after the lang and sair struggle we hae had to do justice to everybody, to be thrown destitute on the warld. But ye ken it is said, William, by the Psalmist, 'I have been young, and now am old; yet have I not seen the righteous forsaken, nor his seed begging bread;' and I've nae doot that, wi' God's assistance, we'll find these soothing and comforting words verified in oor ain case." To this William Waterstone made no reply, but remained gloomily absorbed in his own dismal reflections. These were indeed bitter enough--and bitter also were those of the partner of his bosom, on this melancholy occasion; but they were light compared with those of their unhappy daughter. It was on her that the threatened calamity was to fall with its fullest force, and it was to her that it was to bring the largest share of misery. But this requires explanation; and we proceed to give it.