will understand my position. What do these notes
represent? The price of landed property. Paid by whom? By Birotteau. Why
should I guarantee Birotteau by my signature? We are to pay, each on his
own account, our half of the price of the said land. Now, it is enough
to be jointly and separately liable to the sellers. I hold inflexibly to
one commercial rule: I never give my guarantee uselessly, any more than
I give my receipt for moneys not yet paid. He who signs, pays. I don't
wish to be liable to pay three times."

"Three times!" said Cesar.

"Yes, monsieur," said Claparon, "I have already guaranteed Birotteau
to the sellers, why should I guarantee him again to the bankers? The
circumstances in which we are placed are very hard. Roguin has carried
off a hundred thousand francs of mine; therefore, my half of the
property costs me five hundred thousand francs instead of four hundred
thousand. Roguin has also carried off two hundred and forty thousand
francs of Birotteau's. What would you do in my place, Monsieur Lebas?
Stand in my skin for a moment and view the case. Give me your attention.
Say that we are engaged in a transaction on equal shares; you provide
the money for your share, I give bills for mine; I offer them to you,
and you undertake, purely out of kindness, to convert them into money.
You learn that I, Claparon,--banker, rich, respected (I accept all the
virtues under the sun),--that the virtuous Claparon is on the verge of
failure, with six million of liabilities to meet: would you, at such a
moment, give your signature to guarantee mine? Of course not; you would
be mad to do it. Well, Monsieur Lebas, Birotteau is in the position
which I have supposed for Claparon. Don't you see that if I endorse for
him I am liable not only for my own share of the purchase, but I shall
also be compelled to reimburse to the full amount of Birotteau's paper,
and without--"

"To whom?" asked Birotteau, interrupting him.

"--without gaining his half of the property?" said Claparon, paying no
attention to the interruption. "For I should have no rights in it; I
should have to buy it over again; consequently, I repeat, I should have
to pay for it three times."

"Reimburse whom?" persisted Birotteau.

"Why, the holder of the notes, if I were to endorse, and you were to
fail."

"I shall not fail, monsieur," said Birotteau.

"Very good," said Claparon. "But you have been a judge, and you are
a clever merchant; you know ve