financiers. They allow themselves with regrettable obstinacy to be swayed by certain obsolete and idealistic conceptions, such as, for instance, the conceptions of trust and dignity. The royal property is hampered by a trust entailed in fact. Advantageous alienations are barred. Mortgages, the raising of capital on credit for commercial improvements, seem to them improper. The administration is seriously hindered in the free exploitation of business opportunities—by ideas of dignity. You'll forgive me, won't you? I'm telling you the absolute truth. People who pay so much attention to propriety as these of course cannot and will not keep pace with the freer and less hampered initiative of less obstinate and unpractical business people. Now then, what, in comparison with this negative luxury, does the positive million signify, which has been sacrificed to a pretty whim, to borrow your Excellency's expression? If it only stopped there! But we have the regular expenses of a fairly dignified Court to meet. There are the schlosses and their parks to keep up, Hollerbrunn, Monbrillant, Jägerpreis, aren't there? The Hermitage, Delphinenort, the Pheasantry, and the others…. I had forgotten Schloss Zegenhaus and the Haderstein ruins … not to mention the Old Schloss…. They are not well kept up, but they all cost money…. There are the Court Theatre, the Picture Gallery, the Library, to maintain. There are a hundred pensions to pay,—no legal compulsion to pay them, but motives of trust and dignity. And look at the princely way in which the Grand Duke behaved at the time of the last floods…. But I'm preaching you a regular sermon!”

“A sermon,” said the Minister of Finance, “which your Excellency thought would shock me, while you really only confirmed my own view. Dear Baron”—here Herr von Schröder laid his hand on his heart,—“I am convinced that there is no longer room for any misunderstanding as to my opinion, my loyal opinion, between you and me. The King can do no wrong…. The sovereign is beyond the reach of reproaches. But here we have to do with a default … in both senses of the word!… a default which I have no hesitation in laying at the door of Count Trümmerhauff. His predecessors may be pardoned for having concealed from their sovereigns the true state of the Court finances; in those days nothing else was expected of them. But Count Trümmerhauff's attitude now is not pardonable. In his position as Keeper of the Privy Purse he ought to have felt it incumbent on him to put a brake on his Highness's thoughtlessness, to feel it incumbent on him now to open his Royal Highness's eyes relentlessly to the facts …”

Herr Knobelsdorff knitted his brows and laughed.

“Really?” said he. “So your Excellency is of the opinion that that is what the Count was appointed for! I can picture to myself the justifiable astonishment of his lordship, if you lay before him your view of the position. No, no … your Excellency need be under no delusion; that appointment was a quite deliberate expression of his wishes on the part of his Royal Highness, which the Count must be the first to respect. It expressed not only an ‘I don't know,’ but also an ‘I won't know.’ A man may be an exclusively decorative personality and yet be acute enough to grasp this…. Besides … honestly … we've all of us grasped it. And the only grain of comfort for all of us is this: that there isn't a prince alive to whom it would be more fatal to mention his debts than to his Royal Highness. Our Prince has a something about him which would stop any tactless remarks of that sort before they were spoken …”

“Quite true, quite true,” said Herr von Schröder. He sighed and stroked thoughtfully the swansdown trimming of his hat. The two men were sitting, half turned towards each other, on a raised window seat in a roomy niche, past which a narrow stone corridor ran outside, a kind of gallery, through the pointed arches of which peeps of the town could be seen. Herr von Schröder went on:

“You answer me, Baron; one would think you were contradicting me, and yet your words show more incredulity and bitterness than my own.”

Herr von Knobelsdorff said nothing, but made a vague gesture of assent.

“It may be so,” said the Finance Minister, and nodded gloomily at his hat. “Your Excellency may be quite right. Perhaps we are all blameworthy, we and our forefathers too. But it ought to have been stopped. For consider, Baron; ten years ago an opportunity offered itself of putting the finances of the Court on a sound footing, on a better footing anyhow, if you like. It was lost. We understand each other. The Grand Duke, attractive man that he is, had it then in his power to clear things up by a marriage which from a sound point of view might have been called dazzling. Instead of that … speaking not for myself, of course, but I shall never forget the disgust on everybody's faces when they mentioned the amount of the dowry…”

“The Grand Duchess,” said Herr von Knobelsdorff, and the wrinkles at the corners of his eyes disappeared almost entirely, “is one of the handsomest women I have ever seen.”

“That is an answer one would expect of your Excellency. It's an æsthetic answer, an answer which would have held quite as good if his Royal Highness's choice, like his brother Lambert's, had fallen on a member of the royal ballet.”

“Oh, there was no danger of that. The Prince's taste is a fastidious one, as he has shown. He has always shown in his wants the antithesis to that want of taste which Prince Lambert has shown all his life. It was a long time before he made up his mind to marry. Everybody had given up all hope of a direct heir to the throne. They were resigned for better or worse to Prince Lambert, whose … unsuitability to be heir to the throne we need not discuss. Then, a few weeks after he had succeeded, Johann Albrecht met Princess Dorothea, cried, “This one or none!” and the Grand Duchy had its sovereign lady. Your Excellency mentioned the thoughtful looks which were exchanged when the figures of the dowry were published,—you did not mention the jubilation which at the same time prevailed. A poor princess, to be sure. But is beauty, such beauty, a power of happiness or not? Never shall I forget her entry! Her first smile, as it lighted on the gazing crowds, won their love. Your Excellency must allow me to profess once more my belief in the idealism of the people. The people want to see their best, their highest, their dream, what stands for their soul, represented in their princes—not their money bags. There are others to represent those….”

“That's just what there are not; just what we have not got.”

“The more's the pity, then. The main point is, Dorothea has presented us with an Heir Apparent.”

“To whom may Heaven grant some idea of figures!”

“I agree.”

At this point the conversation between the two Ministers ceased. It was broken off by the announcement by aide-de-camp von Lichterloh, of the happy issue of the confinement. The smaller banqueting-hall was soon filled with officials. One of the great carved doors was quickly thrown open, and the aide-de-camp appeared in the hall. He had a red face, blue soldier's eyes, a bristling flaxen moustache, and silver lace on his collar. He looked somewhat excited, like a man who had been released from deadly boredom and was primed with good news. Conscious of the unusualness of the occasion, he boldly ignored the rules of decorum and etiquette. He saluted the company gaily, and, spreading his elbows, raised the hilt of his sword almost to his breast crying: “Beg leave to announce: a prince!”

“Good!” said Adjutant-General Count Schmettern.

“Delightful, quite delightful, I call that perfectly