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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?โ€

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

โ€œBut surely,โ€ said I, โ€œthe fellow must be within the grasp of the law?โ€

โ€œTechnically, 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.โ€

โ€œAnd why is he here?โ€

โ€œBecause an illustrious client has placed her piteous case in my hands. It is the Lady Eva Brackwell, the most beautiful DEBUTANTE of last season. She is to be married in a fortnight to the Earl of Dovercourt. This fiend has several imprudent lettersโ€”imprudent, Watson, nothing worseโ€”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, andโ€”to make the best terms I can.โ€

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 astrachan 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, golden-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.

โ€œThis gentleman?โ€ said he, with a wave in my direction. โ€œIs it discreet? Is it right?โ€

โ€œDr. Watson is my friend and partner.โ€

โ€œVery good, Mr. Holmes. It is only in your client's interests that I protested. The matter is so very delicateโ€”โ€”โ€

โ€œDr. Watson has already heard of it.โ€

โ€œThen we can proceed to business. You say that you are acting for Lady Eva. Has she empowered you to accept my terms?โ€

โ€œWhat are your terms?โ€

โ€œSeven thousand pounds.โ€

โ€œAnd the alternative?โ€

โ€œMy 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.โ€ His insufferable smile was more complacent than ever.

Holmes thought for a little.

โ€œYou appear to me,โ€ he said, at last, โ€œto 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.โ€

Milverton chuckled.

โ€œYou evidently do not know the Earl,โ€ said he.

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

โ€œWhat harm is there in the letters?โ€ he asked.

โ€œThey are sprightlyโ€”very sprightly,โ€ Milverton answered. โ€œThe 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.โ€ He rose and seized his astrachan coat.

Holmes was grey with anger and mortification.

โ€œWait a little,โ€ he said. โ€œYou go too fast. We would certainly make every effort to avoid scandal in so delicate a matter.โ€

Milverton relapsed into his chair.

โ€œI was sure that you would see it in that light,โ€ he purred.

โ€œAt the same time,โ€ Holmes continued, โ€œLady 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.โ€

Milverton's smile broadened and his eyes twinkled humorously.

โ€œI am aware that what you say is true about the lady's resources,โ€ said he. โ€œAt 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.โ€

โ€œIt is impossible,โ€ said Holmes.

โ€œDear me, dear me, how unfortunate!โ€ cried Milverton, taking out a bulky pocket-book. โ€œI cannot help thinking that ladies are ill-advised in not making an effort. Look at this!โ€ He held up a little note with a coat-of-arms upon the envelope. โ€œThat belongs toโ€”well, perhaps it is hardly fair to tell the name until to-morrow morning. But at that time it will be in the hands of the lady's husband. And all because she will not find a beggarly sum which she could get by turning her diamonds into paste. It IS such a pity. Now, you remember the sudden end of the engagement between the Honourable Miss Miles and Colonel Dorking? Only two days before the wedding there was a paragraph in the MORNING POST to say that it was all off. And why? It is almost incredible, but the absurd sum of twelve hundred pounds would have settled the whole question. Is it not pitiful? And here I find you, a man of sense, boggling about terms when

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