When Mr. Stafford retired from business in New York, and came back to England, he was very wealthy. He purchased quite an estate with the greater part of the money, and was living on it at the time our story opens.

Few men can retire from active business life and settle down to a quiet, humdrum existence; and, although such had been Mr. Stafford's ideal life during his business career, he soon began to speculate—at first successfully, but later disastrously.

In his efforts to regain what he had lost he gradually sunk deeper and deeper in the mire, until at length the entire estate was mortgaged. The interest on some of these mortgages was coming due about the time Richard Martin had come upon the scene, and as he was not quite ready to pay it, Mr. Stafford intended to go to London, and ask the attorney to whom he made his payments for time. There had been no difficulty about this previously, and he anticipated none now. He announced his intention of going, one morning at breakfast; but as his family were in blissful ignorance of the existence of any mortgages on their home, he gave them to understand that he was going to attend a stockholders' meeting.

Breakfast over, Mr. Stafford strolled out with his pipe and Hall to keep him company, and sat down under the trees near the spot where Kate had been upset.

They were hardly seated before Hall said:

"Mr. Stafford, I don't exactly know how you look upon that compact between yourself and my father, but I promised my father when only a child to keep my part. When I grew older, and realized its full significance, I must confess I looked upon it as nonsensical, and I came as much from curiosity as anything else, but now—now——"

"Proceed, Mr. Hall."

"Well, now—if you have no objection I should be only too happy to make your daughter my wife."

"None whatever—provided Kate is willing. Have you spoken to her?"

"No, but with your consent I will now."

Kate was coming toward them, and Hall went to meet her. He led her away to a seat nearer the river, and as Mr. Stafford returned to the house he saw Hall bending over Kate, who appeared to be paying great attention to what he was saying.

"It was a very fortunate idea—not a foolish one," muttered Mr. Stafford, as he gazed at them, "for unless I can get both time and money we may not be here long."

He left shortly afterwards for London, and had been gone a half hour when Hall returned alone. He had an unpleasant expression on his face, and when informed of Mr. Stafford's departure, said he must go to London also; that he had intended to accompany Mr. Stafford thither, but had forgotten the time.

On reaching the station, he sent the following despatch to Jones & Jones, No. 9 Queen Street, London.

Mr. Hall smiled wickedly as he handed this despatch to the clerk, and seated himself in the train in somewhat better spirits than he appeared to be when he reached the station.

When Stafford arrived in London, he proceeded at once to the office where he paid his interest and was conducted to the private office of the senior member of the firm of Jones & Jones.

Before Mr. Stafford could explain the nature of his business, Mr. Jones began:

"Well, Mr. Stafford, I suppose you've come to pay off that five thousand. You are a little ahead—two days, I think—but we will be all ready. In fact, if you can wait a short time—Eh! What's the matter?"

"Pay it off! Why, I thought—that is, I understood that there was no need—no danger of my having to pay the principal as long as the interest was paid up. I understood it was trust funds—your partner so informed me when making the loan."

"But the mortgage has changed hands, Mr. Stafford," replied Mr. Jones, "and the new mortgagee must have prompt payment of the interest."

He was feeling for the key to the telegram which lay upon his desk and now found it.

"That is just what brought me here. Formerly I have had no trouble in obtaining a little time, and I hope I shall have none now."

Mr. Stafford was terribly excited, and the lawyer really pitied him, although he replied:

"I can promise you none, Mr. Stafford. Indeed I have positive instructions to foreclose whenever the interest is not paid promptly."

With a weary sigh Mr. Stafford arose, and bidding Mr. Jones "good-day," passed into the street.

An hour after he left Mr. Hall arrived, and proceeded at once to Mr. Jones's private office. Fully an hour elapsed before he arose to depart, closing the conversation with, "Do nothing further until you hear from me—I will telegraph you when to go ahead."

From the solicitors' office Hall proceeded rapidly to a tumble-down building in the worst quarter of London. Another hour was spent there and he emerged with the same ugly look on his face which it had worn during the forenoon. It was nearly dark and he passed unnoticed through the crowded alley, where a stranger usually excited considerable and not always pleasant interest, and was soon at the station and a few minutes later on his way to Manchester, from whence the ride home was but a few minutes.

It was nine o'clock when Hall arrived, and he was surprised to find Mr. Stafford had not returned. Mrs. Stafford not feeling well had retired, and Kate was invisible, and so Hall betook himself to the refuge of the lonely library, to await Mr. Stafford's arrival.