Orsino was silent for a moment and stared at the wall.  He was conscious that the very small sum of which he could dispose must seem even smaller in the eyes of such a man, but this did not disturb him.  He was oppressed by San Giacinto’s personality and prepared himself to speak as though he had been a student undergoing oral examination.  He stated his case plainly, when he at last spoke.  He was of age and he looked forward with dread to an idle life.  All careers were closed to him.  He had fifteen thousand francs in his pocket.  Could San Giacinto help him to occupy himself by investing the sum in a building speculation?  Was the sum sufficient as a beginning?  Those were the questions.

San Giacinto did not laugh as Sant’ Ilario had done.  He listened very attentively to the end and then deliberately offered Orsino a cigar and lit one himself, before he delivered his answer.

“You are asking the same question which is put to me very often,” he said at last.  “I wish I could give you any encouragement.  I cannot.”

Orsino’s face fell, for the reply was categorical.  He drew back a little in his chair, but said nothing.

“That is my answer,” continued San Giacinto thoughtfully, “but when one says ‘no’ to another the subject is not necessarily exhausted.  On the contrary, in such a case as this I cannot let you go without giving you my reasons.  I do not care to give my views to the public, but such as they are, you are welcome to them.  The time is past.  That is why I advise you to have nothing to do with any speculation of this kind.  That is the best of all reasons.”

“But you yourself are still engaged in this business,” objected Orsino.

“Not so deeply as you fancy.  I have sold almost everything which I do not consider a certainty, and am selling what little I still have as fast as I can.  In speculation there are only two important moments—­the moment to buy and the moment to sell.  In my opinion, this is the time to sell, and I do not think that the time for buying will come again without a crisis.”

“But everything is in such a flourishing state—­”

“No doubt it is—­to-day.  But no one can tell what state business will be in next week, nor even to-morrow.”

“There is Del Ferice—­”

“No doubt, and a score like him,” answered San Giacinto, looking quietly at Orsino.  “Del Ferice is a banker, and I am a speculator, as you wish to be.  His position is different from ours.  It is better to leave him out of the question.  Let us look at the matter logically.  You wish to speculate—­”

“Excuse me,” said Orsino, interrupting him.  “I want to try what I can do in business.”

“You wish to risk money, in one way or another.  You therefore wish one or more of three things—­money for its own sake, excitement or occupation.  I can hardly suppose that you want money.  Eliminate that.  Excitement is not a legitimate aim, and you can get it more safely in other ways.  Therefore you want occupation.”