Roland's Christmas visit to his friends was not the holiday it appeared. His engagements with them had been many during this interval, and attended both by loss and gain; but the gain had outbalanced the loss, and though there had been many vicissitudes and a great many small crises, the Christmas balance had shown tolerably well, and every one was pleased. Edward's private ventures, which he had not consulted any one about, but in which the money of the bank had been more or less involved, had followed the same course. He had a larger sum standing to his individual credit than ever before, and, so far as any one knew, had risked nothing but what he had a right to risk, though, in reality, his transactions had gone much further than any one was aware of, even Ashton; for he had felt the restraints of Roland's caution, and had already established, though to a limited extent, dealings with other agents of bolder disposition. And, indeed, his mind had gone further than his practice, and had reached a point of excitement at which the boundaries of right and wrong become so indistinct as to exert little, if any, control over either the conscience or the imagination. Through his other channels of information he had heard of a speculation greater than he had yet ventured upon, in which the possible gain would be immense, but the risk proportionate – almost proportionate – though the probabilities were so entirely in favour of success that a sanguine eye could fix itself upon them with more justification than is usual. It was so vast that even to Edward, who had been playing with fire for months back, the suggestion took away his breath, and he took what was in reality the wise step of consulting Ashton. It was wise had he intended seriously to be guided by Ashton, but it was foolish as it happened, seeing that a day or two's contemplation of the matter wrought in him a determination to risk it, whether Ashton approved or not. And Roland did not approve. He came down at the utmost speed of the express to stop any further mischief if he could. He had himself always kept carefully within the bounds of legitimate business; sometimes, indeed, just skirting the edge, but never committing himself or risking his credit deeply, and he had never forgot the solemn adjuration addressed to him by both the old people at the Vernonry. If Catherine Vernon or her representatives came to harm it should not be, he had determined, by his means. So he had answered Edward's appeal in person; and, instead of communicating with him only, had spoken of the matter to Harry, supposing him to be in all Edward's secrets, a thing which disturbed Edward's composure greatly. It was his own fault he felt for so distrusting his own judgment; but he durst not betray his displeasure: and so the proposal which he had meant to keep to himself had to be discussed openly between the partners. Harry, as may be supposed, being passive and unambitious, opposed it with all his might. Roland had been shut up with them in Edward's room at the bank for hours in the morning, and the discussion had run high. He had been a kind of moderator between them, finding Harry's resistance to some extent unnecessary, but, on the whole, feeling more sympathy with him than with the other. "It isn't ourselves only we have to consider," Harry said; and he repeated this, perhaps too often, often enough to give his opponent a sort of right to say that this was a truism, and that they had heard it before.

"A thing does not become more true for being repeated," Edward said.

"But it does not become less true," said Roland; "and I think so far that Harry is right. With all your responsibilities you ought to go more softly than men who risk nothing that is not their own. You are in something of the same position as trustees, and you know how they are tied up."

"This is a statement which hardly comes well from you," said Edward, "who have been our adviser all along, and sailed very near the wind on some occasions."

"I have never advised you to anything I did not think safe," said Roland.

Edward was so eager and so confident of his superiority over his cousin, that it was difficult to keep the suspicion of a sneer out of his voice in this discussion, though for Roland Ashton, whatever his other sentiments might be, he at least had no feeling of contempt.

"And there's Aunt Catherine," said Harry. "Of course a great part of the money's hers. Her hair would stand on end if she knew we were even discussing such a question."

"Aunt Catherine is – all very well; but she's an old woman. She may have understood business in her day. I suppose she did, or things would not have come to us in the state they are. But we cannot permit ourselves to be kept in the old jogtrot because of Aunt Catherine. She departed from her father's rule, no doubt. One generation can't mould itself upon another. At least that is not what I understand by business."

"And there was John Vernon, don't you know," said Harry. "He was a caution! I shouldn't like to follow in his ways."

"John Vernon was a fool; he threw his chance away. I've gone into it, and I know that nothing could be more idiotic. And his extravagance was unbounded. He burned the candle at both ends. I hope you don't think I want to take John Vernon for my model."

