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All this filled no more than the space of a breath, though it seemed to Nick an age of the world had passed before he’d succeeded in packing up his yard and scrambling to his feet to confront the owners of the skirts and the slippered feet and the bell-like laughter that yet pealed over his head. And in that age, the thought was planted and nurtured and harvested in full ripeness, that his hosts were of faerie-kind. He knew they were too fair to be human men and women, their skins white nacre, their hair spun sunlight or moonlight or fire bound back from their wide brows by fillets of precious stones not less hard and bright than their emerald or sapphire eyes. The women went bare-bosomed as Amazons, the living jewels of their perfect breasts coffered in open gowns of bright silk. The men wore jewels in their ears, and at their forks, fantastic cod-pieces in the shapes of cockerels and wolves and rams with curling horns. They were splendid beyond imagining, a masque to put the Queen’s most magnificent Revels to shame.

As Nick stood in amaze, he heard the voice of his coy mistress say, “ ’Twere well, Nicholas Cantier, if thou woulds’t turn and make thy bow.”

With a glare for she who had brought him to this pass, Nick turned him around to face a woman sat upon a throne. Even were she seated upon a joint-stool, he must have known her, for her breasts and face were more lucent and fair than pearl, her open jacket and skirt a glory of gem-stones, and upon her fantastic hair perched a gold crown, as like to the jewel in his bosom as twopence to a groat. Nick gaped like that same small fish his fancy had painted him erewhile, hooked and pulled gasping to land. Then his knees, wiser than his head, gave way to prostrate him at the royal feet of Elfland.

“Well, friend Nicholas,” said the Faerie Queen. “Heartily are you welcome to our court. Raise him, Peasecod, and let him approach our throne.”

Nick felt a tug on his elbow, and wrenched his dazzled eyes from the figure of the Faerie Queen to see his wanton lass bending over him. “To thy feet, my heart,” she murmured. “And, as thou holdest dear thy soul, see that neither meat nor drink pass thy lips.”

“Well, Peasecod?” asked the Queen, and there was that in her musical voice that propelled Nick to his feet and down the Turkey carpet to stand trembling before her.

“Be welcome,” said the Queen again, “and take your ease. Peasecod, bring a stool and a cup for our guest, and let the musicians play and our court dance for his pleasure.”

There followed an hour as strange as any madman might imagine or poet sing, when Nicholas Cantier sat upon a gilded stool at the knees of the Queen of Elfland and watched her court pace through their faerie measures. In his hand he held a golden cup crusted with gems, and the liquor within sent forth a savor of roses and apples that promised an immortal vintage. But as oft as he, half-fainting, lifted the cup, so often did a pair of fingers pinch him at the ankle, and so often did he look down to see the faerie lass Peasecod crouching at his feet with her skirts spread out to hide the motions of her hand. One she glanced up at him, her soft eyes drowned in tears like pansies in rain, and he knew that she was sorry for her part in luring him here.

When the dancing was over and done, the Queen of Elfland turned to Nick and said, “Good friend Nicholas, we would crave a boon of thee in return for this our fair entertainment.”

At which Nick replied, “I am at your pleasure. Madam. Yet have I not taken any thing from you save words and laughter.”

“ ’Tis true, friend Nicholas, that thou hast scorned to drink our Faerie wine. And yet hast thou seen our faerie revels, that is a sight any poet in London would give his last breath to see.”

“I am no poet, Madam, but a humble journeyman goldsmith.”

“That too, is true. And for that thou art something better than humble at thy trade, I will do thee the honor of accepting that jewel in my image thou bearest bound against thy breast.”

Then it seemed to Nick that the Lady might have his last breath after all, for his heart suspended himself in his throat. Wildly looked he upon Gloriana’s face, fair and cold and eager as the trull’s he had escaped erewhile, and then upon the court of Elfland that watched him as he were a monkey or a dancing bear. And at his feet, he saw the dark-haired lass Peasecod, set apart from the rest by her mean garments and her dusky skin, the only comfortable thing in all that discomfortable splendor. She smiled into his eyes, and made a little motion with her hand, like a fishwife who must chaffer by signs against the crowd’s commotion. And Nicholas took courage at her sign, and fetched up a deep breath, and said:

“Fair Majesty, the jewel is but a shadow or counterfeit of your radiant beauty. And yet ’tis all my stock in trade. I cannot render all my wares to you, were I never so fain to do you pleasure.”

The Queen of Elfland drew her delicate brows like kissing moths over her nose. “Beware, young Nicholas, how thou triest our good will. Were we minded, we might turn thee into a lizard or a slow-worm, and take thy jewel resistless.”

“Pardon, dread Queen, but if you might take my jewel by force, you might have taken it ere now. I think I must give it you — or sell it you — by mine own unforced will.”

A silence fell, ominous and dark as a thundercloud. All Elfland held its breath, awaiting the royal storm. Then the sun broke through again, the Faerie Queen smiled, and her watchful court murmured to one another, as those who watch a bout at swords will murmur when the less-skilled fencer maketh a lucky hit.

“Thou hast the right of it, friend Nicholas: We do confess it. Come, then. The Queen of Elfland will turn huswife, and chaffer with thee.”

Nick clasped his arms about his knee and addressed the lady thus: “I will be frank with you, Serenity. My master, when he saw the jewel, advised me that I should not part withal for less than fifty golden crowns, and that not until I’d used it to buy a master goldsmith’s good opinion and a place at his shop. Fifty-five crowns, then, will buy the jewel from me, and not a farthing less.”

The Lady tapped her white hand on her knee. “Then thy master is a fool, or thou a rogue and liar. The bauble is worth no more than fifteen golden crowns. But for that we are a compassionate prince, and thy complaint being just, we will give thee twenty, and not a farthing more. “

“Forty-five,” said Nick. “I might sell it to Master Spenser for twice the sum, as a fair portrait of Gloriana, with a description of the faerie court, should he wish to write another book.”

“Twenty-five,” said the Queen. “Ungrateful wretch. ’Twas I sent the dream inspired the jewel.”

“All the more reason to pay a fair price for it,” said Nick. “Forty.”

This shot struck in the gold. The Queen frowned and sighed and shook her head and said, “Thirty. And a warrant, signed by our own royal hand, naming thee jeweler by appointment to Gloriana, by cause of a pendant thou didst make at her behest.”

It was a fair offer. Nick pondered a moment, saw Peasecod grinning up at him with open joy, her cheeks dusky red and her eyes alight, and said: “Done, my Queen, if only you will add thereto your attendant nymph, Peasecod, to be my companion.”