Milverton chuckled.

“You evidently do not know the Earl,” said he.

From the baffled look upon Holmes’s face, I could see clearly that he did.

“What harm is there in the letters?” he asked.

“They are sprightly—very sprightly,” Milverton answered. “The lady was a charming correspondent. But I can assure you that the Earl of Dovercourt would fail to appreciate them. However, since you think otherwise, we will let it rest at that. It is purely a matter of business. If you think that it is in the best interests of your client that these letters should be placed in the hands of the Earl, then you would indeed be foolish to pay so large a sum of money to regain them.” He rose and seized his astrakhan coat.

Holmes was gray with anger and mortification.

“Wait a little,” he said. “You go too fast. We should certainly make every effort to avoid scandal in so delicate a matter.”

Milverton relapsed into his chair.

“I was sure that you would see it in that light,” he purred.

“At the same time,” Holmes continued, “Lady Eva is not a wealthy woman. I assure you that two thousand pounds would be a drain upon her resources, and that the sum you name is utterly beyond her power. I beg, therefore, that you will moderate your demands, and that you will return the letters at the price I indicate, which is, I assure you, the highest that you can get.”

Milverton’s smile broadened and his eyes twinkled humorously.

“I am aware that what you say is true about the lady’s resources,” said he. “At the same time you must admit that the occasion of a lady’s marriage is a very suitable time for her friends and relatives to make some little effort upon her behalf. They may hesitate as to an acceptable wedding present. Let me assure them that this little bundle of letters would give more joy than all the candelabra and butter-dishes in London.”

“It is impossible,” said Holmes.

“Dear me, dear me, how unfortunate!” cried Milverton, taking out a bulky pocketbook. “I cannot help thinking that ladies are ill-advised in not making an effort. Look at this!” He held up a little note with a coat-of-arms upon the envelope. “That belongs to—well, perhaps it is hardly fair to tell the name until to-morrow morning. But at that time it will be in the hands of the lady’s husband. And all because she will not find a beggarly sum which she could get by turning her diamonds into paste. It IS such a pity! Now, you remember the sudden end of the engagement between the Honourable Miss Miles and Colonel Dorking? Only two days before the wedding, there was a paragraph in the Morning Post to say that it was all off. And why? It is almost incredible, but the absurd sum of twelve hundred pounds would have settled the whole question. Is it not pitiful? And here I find you, a man of sense, boggling about terms, when your client’s future and honour are at stake. You surprise me, Mr. Holmes.”

“What I say is true,” Holmes answered. “The money cannot be found. Surely it is better for you to take the substantial sum which I offer than to ruin this woman’s career, which can profit you in no way?”

“There you make a mistake, Mr. Holmes. An exposure would profit me indirectly to a considerable extent. I have eight or ten similar cases maturing. If it was circulated among them that I had made a severe example of the Lady Eva, I should find all of them much more open to reason. You see my point?”

Holmes sprang from his chair.

“Get behind him, Watson! Don’t let him out! Now, sir, let us see the contents of that notebook.”

Milverton had glided as quick as a rat to the side of the room and stood with his back against the wall.

“Mr. Holmes, Mr. Holmes,” he said, turning the front of his coat and exhibiting the butt of a large revolver, which projected from the inside pocket. “I have been expecting you to do something original. This has been done so often, and what good has ever come from it? I assure you that I am armed to the teeth, and I am perfectly prepared to use my weapons, knowing that the law will support me. Besides, your supposition that I would bring the letters here in a notebook is entirely mistaken. I would do nothing so foolish. And now, gentlemen, I have one or two little interviews this evening, and it is a long drive to Hampstead.” He stepped forward, took up his coat, laid his hand on his revolver, and turned to the door. I picked up a chair, but Holmes shook his head, and I laid it down again. With bow, a smile, and a twinkle, Milverton was out of the room, and a few moments after we heard the slam of the carriage door and the rattle of the wheels as he drove away.

Holmes sat motionless by the fire, his hands buried deep in his trouser pockets, his chin sunk upon his breast, his eyes fixed upon the glowing embers. For half an hour he was silent and still. Then, with the gesture of a man who has taken his decision, he sprang to his feet and passed into his bedroom. A little later a rakish young workman, with a goatee beard and a swagger, lit his clay pipe at the lamp before descending into the street. “I’ll be back some time, Watson,” said he, and vanished into the night. I understood that he had opened his campaign against Charles Augustus Milverton, but I little dreamed the strange shape which that campaign was destined to take.

For some days Holmes came and went at all hours in this attire, but beyond a remark that his time was spent at Hampstead, and that it was not wasted, I knew nothing of what he was doing. At last, however, on a wild, tempestuous evening, when the wind screamed and rattled against the windows, he returned from his last expedition, and having removed his disguise he sat before the fire and laughed heartily in his silent inward fashion.

“You would not call me a marrying man, Watson?”

“No, indeed!”

“You’ll be interested to hear that I’m engaged.”

“My dear fellow! I congrat——”

“To Milverton’s housemaid.”

“Good heavens, Holmes!”

“I wanted information, Watson.”

“Surely you have gone too far?”

“It was a most necessary step. I am a plumber with a rising business, Escott, by name. I have walked out with her each evening, and I have talked with her. Good heavens, those talks! However, I have got all I wanted. I know Milverton’s house as I know the palm of my hand.”

“But the girl, Holmes?”

He shrugged his shoulders.

“You can’t help it, my dear Watson. You must play your cards as best you can when such a stake is on the table. However, I rejoice to say that I have a hated rival, who will certainly cut me out the instant that my back is turned. What a splendid night it is!”

“You like this weather?”

“It suits my purpose. Watson, I mean to burgle Milverton’s house to-night.”

I had a catching of the breath, and my skin went cold at the words, which were slowly uttered in a tone of concentrated resolution. As a flash of lightning in the night shows up in an instant every detail of a wild landscape, so at one glance I seemed to see every possible result of such an action—the detection, the capture, the honoured career ending in irreparable failure and disgrace, my friend himself lying at the mercy of the odious Milverton.

“For heaven’s sake, Holmes, think what you are doing,” I cried.

“My dear fellow, I have given it every consideration. I am never precipitate in my actions, nor would I adopt so energetic and, indeed, so dangerous a course, if any other were possible. Let us look at the matter clearly and fairly. I suppose that you will admit that the action is morally justifiable, though technically criminal. To burgle his house is no more than to forcibly take his pocketbook—an action in which you were prepared to aid me.”

I turned it over in my mind.

“Yes,” I said, “it is morally justifiable so long as our object is to take no articles save those which are used for an illegal purpose.”