"It seems to me," said Harry, "that it's awfully easy to be ruined by speculation. Something always happens to put you out. There were those mines. For my part I thought they were as safe as the bank, and we lost a lot by them. There was nobody to blame so far as I know. I don't mean to stand in the way, or be obstructive, as you call it, but we have got to consider other people besides ourselves."

Roland did not look upon the matter exactly in this way. He was not of Harry's stolid temperament. He heard of a proposition so important with something of the feelings of a war-horse when he sniffs the battle. But his opposition was all the more weighty that it was more or less against his own will.

"In your place I do not think I should venture," he said. "If I were an independent capitalist, entirely free – "

"You would go in for it without a moment's hesitation! Of course you would. And why should we be hampered by imaginary restrictions? Aunt Catherine – if it is her you are thinking of – need know nothing about it, and we risk nobody so much as we risk ourselves. Loss would be far more fatal to us than to any one else. Am I likely to insist upon anything which would make an end of myself first of all if it went wrong?"

But the others were not convinced by this argument. Harry shook his head, and repeated his formula.

"It wouldn't console anybody who was injured, that you ruined yourself first of all," he said.

"Nor would it comfort me for the loss of a fortune that other people had rejected it," cried Edward with an angry smile.

His mind worked a great deal faster than the conversation could go, and the discussion altogether was highly distasteful to him. Harry had a right to his say when the subject was broached, but it was beyond measure embarrassing and disagreeable that Harry should have heard anything about it. It was all Ashton's fault, whom he had consulted by way of satisfying his conscience merely, and whom he could not silence or find fault with for betraying him, since, of course, he wanted no one to suppose that he acted upon his own impulse and meant to leave Harry out. He could not express all this, but he could drop the discussion, and Ashton (he thought to himself) along with it. Let him prose as he would, and chime in with Harry's little matter-of-fact ways, he (Edward) had no intention to allow himself to be stopped.

"I would let it alone, if I were you," Roland said. "It is a great temptation, and of course if you were entirely independent – But I would not risk a penny of other people's money."

"That's just what I say. We have others to consider besides ourselves," said the steadfast Harry.

Edward made no reply. He was outvoted for the moment by voices which, he said to himself, had no right to be heard on the question. The best thing was to end the discussion and judge for himself. And the contemplation of the step before him took away his breath; it took the words out of his mouth. There would be nothing to be said for it. In argument it would be an indefensible proceeding. It was a thing to do, not to think, much less talk about. No one would have a word to say if (as was all but absolutely certain) his operations were attended by success. In that event his coolness, his promptitude, his daring, would be the admiration of everybody; and Harry himself, the obstructive, would share the advantage, and nothing more would be heard of his stock phrase. Edward felt that in reality it was he who was considering others, who was working for everybody's benefit; but to form such a determination was enough to make the strongest head swim, and it was necessary that he should shake off all intrusion, and have time and solitude to think it over in private.

The way in which he thus dropped the discussion astonished both the other parties to it a little. Edward was seldom convinceable if he took an idea into his head, and he never acknowledged himself beaten. But Harry at first was simple enough to be able to believe that what he had himself said was unanswerable, and that as nothing could be done without his acquiescence, Ned showed his sense by dropping the question. Roland was not so easily reassured; but it was not his business, which makes a wonderful difference in the way we consider a subject, and it was not for him to continue a subject which the persons chiefly concerned had dropped. He strolled with Harry into his room presently on a hint from Edward that he had something particular to do. Harry was not very busy. He did what came under his special department with sufficient diligence, but that was not oppressive work: the clerks took it off his hands in great part. In all important matters it was Mr. Edward who was first consulted. Harry had rather a veto upon what was proposed, than an active hand it; but he was very steady, always present, setting the best example to the clerks. Roland talked to him for a quarter of an hour pleasantly enough about football, which eased the minds which had been pondering speculation. The result of the morning's conference was shown in one way by his ready and unexpected adherence to Mrs. John's statement that she liked Harry best. Roland thought so too, but he did not give any reason for it; and indeed, so far as intellectual appreciation went, there was perhaps little reason to give.

