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vessel which, like the Pharaon, came from Calcutta, had been in for a fortnight, while no intelligence had been received of the Pharaon.

Such was the state of affairs when, the day after his interview with M. de Boville, the confidential clerk of the house of Thomson & French of Rome, presented himself at M. Morrel’s.

Emmanuel received him; this young man was alarmed by the appearance of every new face, for every new face might be that of a new creditor, come in anxiety to question the head of the house. The young man, wishing to spare his employer the pain of this interview, questioned the newcomer; but the stranger declared that he had nothing to say to M. Emmanuel, and that his business was with M. Morrel in person.

Emmanuel sighed, and summoned Cocles. Cocles appeared, and the young man bade him conduct the stranger to M. Morrel’s apartment. Cocles went first, and the stranger followed him. On the staircase they met a beautiful girl of sixteen or seventeen, who looked with anxiety at the stranger.

β€œM. Morrel is in his room, is he not, Mademoiselle Julie?” said the cashier.

β€œYes; I think so, at least,” said the young girl hesitatingly. β€œGo and see, Cocles, and if my father is there, announce this gentleman.”

β€œIt will be useless to announce me, mademoiselle,” returned the Englishman. β€œM. Morrel does not know my name; this worthy gentleman has only to announce the confidential clerk of the house of Thomson & French of Rome, with whom your father does business.”

The young girl turned pale and continued to descend, while the stranger and Cocles continued to mount the staircase. She entered the office where Emmanuel was, while Cocles, by the aid of a key he possessed, opened a door in the corner of a landing-place on the second staircase, conducted the stranger into an antechamber, opened a second door, which he closed behind him, and after having left the clerk of the house of Thomson & French alone, returned and signed to him that he could enter.

The Englishman entered, and found Morrel seated at a table, turning over the formidable columns of his ledger, which contained the list of his liabilities. At the sight of the stranger, M. Morrel closed the ledger, arose, and offered a seat to the stranger; and when he had seen him seated, resumed his own chair. Fourteen years had changed the worthy merchant, who, in his thirty-sixth year at the opening of this history, was now in his fiftieth; his hair had turned white, time and sorrow had ploughed deep furrows on his brow, and his look, once so firm and penetrating, was now irresolute and wandering, as if he feared being forced to fix his attention on some particular thought or person.

The Englishman looked at him with an air of curiosity, evidently mingled with interest. β€œMonsieur,” said Morrel, whose uneasiness was increased by this examination, β€œyou wish to speak to me?”

β€œYes, monsieur; you are aware from whom I come?”

β€œThe house of Thomson & French; at least, so my cashier tells me.”

β€œHe has told you rightly. The house of Thomson & French had 300,000 or 400,000 francs to pay this month in France; and, knowing your strict punctuality, have collected all the bills bearing your signature, and charged me as they became due to present them, and to employ the money otherwise.”

Morrel sighed deeply, and passed his hand over his forehead, which was covered with perspiration.

β€œSo then, sir,” said Morrel, β€œyou hold bills of mine?”

β€œYes, and for a considerable sum.”

β€œWhat is the amount?” asked Morrel with a voice he strove to render firm.

β€œHere is,” said the Englishman, taking a quantity of papers from his pocket, β€œan assignment of 200,000 francs to our house by M. de Boville, the inspector of prisons, to whom they are due. You acknowledge, of course, that you owe this sum to him?”

β€œYes; he placed the money in my hands at four and a half percent nearly five years ago.”

β€œWhen are you to pay?”

β€œHalf the 15th of this month, half the 15th of next.”

β€œJust so; and now here are 32,500 francs payable shortly; they are all signed by you, and assigned to our house by the holders.”

β€œI recognize them,” said Morrel, whose face was suffused, as he thought that, for the first time in his life, he would be unable to honor his own signature. β€œIs this all?”

β€œNo, I have for the end of the month these bills which have been assigned to us by the house of Pascal, and the house of Wild & Turner of Marseilles, amounting to nearly 55,000 francs; in all, 287,500 francs.”

It is impossible to describe what Morrel suffered during this enumeration. β€œTwo hundred and eighty-seven thousand five hundred francs,” repeated he.

β€œYes, sir,” replied the Englishman. β€œI will not,” continued he, after a moment’s silence, β€œconceal from you, that while your probity and exactitude up to this moment are universally acknowledged, yet the report is current in Marseilles that you are not able to meet your liabilities.”

At this almost brutal speech Morrel turned deathly pale.

β€œSir,” said he, β€œup to this time⁠—and it is now more than four-and-twenty years since I received the direction of this house from my father, who had himself conducted it for five-and-thirty years⁠—never has anything bearing the signature of Morrel & Son been dishonored.”

β€œI know that,” replied the Englishman. β€œBut as a man of honor should answer another, tell me fairly, shall you pay these with the same punctuality?”

Morrel shuddered, and looked at the man, who spoke with more assurance than he had hitherto shown.

β€œTo questions frankly put,” said he, β€œa straightforward answer should be given. Yes, I shall pay, if, as I hope, my vessel arrives safely; for its arrival will again procure me the credit which the numerous accidents, of which I have been the victim, have deprived me; but if the Pharaon should be lost, and this last resource be gone⁠—”

The poor man’s eyes filled with tears.

β€œWell,” said the other, β€œif this last resource fail you?”

β€œWell,” returned Morrel, β€œit is a

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