Ernestwasnowwellturnedtwenty-sixyearsold，andinlittlemorethananotheryearandahalfwouldcomeintopossessionofhismoney。IsawnoreasonforlettinghimhaveitearlierthanthedatefixedbyMissPontifexherself；atthesametimeIdidnotlikehiscontinuingtheshopatBlackfriarsafterthepresentcrisis。ItwasnottillnowthatIfullyunderstoodhowmuchhehadsuffered，norhownearlyhissupposedwife’shabitshadbroughthimtoactualwant。
Ihadindeednotedtheoldwanwornlooksettlinguponhisface，butwaseithertooindolentortoohopelessofbeingabletosustainaprotractedandsuccessfulwarfarewithEllentoextendthesympathyandmaketheinquirieswhichIsupposeIoughttohavemade。AndyetIhardlyknowwhatIcouldhavedone，fornothingshortofhisfindingoutwhathehadfoundoutwouldhavedetachedhimfromhiswife，andnothingcoulddohimmuchgoodaslongashecontinuedtolivewithher。
AfterallIsupposeIwasright；Isupposethingsdidturnoutallthebetterintheendforhavingbeenlefttosettlethemselves——atanyratewhethertheydidordidnot，thewholethingwasintoogreatamuddleformetoventuretotackleitsolongasEllenwasuponthescene；now，however，thatshewasremoved，allmyinterestinmygodsonrevived，andIturnedovermanytimesinmymind，whatIhadbetterdowithhim。
ItwasnowthreeandahalfyearssincehehadcomeuptoLondonandbeguntolive，sotospeak，uponhisownaccount。Oftheseyears，sixmonthshadbeenspentasaclergyman，sixmonthsingaol，andfortwoandahalfyearshehadbeenacquiringtwofoldexperienceinthewaysofbusinessandofmarriage。Hehadfailed，Imaysay，ineverythingthathehadundertaken，evenasaprisoner；yethisdefeatshadbeenalways，asitseemedtome，somethingsolikevictories，thatIwassatisfiedofhisbeingworthallthepainsI
couldbestowuponhim；myonlyfearwaslestIshouldmeddlewithhimwhenitmightbebetterforhimtobeletalone。OnthewholeI
concludedthatathreeandahalfyears’apprenticeshiptoaroughlifewasenough；theshophaddonemuchforhim；ithadkepthimgoingafterafashion，whenhewasingreatneed；ithadthrownhimuponhisownresources，andtaughthimtoseeprofitableopeningsallaroundhim，whereafewmonthsbeforehewouldhaveseennothingbutinsuperabledifficulties；ithadenlargedhissympathiesbymakinghimunderstandthelowerclasses，andnotconfininghisviewoflifetothattakenbygentlemenonly。Whenhewentaboutthestreetsandsawthebooksoutsidethesecond-handbook-stalls，thebric-a-bracinthecuriosityshops，andtheinfinitecommercialactivitywhichisomnipresentaroundus，heunderstooditandsympathisedwithitashecouldneverhavedoneifhehadnotkeptashophimself。
Hehasoftentoldmethatwhenheusedtotravelonarailwaythatoverlookedpopuloussuburbs，andlookeddownuponstreetafterstreetofdingyhouses，heusedtowonderwhatkindofpeoplelivedinthem，whattheydidandfelt，andhowfaritwaslikewhathedidandfelthimself。Now，hesaidheknewallaboutit。IamnotveryfamiliarwiththewriteroftheOdyssey(who，bytheway，Isuspectstronglyofhavingbeenaclergyman)，butheassuredlyhittherightnailontheheadwhenheepitomisedhistypicalwisemanasknowing“thewaysandfaringsofmanymen。”Whatcultureiscomparabletothis？Whatalie，whatasicklydebilitatingdebauchdidnotErnest’sschoolanduniversitycareernowseemtohim，incomparisonwithhislifeinprisonandasatailorinBlackfriars。IhaveheardhimsayhewouldhavegonethroughallhehadsufferedifitwereonlyforthedeeperinsightitgavehimintothespiritoftheGrecianandtheSurreypantomimes。Whatconfidenceagaininhisownpowertoswimifthrownintodeepwatershadnothewonthroughhisexperiencesduringthelastthreeyears！
