ness," objected Orsino.

"Not so deeply as you fancy. I have sold almost everything which I do
not consider a certainty, and am selling what little I still have as
fast as I can. In speculation there are only two important moments--the
moment to buy and the moment to sell. In my opinion, this is the time
to sell, and I do not think that the time for buying will come again
without a crisis."

"But everything is in such a flourishing state--"

"No doubt it is--to-day. But no one can tell what state business will be
in next week, nor even to-morrow."

"There is Del Ferice--"

"No doubt, and a score like him," answered San Giacinto, looking quietly
at Orsino. "Del Ferice is a banker, and I am a speculator, as you wish
to be. His position is different from ours. It is better to leave him
out of the question. Let us look at the matter logically. You wish to
speculate--"

"Excuse me," said Orsino, interrupting him. "I want to try what I can do
in business."

"You wish to risk money, in one way or another. You therefore wish one
or more of three things--money for its own sake, excitement or
occupation. I can hardly suppose that you want money. Eliminate that.
Excitement is not a legitimate aim, and you can get it more safely in
other ways. Therefore you want occupation."

"That is precisely what I said at the beginning," observed Orsino with a
shade of irritation.

"Yes. But I like to reach my conclusions in my own way. You are then a
young man in search of an occupation. Speculation, and what you propose
is nothing else, is no more an occupation than playing at the public
lottery and much less one than playing at baccarat. There at least you
are responsible for your own mistakes and in decent society you are safe
from the machinations of dishonest people. That would matter less if the
chances were in your favour, as they might have been a year ago and as
they were in mine from the beginning. They are against you now, because
it is too late, and they are against me. I would as soon buy a piece of
land on credit at the present moment, as give the whole sum in cash to
the first man I met in the street."

"Yet there is Montevarchi who still buys--"

"Montevarchi is not worth the paper on which he signs his name," said
San Giacinto calmly.

Orsino uttered an exclamation of surprise and incredulity.

"You may tell him so, if you please," answered the giant with perfect
indifference. "If you tell any one what I have