When they were gone and only Alzugaray remained, he said to Cæsar:

“And you have played in Paris, too, probably.”

“Yes.”

“On a fall?”

“Certainly.”

“You are a bandit.”

“This game, my dear Ignacio, based solely on events, is not a speculator’s game, but is, simply, a hold-up. The other day I told you: ‘I am at Sinigaglia.’ Did you read the history of Cæsar Borgia?”

“Yes.”

“Well, what he did at Sinigaglia to the condottieri, to Vittellozzo, Oliverotto da Fermo, and his other two captain-adventurers, I have done to the Minister of Finance, to Don Calixto, Amparito’s father, and many others.” And Cæsar explained his game. Alzugaray was amazed.

“How much have you made?”