said five times that I am
enthusiastic."

"That is an exaggeration. Besides, one cannot say a true thing too
often."

"How you run on, Madame!"

"And you--to tell me to my face that I am not serious! It is unheard of.
Is that the way you talk to your compatriots?"

"It would not be true. But they would contradict me, as you do. They
wish to be thought gay."

"Do they? I would like to know them."

"Nothing is easier. Will you allow me the honour of undertaking the
matter?"

They had reached the door of Madame d'Aragona's hotel. She stood still
and looked curiously at Orsino.

"Certainly not," she answered, rather coldly. "It would be asking too
much of you--too much of society, and far too much of me. Thanks.
Good-bye."

"May I come and see you?" asked Orsino.

He knew very well that he had gone too far, and his voice was correctly
contrite.

"I daresay we shall meet somewhere," she answered, entering the hotel.

CHAPTER IV.

The rage of speculation was at its height in Rome. Thousands, perhaps
hundreds of thousands of persons were embarked in enterprises which soon
afterwards ended in total ruin to themselves and in very serious injury
to many of the strongest financial bodies in the country. Yet it is a
fact worth recording that the general principle upon which affairs were
conducted was an honest one. The land was a fact, the buildings put up
were facts, and there was actually a certain amount of capital, of
genuine ready money, in use. The whole matter can be explained in a few
words.

The population of Rome had increased considerably since the Italian
occupation, and house-room was needed for the newcomers. Secondly, the
partial execution of the scheme for beautifying the city had destroyed
great numbers of dwellings in the most thickly populated parts, and more
house-room was needed to compensate the loss of habitations, while
extensive lots of land were suddenly set free and offered for sale upon
easy conditions in all parts of the town.

Those who availed themselves of these opportunities before the general
rush began, realised immense profits, especially when they had some
capital of their own to begin with. But capital was not indispensable. A
man could buy his lot on credit; the banks were ready to advance him
money on notes of hand, in small amounts at high interest, wherewith to
build his house or houses. When the building was finished the bank took
a first mortgage upon the pro