cho de la
Bievre' has therefore become an effect without a cause. In such a case,
stockholders who don't like the tail end of matters, and are not eager
after small profits, very naturally prefer to sell out."

"But," asked la Peyrade, "does the paper pay its costs?"

"That," replied Lousteau, "is a point we did not consider; we were not
very anxious to have subscribers; the mainspring of the whole affair
was direct and immediate action on the ministry of commerce to obtain a
higher duty on the introduction of foreign leathers. You understand that
outside of the tannery circle, this interest was not very exciting to
the general reader."

"I should have thought, however," persisted la Peyrade, "that a
newspaper, however circumscribed its action, would be a lever which
depended for its force on the number of its subscribers."

"Not for journals which aim for a single definite thing," replied
Lousteau, dogmatically. "In that case, subscribers are, on the contrary,
an embarrassment, for you have to please and amuse them, and in so
doing, the real object has to be neglected. A newspaper which has a
definite and circumscribed object ought to be like the stroke of that
pendulum which, striking steadily on one spot, fires at a given hour the
cannon of the Palais-Royal."

"At any rate," said la Peyrade, "what price do you put upon a
publication which has no subscribers, does not pay its expenses, and
has until now been devoted to a purpose totally different from that you
propose for it?"

"Before answering," returned Lousteau, "I shall ask you another
question. Have you any intention of buying it?"

"That's according to circumstances," replied la Peyrade. "Of course
I must see Thuillier; but I may here remark to you that he knows
absolutely nothing about newspaper business. With his rather bourgeois
ideas, the ownership of a newspaper will seem to him a ruinous
speculation. Therefore, if, in addition to an idea that will scare him,
you suggest an alarming price, it is useless for me to speak to him. I
am certain he would never go into the affair."

"No," replied Lousteau. "I have told you we should be reasonable; these
gentlemen have left the whole matter in my hands. Only, I beg to remark
that we have had propositions from other parties, and in giving Monsieur
Thuillier this option, we intended to pay him a particular courtesy.
When can I have your answer?"

"To-morrow, I think; shall I have the honor of seeing you a