After Emma's gloves were bought, the group sauntering through Redborough just at the hour when all the fine people of the place were about, were met in succession by the two cousins. Harry had time only to pause for a minute or two, and talk to the girls on his way to a meeting of the football club, at which the matches of the season were to be settled; but Edward, who was going their way, walked with them as far as the Grange. He was pale and preoccupied, with that fiery sparkle in his eyes which told of some pressing subject for his thoughts, and though those eyes shot forth a passing gleam when he saw that Roland kept by Hester's side, and that he was left to Emma, the arrangement perhaps on the whole was the most suitable one that could have been made, for Emma wanted little help in keeping up something which sounded sufficiently like conversation. Her voice flowed on, with just a pause now and then for the little assenting ejaculations which were indispensable. Edward said "Yes," sometimes with a mark of interrogation, sometimes without; and "Indeed," and "To be sure," and "Exactly," as we all do in similar circumstances; and the pair got on very well. Emma thought him much nicer than usual, and Hester going on in front, somewhat distracted from Roland's remarks by the consciousness of the other behind her, was perhaps more satisfied to hear his stray monosyllables than if he had maintained a more active part in the conversation. When they stopped in front of the Grange, where Catherine Vernon, always at the window, saw the group approaching, they were called up stairs to her by a servant – an invitation, however, which Hester did not accept. "My mother will be waiting for me," she said; and while the others obeyed the summons, she sped along the wintry road by herself, not without that proud sense of loneliness and shut-out-ness which the circumstances made natural. Edward lingered a moment to speak to her while the others went in, having first ascertained that they were shaded by the big holly at the gate and invisible from the window.

"I must not go with you, though I want to talk to you," he said. "When will this bondage be over? But at the Merridews to-night – "

"I am not going," she said, waving her hand as she went on.

She was half pleased, yet altogether angry, despising him (almost) for his precautions, yet glad that he wanted to talk to her, and glad also to disappoint him, if it is possible to describe so complicated a state of mind. She went along with a proud, swift step, her head held high, her girlish figure instinct in every line with opposition and self-will: or so at least Catherine Vernon thought, who looked after her with such attention that she was unaware of the entrance of the others, whom she liked so much better than Hester. She laughed as she suffered herself to be kissed by Emma, who was always effusive in that way, and fed upon the cheeks of her friends.

"So Princess Hester has not come with you," Catherine said. "I suppose I should have gone down to the door to meet her, as one crowned head receives another."

"Oh, she had to go home to her mother," said Emma, who never spoke ill of anybody, and always took the most matter-of-fact view of her neighbours' proceedings.

Catherine laughed, and was amused (she thought) by the girl's persistent holding aloof.

"All the same a cup of tea would not have poisoned her," she said.

When the Ashtons left the Grange it was nearly the hour of dinner, and Catherine did not remark the silence of her companion. Edward had been moody of late; he had not been of temper so equable, or of attentions so unfailing, as in the earlier years. But she was a tolerant woman, anxious not to exact too much, and ready to represent to herself that this was but "a phase," and that the happier intercourse would return after a time. She wondered sometimes was he in love? that question which occurs so unnaturally to the mind at moments when things are not going perfectly well with young persons, either male or female. Catherine thought that if his choice were but a good one, she would be very glad that he should marry. It would give to him that sense of settledness which nothing else gives, and it would give to her a share in all the new events and emotions of family life. If only he made a good choice! the whole secret of the situation of course was in that. At dinner he was more cheerful, indeed full of animation, doing everything that could be done to amuse and please her, but excused himself from following her to the drawing-room afterwards.

"You are going to Ellen's folly, I suppose," she said, which was the name that the Merridew entertainments held in the house.

"Very likely – but later," said he; "I have a great deal to do."

Catherine smiled upon his diligence, but held up a finger in admonition.

