room fire.

"Is it to Monsieur Milaud de la Baudraye that I have the honor--"

"Yes," said the little man, draping himself in his dressing-gown.

After examining this garment, the illicit offspring of an old chine
wrapper of Madame Piedefer's and a gown of the late lamented Madame de
la Baudraye, the emissary considered the man, the dressing-gown, and
the little stove on which the milk was boiling in a tin saucepan, as so
homogeneous and characteristic, that he deemed it needless to beat about
the bush.

"I will lay a wager, monsieur," said he, audaciously, "that you dine for
forty sous at Hurbain's in the Palais Royal."

"Pray, why?"

"Oh, I know you, having seen you there," replied the Parisian with
perfect gravity. "All the princes' creditors dine there. You know that
you recover scarcely ten per cent on debts from these fine gentlemen.
I would not give you five per cent on a debt to be recovered from
the estate of the late Duc d'Orleans--nor even," he added in a low
voice--"from MONSIEUR."

"So you have come to buy up the bills?" said La Baudraye, thinking
himself very clever.

"Buy them!" said his visitor. "Why, what do you take me for? I am
Monsieur des Lupeaulx, Master of Appeals, Secretary-General to the
Ministry, and I have come to propose an arrangement."

"What is that?"

"Of course, monsieur, you know the position of your debtor--"

"Of my debtors--"

"Well, monsieur, you understand the position of your debtors; they stand
high in the King's good graces, but they have no money, and are obliged
to make a good show.--Again, you know the difficulties of the political
situation. The aristocracy has to be rehabilitated in the face of a very
strong force of the third estate. The King's idea--and France does
him scant justice--is to create a peerage as a national institution
analogous to the English peerage. To realize this grand idea we need
years--and millions.--_Noblesse oblige_. The Duc de Navarreins, who is,
as you know, first gentleman of the Bedchamber to the King, does not
repudiate his debt; but he cannot--Now, be reasonable.--Consider the
state of politics. We are emerging from the pit of the Revolution.--and
you yourself are noble--He simply cannot pay--"

"Monsieur--"

"You are hasty," said des Lupeaulx. "Listen. He cannot pay in money.
Well, then; you, a clever man, can take payment in favors--Royal or
Ministerial."

"What! When in 1793 my father put down one hundred thousand--"