led in the heterogeneous mass. And many things he must have found.
In what sensational case have not letters played a prominent part? What
man is there who has not at one time or other regretted that he has had
pen and ink ready to his hand? If men were wise, they would use those
patent inks, which fade from the paper in a few days. I followed his
example, and, among other strange discoveries, I made this one."

He took from his desk a piece of paper--ragged, dirty, and creased--and,
handing it to Hortebise and Paul, said,--

"Read!"

They did so, and read the following strange word:

"TNAFNEERTONIOMZEDNEREITIPZEYAETNECONNISIUSEJECARG;"

while underneath was written in another hand the word, "Never."

"It was evident that I had in my hands a letter written in cipher, and I
concluded that the paper contained some important secret."

Catenac listened to this narrative with an air of contempt, for he was
one of those foolish men who never know when it is best for them to
yield.

"I daresay you are right," answered he with a slight sneer.

"Thank you," returned Mascarin coolly. "At any rate, I was deeply
interested in solving this riddle, the more as I belonged to an
association which owes its being and position to its skill in
penetrating the secrets of others. I shut myself up in my room, and
vowed that I would not leave it until I had worked out the cipher."

Paul, Hortebise, and Catenac examined the letter curiously, but could
make nothing of it.

"I can't make head or tail of it," said the doctor impatiently.

Mascarin smiled as he took back the paper, and remarked,--

"At first I was as much puzzled as you were, and more than once was
tempted to throw the document into the waste-paper basket, but a secret
feeling that it opened a way to all our fortunes restrained me. Of
course there was the chance that I might only decipher some foolish
jest, and no secret at all, but still I went on. If the commencement of
the word was written in a woman's hand, the last word had evidently
been added by a man. But why should a cryptogram have been used? Was it
because the demand was of so dangerous and compromising a character that
it was impossible to put it in plain language? If so, why was the
last word not in cipher? Simply because the mere rejection of what was
certainly a demand would in no manner compromise the writer. You will
ask how it happens that demand and rejection are both on the same sheet
of paper. I