"I never approved of bringing work home," she said. "I would rather for my own part you stayed an hour longer at the bank. Home should be for rest, and you should keep the two places distinct; but I suppose you must learn that by experience," she said, putting her hand caressingly upon his shoulder as he held the door open for her: and she looked back upon him when she had passed out with a little wave of her hand. "Don't sit too long over your papers," she said.

He had trop de zèle. No fear of Edward shrinking from his work. But experience would teach him that it was better to give himself a little leisure sometimes. Would experience teach him? she asked herself, as she went up stairs. He was of a fervid nature, apt perhaps to go too far in anything that interested him. She reflected that she had herself been older before she began to have anything to do with business, and a woman looks forward to home, to the seat by the fire, the novel, the newspaper (if there is nothing better), the domestic chat when that is to be had, with more zest than a man does. What she herself liked would have been to have him there opposite to her as he used to be at first, talking, or reading as pleased him, telling her his ideas. Why was it that this pleasant state of affairs never continued? He preferred to sit in the library now, to work, or perhaps only, she began to fear, to be alone. The idea struck Catherine sadly now she came to think of it. There was a great difference. Why should men prefer to sit alone, to abandon that domestic hearth which sounds so well in print, and which from Cowper downward all the writers have celebrated. Even Dickens (then the master of every heart) made it appear delightful and attractive to everybody. And yet the young man preferred to go and sit alone. A wife would alter all that, provided only that the choice he made was a good one, Catherine Vernon said. The drawing-room was a model of comfort; its furniture was not in the taste of the present day, but the carpets were like moss into which the foot sank, and the curtains were close drawn in warm, ruddy, silken folds. The fire burnt brightly, reflected from the brass and steel, which it cost so much work to keep in perfect order. Catherine sat in the warmest place just out of reach of the glare, with a little table by her favourite easy-chair. Impossible to find a room more entirely "the picture of comfort" as people say. And few companions could have been found more intelligent, more ready to understand every allusion, and follow every suggestion, than this old lady, who was not at all conscious of being old. Yet her boy, her son, her nephew, her chosen, whom she had taken to her heart in place of all the other inmates who once dwelt there, sat down stairs! How strange it was; yet notwithstanding Catherine deposited herself in her seat by the fire, with a sort of subdued happiness, consequent on the fact that he was down stairs. This gave a secondary satisfaction if nothing better was to be had. It is all that many people have to live upon. But if he had a wife that would make all the difference. A wife he could not leave to sit alone; provided only that his choice was a right one! If Catherine had known that his choice, so far as he had made a choice, had fallen upon Hester, what would her sentiments have been? but fortunately she did not know.

But if she could have looked into the library down stairs, which had been given up to Edward as his room, what would she have seen there? The sight would have driven out of her mind all question about a problematical wife: though indeed Edward always prepared for domiciliary visitations, and believing them to be the fruit of suspicion, not of love, was ready in that case to have concealed his occupation at the first sound of the door opening. He had an open drawer close to him into which his materials could have been thrown in a minute. He took these precautions because, as has been said, Catherine would sometimes carry him with her own hands a cup of tea in affectionate kindness, and he thought it was inquisitiveness to see what he was doing! She had not done this now for a long time, but still he was prepared against intrusion. The papers he was examining he had brought himself in a black bag from the safe in the bank. He had locked the black bag into an old oak escritoire till after dinner. He was looking over them now with the greatest care, and a face full of suppressed, but almost solemn excitement. They were securities of all kinds, and meant an amount of money which went to Edward's head even more than the chances of fortune. All that in his power; no chance of being called upon to produce them, or to render an account of the stewardship which had been so freely committed to him! It was enough to make any man's head go round. To hesitate upon a speculation which might bring in cent. per cent. when he had all these to fall back upon, papers upon which he could easily find, to meet a temporary need, any amount of money! and of course no such need could be anything but temporary! Edward was as little disposed to risk the future of the bank as any one. He had wisdom enough to know that it was his own sheet anchor, as well as that of the family, and he had a pride in its stability and high reputation, as they all had. That Vernon's should be as safe as the Bank of England was a family proverb which admitted of no doubt. But why should Vernon's be affected except to its advantage by really bold speculation? It was the timid, half-hearted sort of operations that frittered away both money and credit, which ruined people, not anything which was really on a grand scale. Edward represented to himself that ventures of this great kind were rarely unsuccessful. There was a security in their magnitude – small people could not venture upon them; and what even if it did not succeed? It blanched his countenance and caught his breath to think of this, but (he said to himself) every possibility, even the most unlikely, must be taken into account. If it did not, here was what would keep the credit of the bank scatheless until another luckier stroke should make up for failure. For in such pursuits the last word was never said. Could you but go on you were sure one time or another to satisfy your fullest desires. This was the worst in case of failure: but there was in reality no chance of failure, every human probability was in favour of a great, an almost overwhelming success.

