ment entirely swallowed
up, or, as we hope to prove, wisely invested. In a month from now, I do
not question we shall be able to meet any command your Highness may lay
upon us; but at this hour I fear that, even in so small a matter, he must
prepare himself for disappointment. Our zeal is no less, although our
power may be inadequate.'

'How much, Herr Grafinski, have we in the treasury?' asked Otto.

'Your Highness,' protested the treasurer, 'we have immediate need of
every crown.'

'I think, sir, you evade me,' flashed the Prince; and then turning to the
side-table, 'Mr. Secretary,' he added, 'bring me, if you please, the
treasury docket.'

Herr Grafinski became deadly pale; the Chancellor, expecting his own
turn, was probably engaged in prayer; Gondremark was watching like a
ponderous cat. Gotthold, on his part, looked on with wonder at his
cousin; he was certainly showing spirit, but what, in such a time of
gravity, was all this talk of money? and why should he waste his strength
upon a personal issue?

'I find,' said Otto, with his finger on the docket, 'that we have 20,000
crowns in case.'

'That is exact, your Highness,' replied the Baron. 'But our liabilities,
all of which are happily not liquid, amount to a far larger sum; and at
the present point of time it would be morally impossible to divert a
single florin. Essentially, the case is empty. We have, already
presented, a large note for material of war.'

'Material of war?' exclaimed Otto, with an excellent assumption of
surprise. 'But if my memory serves me right, we settled these accounts
in January.'

'There have been further orders,' the Baron explained. 'A new park of
artillery has been completed; five hundred stand of arms, seven hundred
baggage mules--the details are in a special memorandum.--Mr. Secretary
Holtz, the memorandum, if you please.'

'One would think, gentlemen, that we were going to war,' said Otto.

'We are,' said Seraphina.

'War!' cried the Prince, 'and, gentlemen, with whom? The peace of
Grunewald has endured for centuries. What aggression, what insult, have
we suffered?'

'Here, your Highness,' said Gotthold, 'is the ultimatum. It was in the
very article of signature, when your Highness so opportunely entered.'

Otto laid the paper before him; as he read, his fingers played tattoo
upon the table. 'Was it proposed,' he inquired, 'to send this paper
forth without a knowledge of my pleasure?'

One of the non