his beard to his mouth, and began to suck
the top.

"And why not," he said, at last, "when the state would guarantee a
certain rate of interest on the advance?"

Ivan opened his eyes still wider, and placed upon each word an
emphasis.

"The state will give to this railway a guarantee of interest! You will
excuse me, Kaulmann--that is not possible."

Felix answered, after some consideration, "There are certain keys by
which the bureaus of even ministers of state can be opened." After
this oracular speech he was silent, pressing the top of his stick upon
his lips, as if to restrain his words.

Ivan drew out the drawer of his writing-desk and took therefrom a
piece of black bread.

"Do you see this? People who eat such coarse stuff don't dance
attendance upon ministers."

Felix threw his head back with a scornful laugh and twisted his stick
impatiently between his fingers.

"_Allons, n'en parlons plus_," he said. "You have plenty of time to
make up your mind, for what I have once resolved to do, that I do. I
am quite ready to bet with you that I shall secure the Bonda Valley
property from under the nose of the old prince and the faddy countess,
and that the largest factory in the kingdom shall be established
_here_, and the trade carried on with the outside world. This will all
come to pass, as sure as my name is Felix Kaulmann."

"Well, I wish you every luck in your undertaking, but for my part I
will have none of it."

The arrival of Raune interrupted the conversation. The Frenchman
explained that he had considered Ivan's offer, and was ready to agree
to his conditions and to enter on its office at once. Thereupon Ivan
gave him his hand as a sign that the agreement was concluded. Then he
handed him the books and the strong-box, the former with the complete
list of the pitmen, the laborers, the girls, and boys engaged in the
mine; the latter with the money which was paid to them for the week's
work, and he asked the new overseer to appoint a room in the inn,
where he was going to live, as the place where the miners should come
to be paid.

As it happened, this was a Saturday, and therefore on this evening
the overseer should enter on his new duties.

The inn was exactly opposite to Ivan's house. Groups of pitmen
collected on the vacant space between the two houses. Ivan went to the
window to see in what order the payments would be made by the new
director. Felix also amused himself by means of his pocket-