Mr Moreton, after detailing the extent and nature of the loss, and the steps which he had decided upon taking, went on to explain the circumstances as best he could.  He had made some inquiry, and felt no doubt that a gigantic swindle had been perpetrated by Major Tifto and others.  The swindle had been successful.  Mr Moreton had consulted certain gentlemen of high character versed in the affairs of the turf.  He mentioned Mr Lupton among others,—­and had been assured that though the swindle was undoubted, the money had better be paid.  It was thought to be impossible to connect the men who had made the bets with the perpetrators of the fraud;—­and if Lord Silverbridge were to abstain from paying his bets because his own partner had ruined the animal which belonged to them jointly, the feeling would be against him rather than in his favour.  In fact the Jockey Club could not sustain him in such refusal.  Therefore the money would be paid.  Mr Moreton, with some expression of doubt, trusted that he might be thought to have exercised a wise discretion.  Then he went on to express his own opinion in regard to the lasting effect which the matter would have upon the young man.  ‘I think,’ said he, ’that his Lordship is heartily sickened of racing, and that he will never return to it.’

The Duke of course was very wretched when these tidings first reached him.  Though he was a rich man, and of all men the least careful of his riches, still he felt that seventy thousand pounds was a large sum of money to throw away amongst a nest of swindlers.  And then it was excessively grievous to him that his son should have been mixed up with such men.  Wishing to screen his son, even from his own anger, he was careful to remember the promise made that Tifto should be dismissed, was not to take effect till after this race had been run.  There had been no deceit in that.  But then Silverbridge had promised that he would not ‘plunge’.  There are, however, promises which from their very nature may be broken without falsehood.  Plunging is a doubtful word, and the path down to it, like all doubtful paths,—­is slippery and easy!  If that assurance with which Mr Moreton ended his letter could only be made true, he could bring himself to forgive even this offence.  The boy must be made to settle himself in life.  The Duke resolved that his only revenge should be to press on that marriage with Mabel Grex.

At Coblenz, on their way home, the Duke and his daughter were caught up by Mr and Mrs Finn, and the matter of the young man’s losses was discussed.  Phineas had heard all about it, and was loud in denunciations against Tifto, Captain Green, Gilbert Villiers, and others whose names had reached him.  The money he thought should never have been paid.  The Duke however declared that the money would not cause a moment’s regret, if only the whole thing could be got rid of at that cost.  It had reached Finn’s ears that Tifto was already at loggerheads with his