There was almost a sense of triumph, though the thrill of excitement had alarm in it also – in the final calculations by which he made up his mind to throw Ashton and prudence to the winds. He wrote with a heart leaping high in his breast to the other broker, whom he had already employed, before he rose from his writing table. Ashton was a fool – he would lose a large commission, and make nothing by his preachment; and to think of that preachment made Edward smile, though the smile was constrained and dry – not a cheerful performance. Harry and Ashton – they were a sensible couple to lecture him as to what was best! It seemed to Edward that he had himself far more insight and faculty than a dozen such. Ashton indeed might know a thing or two. He had proved himself a fool in this case, but naturally he was not a fool. Advice might be received from him, but dictation, never. And as for Harry with his football, a ninny who had never been trusted with any but the mechanical working of the bank, it was too ridiculous that Harry should take upon himself to advise. Edward got his letter ready for the post with something of the feeling with which a conspirator may be supposed to light the match by which some deadly mine is to be fired. It may blow himself into atoms if he lingers, and the strong sensation of the possibility is upon him even though he knows it cannot happen except by some extraordinary accident. Edward put the letter where he knew the butler would find it, and send it away for the late post. It would thus be out of his power to recall, even though a panic should seize him. When he had done this, he felt an overwhelming need of the fresh air and movement to calm his nerves and distract his thoughts. Should he go to Ellen's folly as was his custom? He put on his coat and went out, forgetting that it was his usual custom to go up stairs and say good-night to Catherine before doing so. There was no intentional neglect in this, but only the intensity of his abstraction and self-absorbedness. When he got out the cold breeze in his face was pleasant to him, brain and all. Then he remembered that Hester had said she would not go to the Merridews, and obeying his impulse without questioning what he expected from it, he turned away from the lights of the town, and took his way along the moonlit road towards the Vernonry. He did not expect to see her – he expected nothing in particular; but his thoughts, his heart, drew him in that direction – or his fancy, if nothing more.

Catherine, in the warmth and lonely luxury of her drawing-room, heard the door shut, and wondered, with a new little arrow of pain going into her heart – Was it possible that he could have gone out without saying good-night? She was like a mother who is beginning to discover that she is of no particular consequence in the economy of her child's life. When you seize upon the office of parent without being called to it by God, you must accept the pains as well as the pleasures. This new step in the severance between them hurt her more than she could have thought possible; the merest trifle! He might have forgotten; it might be fully accounted for – and, if not, what did it matter? It was nothing; but she stole behind the heavy curtains, and looked out at the corner of the blind with a wistful anxiety to see him, as if the sight of him would afford any comfort. Had Edward seen it he would have gnashed his teeth at her inquisition, at her watch and surveillance, without a thought of the trembling of profound tenderness, surprise, and pain which was in her. But Catherine was too late to see him. He had got into the shadow of the great holly, and there paused a moment before he turned his back upon Redborough and the dance. She saw a solitary figure on the road in the opposite direction, and wondered vaguely who it could be at that hour, but that was all. That it should be Edward did not enter into her thoughts.

