“Don’t trouble yourself,” said Vendale. “The clerk will pick the things up.”

“This dreadful news!” repeated Obenreizer, persisting in collecting the envelopes. “This dreadful news!”

“If you will read the letter,” said Vendale, “you will find I have exaggerated nothing. There it is, open on my desk.”

He resumed his search, and in a moment more discovered the forged receipt. It was on the numbered and printed form, described by the Swiss firm. Vendale made a memorandum of the number and the date. Having replaced the receipt and locked up the iron chamber, he had leisure to notice Obenreizer, reading the letter in the recess of a window at the far end of the room.

“Come to the fire,” said Vendale. “You look perished with the cold out there. I will ring for some more coals.”

Obenreizer rose, and came slowly back to the desk. “Marguerite will be as sorry to hear of this as I am,” he said, kindly. “What do you mean to do?”

“I am in the hands of Defresnier and Company,” answered Vendale. “In my total ignorance of the circumstances, I can only do what they recommend. The receipt which I have just found, turns out to be the numbered and printed form. They seem to attach some special importance to its discovery. You have had experience, when you were in the Swiss house, of their way of doing business. Can you guess what object they have in view?”

Obenreizer offered a suggestion.

“Suppose I examine the receipt?” he said.

“Are you ill?” asked Vendale, startled by the change in his face, which now showed itself plainly for the first time. “Pray go to the fire. You seem to be shivering—I hope you are not going to be ill?”

“Not I!” said Obenreizer. “Perhaps I have caught cold. Your English climate might have spared an admirer of your English institutions. Let me look at the receipt.”

Vendale opened the iron chamber. Obenreizer took a chair, and drew it close to the fire. He held both hands over the flames. “Let me look at the receipt,” he repeated, eagerly, as Vendale reappeared with the paper in his hand. At the same moment a porter entered the room with a fresh supply of coals. Vendale told him to make a good fire. The man obeyed the order with a disastrous alacrity. As he stepped forward and raised the scuttle, his foot caught in a fold of the rug, and he discharged his entire cargo of coals into the grate. The result was an instant smothering of the flame, and the production of a stream of yellow smoke, without a visible morsel of fire to account for it.

“Imbecile!” whispered Obenreizer to himself, with a look at the man which the man remembered for many a long day afterwards.

“Will you come into the clerks’ room?” asked Vendale. “They have a stove there.”

“No, no. No matter.”

Vendale handed him the receipt. Obenreizer’s interest in examining it appeared to have been quenched as suddenly and as effectually as the fire itself. He just glanced over the document, and said, “No; I don’t understand it! I am sorry to be of no use.”

“I will write to Neuchatel by to-night’s post,” said Vendale, putting away the receipt for the second time. “We must wait, and see what comes of it.”

“By to-night’s post,” repeated Obenreizer. “Let me see. You will get the answer in eight or nine days’ time. I shall be back before that. If I can be of any service, as commercial traveller, perhaps you will let me know between this and then. You will send me written instructions? My best thanks. I shall be most anxious for your answer from Neuchatel. Who knows? It may be a mistake, my dear friend, after all. Courage! courage! courage!” He had entered the room with no appearance of being pressed for time. He now snatched up his hat, and took his leave with the air of a man who had not another moment to lose.

Left by himself, Vendale took a turn thoughtfully in the room.

His previous impression of Obenreizer was shaken by what he had heard and seen at the interview which had just taken place. He was disposed, for the first time, to doubt whether, in this case, he had not been a little hasty and hard in his judgment on another man. Obenreizer’s surprise and regret, on hearing the news from Neuchatel, bore the plainest marks of being honestly felt—not politely assumed for the occasion. With troubles of his own to encounter, suffering, to all appearance, from the first insidious attack of a serious illness, he had looked and spoken like a man who really deplored the disaster that had fallen on his friend. Hitherto Vendale had tried vainly to alter his first opinion of Marguerite’s guardian, for Marguerite’s sake. All the generous instincts in his nature now combined together and shook the evidence which had seemed unanswerable up to this time. “Who knows?” he thought. “I may have read that man’s face wrongly, after all.”

The time passed—the happy evenings with Marguerite came and went. It was again the tenth morning since Vendale had written to the Swiss firm; and again the answer appeared on his desk with the other letters of the day:

“Dear Sir. My senior partner, M. Defresnier, has been called away, by urgent business, to Milan. In his absence (and with his full concurrence and authority), I now write to you again on the subject of the missing five hundred pounds.

“Your discovery that the forged receipt is executed upon one of our numbered and printed forms has caused inexpressible surprise and distress to my partner and to myself. At the time when your remittance was stolen, but three keys were in existence opening the strong-box in which our receipt-forms are invariably kept. My partner had one key; I had the other. The third was in the possession of a gentleman who, at that period, occupied a position of trust in our house. We should as soon have thought of suspecting one of ourselves as of suspecting this person. Suspicion now points at him, nevertheless. I cannot prevail on myself to inform you who the person is, so long as there is the shadow of a chance that he may come innocently out of the inquiry which must now be instituted. Forgive my silence; the motive of it is good.

“The form our investigation must now take is simple enough. The handwriting of your receipt must be compared, by competent persons whom we have at our disposal, with certain specimens of handwriting in our possession. I cannot send you the specimens for business reasons, which, when you hear them, you are sure to approve. I must beg you to send me the receipt to Neuchatel—and, in making this request, I must accompany it by a word of necessary warning.

“If the person, at whom suspicion now points, really proves to be the person who has committed this forger

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