present value of money, I doubt if you could find any capitalist who
would accept the transfer of the mortgage at the same rate. This is not
like Louvier, unless he had an object to gain, and that object is your
land. The revenue from your estate is derived chiefly from wood, out of
which the interest due to Louvier is to be paid. M. Gandrin, in a
skilfully-guarded letter, encourages you to sell the wood from your
forests to a man who offers you several thousand francs more than it
could command from customary buyers. I say nothing against M. Gandrin,
but every man who knows Paris as I do, knows that M. Louvier can put, and
has put, a great deal of money into M. Gandrin's pocket. The purchaser
of your wood does not pay more than his deposit, and has just left the
country insolvent. Your purchaser, M. Collot, was an adventurous
speculator; he would have bought anything at any price, provided he
had time to pay; if his speculations had been lucky he would have paid.
M. Louvier knew, as I knew, that M. Collot was a gambler, and the chances
were that he would not pay. M. Louvier allows a year's interest on his
hypotheque to become due-notice thereof duly given to you by his agent--
now you come under the operation of the law. Of course, you know what
the law is?"

"Not exactly," answered Alain, feeling frostbitten by the congealing
words of his counsellor; "but I take it for granted that if I cannot pay
the interest of a sum borrowed on my property, that property itself is
forfeited."

"No, not quite that--the law is mild. If the interest which should be
paid half-yearly remains unpaid at the end of a year, the mortgagee has a
right to be impatient, has he not?"

"Certainly he has."