But，asIhavesaid，Ithoughtmygodsonhadnowseenasmuchoftheundercurrentsoflifeaswaslikelytobeofusetohim，andthatitwastimehebegantoliveinastylemoresuitabletohisprospects。Hisaunthadwishedhimtokissthesoil，andhehadkisseditwithavengeance；butIdidnotlikethenotionofhiscomingsuddenlyfromthepositionofasmallshopkeepertothatofamanwithanincomeofbetweenthreeandfourthousandayear。Toosuddenajumpfrombadfortunetogoodisjustasdangerousasonefromgoodtobad；besides，povertyisverywearing；itisaquasi-
embryoniccondition，throughwhichamanhadbetterpassifheistoholdhislaterdevelopmentssecurely，butlikemeaslesorscarletfeverhehadbetterhaveitmildlyandgetitoverearly。
Nomanissafefromlosingeverypennyhehasintheworld，unlesshehashadhisfacer。HowoftendoInothearmiddle-agedwomenandquietfamilymensaythattheyhavenospeculativetendency；THEY
neverhadtouched，andneverwouldtouch，anybuttheverysoundest，bestreputedinvestments，andasforunlimitedliability，ohdear！
dear！andtheythrowuptheirhandsandeyes。
Wheneverapersonisheardtotalkthushemayberecognisedastheeasypreyofthefirstadventurerwhocomesacrosshim；hewillcommonly，indeed，winduphisdiscoursebysayingthatinspiteofallhisnaturalcaution，andhiswellknowinghowfoolishspeculationis，yettherearesomeinvestmentswhicharecalledspeculativebutinrealityarenotso，andhewillpulloutofhispockettheprospectusofaCornishgoldmine。Itisonlyonhavingactuallylostmoneythatonerealiseswhatanawfulthingthelossofitis，andfindsouthoweasilyitislostbythosewhoventureoutofthemiddleofthemostbeatenpath。Ernesthadhadhisfacer，ashehadhadhisattackofpoverty，young，andsufficientlybadlyforasensiblemantobelittlelikelytoforgetit。Icanfancyfewpiecesofgoodfortunegreaterthanthisashappeningtoanyman，provided，ofcourse，thatheisnotdamagedirretrievably。
SostronglydoIfeelonthissubjectthatifIhadmywayIwouldhaveaspeculationmasterattachedtoeveryschool。TheboyswouldbeencouragedtoreadtheMoneyMarketReview，theRailwayNews，andallthebestfinancialpapers，andshouldestablishastockexchangeamongstthemselvesinwhichpenceshouldstandaspounds。Thenletthemseehowthismakinghastetogetrichmoneysoutinactualpractice。Theremightbeaprizeawardedbythehead-mastertothemostprudentdealer，andtheboyswholosttheirmoneytimeaftertimeshouldbedismissed。Ofcourseifanyboyprovedtohaveageniusforspeculationandmademoney——wellandgood，lethimspeculatebyallmeans。
IfUniversitieswerenottheworstteachersintheworldIshouldliketoseeprofessorshipsofspeculationestablishedatOxfordandCambridge。WhenIreflect，however，thattheonlythingsworthdoingwhichOxfordandCambridgecandowellarecooking，cricket，rowingandgames，ofwhichthereisnoprofessorship，Ifearthattheestablishmentofaprofessorialchairwouldendinteachingyoungmenneitherhowtospeculate，norhownottospeculate，butwouldsimplyturnthemoutasbadspeculators。
Iheardofonecaseinwhichafatheractuallycarriedmyideaintopractice。Hewantedhissontolearnhowlittleconfidencewastobeplacedinglowingprospectusesandflamingarticles，andfoundhimfivehundredpoundswhichhewastoinvestaccordingtohislights。Thefatherexpectedhewouldlosethemoney；butitdidnotturnoutsoinpractice，fortheboytooksomuchpainsandplayedsocautiouslythatthemoneykeptgrowingandgrowingtillthefathertookitawayagain，incrementandall——ashewaspleasedtosay，inselfdefence。
Ihadmademyownmistakeswithmoneyabouttheyear1846，wheneveryoneelsewasmakingthem。ForafewyearsIhadbeensoscaredandhadsufferedsoseverely，thatwhen(owingtothegoodadviceofthebrokerwhohadadvisedmyfatherandgrandfatherbeforeme)I
