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the man, and still more the woman, whose secret and reputation come into the power of Milverton! With a smiling face and a heart of marble, he will squeeze and squeeze until he has drained them dry. The fellow is a genius in his way, and would have made his mark in some more savoury trade. His method is as follows: He allows it to be known that he is prepared to pay very high sums for letters which compromise people of wealth and position. He receives these wares not only from treacherous valets or maids, but frequently from genteel ruffians, who have gained the confidence and affection of trusting women. He deals with no niggard hand. I happen to know that he paid seven hundred pounds to a footman for a note two lines in length, and that the ruin of a noble family was the result. Everything which is in the market goes to Milverton, and there are hundreds in this great city who turn white at his name. No one knows where his grip may fall, for he is far too rich and far too cunning to work from hand to mouth. He will hold a card back for years in order to play it at the moment when the stake is best worth winning. I have said that he is the worst man in London, and I would ask you how could one compare the ruffian, who in hot blood bludgeons his mate, with this man, who methodically and at his leisure tortures the soul and wrings the nerves in order to add to his already swollen money-bags?”

I had seldom heard my friend speak with such intensity of feeling.

“But surely,” said I, “the fellow must be within the grasp of the law?”

“Technically, no doubt, but practically not. What would it profit a woman, for example, to get him a few months’ imprisonment if her own ruin must immediately follow? His victims dare not hit back. If ever he blackmailed an innocent person, then indeed we should have him, but he is as cunning as the Evil One. No, no, we must find other ways to fight him.”

“And why is he here?”

“Because an illustrious client has placed her piteous case in my hands. It is the Lady Eva Blackwell, the most beautiful débutante of last season. She is to be married in a fortnight to the Earl of Dovercourt. This fiend has several imprudent letters—imprudent, Watson, nothing worse—which were written to an impecunious young squire in the country. They would suffice to break off the match. Milverton will send the letters to the Earl unless a large sum of money is paid him. I have been commissioned to meet him, and—to make the best terms I can.”

At that instant there was a clatter and a rattle in the street below. Looking down I saw a stately carriage and pair, the brilliant lamps gleaming on the glossy haunches of the noble chestnuts. A footman opened the door, and a small, stout man in a shaggy astrakhan overcoat descended. A minute later he was in the room.

Charles Augustus Milverton was a man of fifty, with a large, intellectual head, a round, plump, hairless face, a perpetual frozen smile, and two keen grey eyes, which gleamed brightly from behind broad, gold-rimmed glasses. There was something of Mr. Pickwick’s benevolence in his appearance, marred only by the insincerity of the fixed smile and by the hard glitter of those restless and penetrating eyes. His voice was as smooth and suave as his countenance, as he advanced with a plump little hand extended, murmuring his regret for having missed us at his first visit. Holmes disregarded the outstretched hand and looked at him with a face of granite. Milverton’s smile broadened, he shrugged his shoulders removed his overcoat, folded it with great deliberation over the back of a chair, and then took a seat.

“This gentleman?” said he, with a wave in my direction. “Is it discreet? Is it right?”

“Dr. Watson is my friend and partner.”

“Very good, Mr. Holmes. It is only in your client’s interests that I protested. The matter is so very delicate——”

“Dr. Watson has already heard of it.”

“Then we can proceed to business. You say that you are acting for Lady Eva. Has she empowered you to accept my terms?”

“What are your terms?”

“Seven thousand pounds.”

“And the alternative?”

“My dear sir, it is painful for me to discuss it, but if the money is not paid on the 14th, there certainly will be no marriage on the 18th.” His insufferable smile was more complacent than ever.

Holmes thought for a little.

“You appear to me,” he said, at last, “to be taking matters too much for granted. I am, of course, familiar with the contents of these letters. My client will certainly do what I may advise. I shall counsel her to tell her future husband the whole story and to trust to his generosity.”

Milverton chuckled.

“You evidently do not know the Earl,” said he.

From the baffled look upon Holmes’s face, I could see clearly that he did.

“What harm is there in the letters?” he asked.

“They are sprightly—very sprightly,” Milverton answered. “The lady was a charming correspondent. But I can assure you that the Earl of Dovercourt would fail to appreciate them. However, since you think otherwise, we will let it rest at that. It is purely a matter of business. If you think that it is in the best interests of your client that these letters should be placed in the hands of the Earl, then you would indeed be foolish to pay so large a sum of money to regain them.” He rose and seized his astrakhan coat.

Holmes was grey with anger and mortification.

“Wait a little,” he said. “You go too fast. We should certainly make every effort to avoid scandal in so delicate a matter.”

Milverton relapsed into his chair.

“I was sure that you would see it in that light,” he purred.

“At the same time,” Holmes continued, “Lady Eva is not a wealthy woman. I assure you that two thousand pounds would be a drain upon her resources, and that the sum you name is utterly beyond her power. I beg, therefore, that you will moderate your demands, and that you will return the letters at the price I indicate, which is, I assure you, the highest that you can get.”

Milverton’s smile broadened and his eyes twinkled humorously.

“I am aware that what you say is true about the lady’s resources,” said he. “At the same time you must admit that the occasion of a lady’s marriage is a very suitable time for her friends and relatives to make some little effort upon her behalf. They may hesitate as to an acceptable wedding present. Let me assure them that this little bundle of letters would give more joy than all the candelabra and butter-dishes in London.”

“It is impossible,” said Holmes.

“Dear me, dear me, how unfortunate!” cried Milverton, taking out a bulky pocketbook. “I cannot help thinking that ladies are ill-advised in not making an

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