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absolutely impossible to reconcile to the notion of quiet mercantile transactions, the purchase and sale of shares and stocks. As Alain gazed bewildered, he felt himself gently touched, and, looking round, saw the Englishman.

      “A lively scene!” whispered Mr. Vane. “This is the heart of Paris: it beats very loudly.”

      “Is your Bourse in London like this?”

      “I cannot tell you: at our Exchange the general public are not admitted: the privileged priests of that temple sacrifice their victims in closed penetralia, beyond which the sounds made in the operation do not travel to ears profane. But had we an Exchange like this open to all the world, and placed, not in a region of our metropolis unknown to fashion, but in some elegant square in St. James’s or at Hyde Park Corner, I suspect that our national character would soon undergo a great change, and that all our idlers and sporting-men would make their books there every day, instead of waiting long months in ‘ennui’ for the Doncaster and the Derby. At present we have but few men on the turf; we should then have few men not on Exchange, especially if we adopt your law, and can contrive to be traders without risk of becoming bankrupts. Napoleon I. called us a shopkeeping nation. Napoleon III. has taught France to excel us in everything, and certainly he has made Paris a shopkeeping city.”

      Alain thought of Raoul and Enguerrand, and blushed to find that what he considered a blot on his countrymen was so familiarly perceptible to a foreigner’s eye.

      “And the Emperor has done wisely, at least for the time,” continued the Englishman, with a more thoughtful accent. “He has found vent thus for that very dangerous class in Paris society to which the subdivision of property gave birth; namely the crowd of well-born, daring young men without fortune and without profession. He has opened the ‘Bourse’ and said, ‘There, I give you employment, resource, an ‘avenir.‘’ He has cleared the byways into commerce and trade, and opened new avenues of wealth to the noblesse, whom the great Revolution so unwisely beggared. What other way to rebuild a ‘noblesse’ in France, and give it a chance of power be side an access to fortune? But to how many sides of your national character has the Bourse of Paris magnetic attraction! You Frenchmen are so brave that you could not be happy without facing danger, so covetous of distinction that you would pine yourselves away without a dash, coute quo coute, at celebrity and a red ribbon. Danger! look below at that arena: there it is; danger daily, hourly. But there also is celebrity; win at the Bourse, as of old in a tournament, and paladins smile on you, and ladies give you their scarves, or, what is much the same, they allow you to buy their cachemires. Win at the Bourse,—what follows? the Chamber, the Senate, the Cross, the Minister’s ‘portefeuille.’ I might rejoice in all this for the sake of Europe,—could it last, and did it not bring the consequences that follow the demoralization which attends it. The Bourse and the Credit Mobilier keep Paris quiet, at least as quiet as it can be. These are the secrets of this reign of splendour; these the two lions couchants on which rests the throne of the Imperial reconstructor.”

      Alain listened surprised and struck. He had not given the Englishman credit for the cast of mind which such reflections evinced.

      Here Lemercier rejoined them, and shook hands with Graham Vane, who, taking him aside, said, “But you promised to go to the Bois, and indulge my insane curiosity about the lady in the pearl-coloured robe?”

      “I have not forgotten; it is not half-past two yet; you said three. ‘Soyez tranquille;’ I drive thither from the Bourse with Rochebriant.”

      “Is it necessary to take with you that very good-looking Marquis?”

      “I thought you said you were not jealous, because not yet in love. However, if Rochebriant occasions you the pang which your humble servant failed to inflict, I will take care that he do not see the lady.”

      “No,” said the Englishman; “on consideration, I should be very much obliged to any one with whom she would fall in love. That would disenchant me. Take the Marquis by all means.”

      Meanwhile Alain, again looking down, saw just under him, close by one of the pillars, Lucien Duplessis. He was standing apart from the throng, a small space cleared round himself, and two men who had the air of gentlemen of the ‘beau monde,’ with whom he was conferring. Duplessis, thus seen, was not like the Duplessis at the restaurant. It would be difficult to explain what the change was, but it forcibly struck Alain: the air was more dignified, the expression keener; there was a look of conscious power and command about the man even at that distance; the intense, concentrated intelligence of his eye, his firm lip, his marked features, his projecting, massive brow, would have impressed a very ordinary observer. In fact, the man was here in his native element; in the field in which his intellect gloried, commanded, and had signalized itself by successive triumphs. Just thus may be the change in the great orator whom you deemed insignificant in a drawing-room, when you see his crest rise above a reverential audience; or the great soldier, who was not distinguishable from the subaltern in a peaceful club, could you see him issuing the order to his aids-de-camp amidst the smoke and roar of the battle-field.

      “Ah, Marquis!” said Graham Vane, “are you gazing at Duplessis? He is the modern genius of Paris. He is at once the Cousin, the Guizot, and the Victor Hugo of speculation. Philosophy, Eloquence, audacious Romance,—all Literature now is swallowed up in the sublime epic of ‘Agiotage,’ and Duplessis is the poet of the Empire.”

      “Well said, M. Grarm Varn,” cried Frederic, forgetting his recent lesson in English names. “Alain underrates that great man. How could an Englishman appreciate him so well?”

      “‘Ma foi!’” returned Graham, quietly. “I am studying to think at Paris, in order some day or other to know how to act in London. Time for the Bois. Lemercier, we meet at seven,—Philippe’s.”

      CHAPTER V

      “What do you think of the Bourse?” asked Lemercier, as their carriage took the way to the Bois.

      “I cannot think of it yet; I am stunned. It seems to me as if I had been at a ‘Sabbat,’ of which the wizards were ‘agents de change,’ but not less bent upon raising Satan.”

      “Pooh! the best way to exorcise Satan is to get rich enough not to be tempted by him. The fiend always loved to haunt empty places; and of all places nowadays he prefers empty purses and empty stomachs.”

      “But do all people get rich at the Bourse? or is not one man’s wealth many men’s ruin?”

      “That is a question not very easy to answer; but under our present system Paris gets rich, though at the expense of individual Parisians. I will try and explain. The average luxury is enormously increased even in my experience; what were once considered refinements and fopperies are now called necessary comforts. Prices are risen enormously, house-rent doubled within the last five or six years; all articles of luxury are very much dearer; the very gloves I wear cost twenty per cent more than I used to pay for gloves of the same quality. How the people we meet live, and live so well, is an enigma that would defy AEdipus if AEdipus were not a Parisian. But the main explanation is this: speculation and commerce, with the facilities given to all investments, have really opened more numerous and more rapid ways to fortune than were known a few years ago.

      “Crowds are thus attracted to Paris, resolved to venture a small capital in the hope of a large one; they live on that capital, not on their income, as gamesters do. There is an idea among us that it is necessary to seem rich in order to become rich. Thus there is a general extravagance and profusion. English milords marvel at our splendour. Those who, while spending their capital as their income, fail in their schemes of fortune, after one, two, three, or four years, vanish. What becomes of them, I know no more than I do what becomes of the old moons. Their place is immediately supplied by new candidates. Paris is thus kept perennially sumptuous and splendid by the gold it engulfs. But then some men succeed,—succeed prodigiously, preternaturally; they make colossal fortunes, which are magnificently expended. They set an example of show and pomp, which is of course the more contagious because so many men say, ‘The other day those millionnaires were as poor as we are; they

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