But to Edward the silence and stillness were very grateful, emerging out of the very heat and din of conflict as he had just done. The cold too did him good; it refreshed his weary mind and excited brain, and composed and stilled the ferment in his whole being. The vast darkness of the world about him, the broad white light of the moon streaming along the road, but retiring baffled from the inequalities of the common; the spectral outline of every object, enlarged by the blackness behind of its own shadow – all had a vague effect upon him, though he made but little account of the features of the scene. He was in a state of mental exaltation, and therefore more open than usual to all influences, though it was not any lofty or noble cause which raised him into that spiritual susceptibility. He could see a long way before he reached it, the end window of Mrs. John's house shining along the road, its little light looking like a faint little ruddy earth-star, so near the ground. The mother and daughter were still sitting over their fire, talking – or rather it was the mother who talked, while Hester sat with her hands in her lap, half-listening, half-thinking, her mind escaping from her into many a dream and speculation, even while she gave a certain attention to her mother's broken monologue, which was chiefly about the dances and parties of the past.

"I never refused a ball when I was your age," Mrs. John said. "It would have been thought quite unnatural; and though I am old now, I feel the same as ever. What can be nicer for a girl than to have a nice dance to go to, when she is sure of plenty of partners? If it was in a strange place, or you did not know the people, I could understand. It did hurt me a little, I confess, to hear that little Emma, with her white eyes, rolling away like a princess, to get all the attention, while my girl, that had so much better a right, stayed at home."

"Never mind, mamma," said Hester, with a smile. "It was my own fault; there was no wicked stepmother in question. And even if there had been, you know, after all, it was Cinderella that got the prince."

"Stepmother!" cried Mrs. John. "My dear! my dear! how could you have had a stepmother, and me surviving your poor dear papa all these years? I dare say if it had been me that died you would have had a stepmother, for gentlemen don't think of second marriages as women do. However, as it could not have happened, we need not think of that. Don't you hear steps on the road? I could be almost certain that I heard some one pass the window about five minutes ago; and there it is again. Can there be anything wrong with the Captain or old Mrs. Morgan? Dear me! what a dreadful thing if they should be taken ill, and nobody to send for the doctor! Listen! it is coming back again. If it was some one going for the doctor, they would not walk back and forward like that under our window. I declare I begin to get quite frightened. What do you think it can be?"

"If you think they may be ill I will run round directly," said Hester, rising to her feet.

"But, my darling! it might be robbers, and not Captain Morgan at all."

"I am not afraid of robbers," said Hester, which perhaps was not exactly true. "Besides, robbers don't make a noise to scare you. I must go and see if there is anything wrong."

Mrs. John did all she could at once to arouse her daughter to anxiety about the old people, and to persuade her that it was dangerous to run round the corner at nearly eleven o'clock. But eventually she consented to let Hester venture, she herself accompanying her with a candle to the door.

"It will be far better, mamma," Hester said, "if you will stand at the parlour window, and let me feel there is some one there."

This Mrs. John, though with much trembling, at length agreed to do. She even opened the window a little, though very cautiously, that nobody might hear, reflecting that if it was a robber he might jump in before she could get it closed again. And her anxiety rose almost to the fever point in the moments that followed. For Hester did not pass the window on her way to the Morgans' door. On the contrary, Mrs. John heard voices in the direction of the gate of the Heronry, and venturing to peep out, saw two dark figures in the moonlight – a sight which alarmed her beyond expression. It was nearly eleven o'clock, and all the inmates of the Heronry were in bed or going to it. Was it really robbers? – and why was Hester parleying with them? – or were these two of the robbers, and had they made away with her child? She was so alarmed at last that she hurried to the door, carrying her candle, and went out into the cold without a shawl, shading the light with her hand, and looking wildly about her. The candle and the moonlight confused each other, and though her heart beat less loudly when she perceived it was Hester who was talking across the gate, yet the sense of the unusual filled her with horror. "Who is it?" she cried, though in a whisper. "Hester! oh, what is the matter? Is it a doctor? Who is it? Is there anything wrong?"