cameoutintheendawinnerandnotaloser，Iplayednomorepranks，butkepthenceforwardasnearlyinthemiddleofthemiddlerutasIcould。Itriedinfacttokeepmymoneyratherthantomakemoreofit。IhaddonewithErnest’smoneyaswithmyown——
thatistosayIhadletitaloneafterinvestingitinMidlandordinarystockaccordingtoMissPontifex’sinstructions。Noamountoftroublewouldhavebeenlikelytohaveincreasedmygodson’sestateonehalfsomuchasithadincreasedwithoutmytakinganytroubleatall。
MidlandstockattheendofAugust1850，whenIsoldoutMissPontifex’sdebentures，stoodat32poundsper100pounds。I
investedthewholeofErnest’s15，000poundsatthisprice，anddidnotchangetheinvestmenttillafewmonthsbeforethetimeofwhichIhavebeenwritinglately——thatistosayuntilSeptember1861。I
thensoldat129poundspershareandinvestedinLondonandNorth-
Westernordinarystock，whichIwasadvisedwasmorelikelytorisethanMidlandsnowwere。IboughttheLondonandNorth-Westernstockat93poundsper100pounds，andmygodsonnowin1882stillholdsit。
Theoriginal15，000poundshadincreasedinelevenyearstoover60，000pounds；theaccumulatedinterest，which，ofcourse，Ihadre-
invested，hadcometoabout10，000poundsmore，sothatErnestwasthenworthover70，000pounds。Atpresentheisworthnearlydoublethatsum，andallastheresultofleavingwellalone。
Largeashispropertynowwas，itoughttobeincreasedstillfurtherduringtheyearandahalfthatremainedofhisminority，sothatoncomingofageheoughttohaveanincomeofatleast3500
poundsayear。
Iwishedhimtounderstandbook-keepingbydoubleentry。Ihadmyselfasayoungmanbeencompelledtomasterthisnotverydifficultart；havingacquiredit，Ihavebecomeenamouredofit，andconsideritthemostnecessarybranchofanyyoungman’seducationafterreadingandwriting。Iwasdetermined，therefore，thatErnestshouldmasterit，andproposedthatheshouldbecomemysteward，book-keeper，andthemanagerofmyhoardings，forsoI
calledthesumwhichmyledgershowedtohaveaccumulatedfrom15，000poundsto70，000pounds。ItoldhimIwasgoingtobegintospendtheincomeassoonasithadamountedupto80，000pounds。
AfewdaysafterErnest’sdiscoverythathewasstillabachelor，whilehewasstillattheverybeginningofthehoneymoon，asitwere，ofhisrenewedunmarriedlife，Ibroachedmyscheme，desiredhimtogiveuphisshop，andofferedhim300poundsayearformanaging(sofarindeedasitrequiredanymanaging)hisownproperty。This300poundsayear，Ineedhardlysay，Imadehimchargetotheestate。
Ifanythinghadbeenwantingtocompletehishappinessitwasthis。
Here，withinthreeorfourdayshefoundhimselffreedfromoneofthemosthideous，hopelessliaisonsimaginable，andatthesametimeraisedfromalifeofalmostsqualortotheenjoymentofwhatwouldtohimbeahandsomeincome。
“Apoundaweek。”hethought，“forEllen，andtherestformyself。”
“No。”saidI，“wewillchargeEllen’spoundaweektotheestatealso。Youmusthaveaclear300poundsforyourself。”
Ifixeduponthissum，becauseitwastheonewhichMrDisraeligaveConingsbywhenConingsbywasatthelowestebbofhisfortunes。MrDisraelievidentlythought300poundsayearthesmallestsumonwhichConingsbycouldbeexpectedtolive，andmakethetwoendsmeet；withthis，however，hethoughthisherocouldmanagetogetalongforayearortwo。In1862，ofwhichIamnowwriting，priceshadrisen，thoughnotsomuchastheyhavesincedone；ontheotherhandErnesthadhadlessexpensiveantecedentsthanConingsby，soonthewholeIthought300poundsayearwouldbeabouttherightthingforhim。
