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“It sounds like the end,” said the boy who’d yawned.

“Very much like the end,” said the tow-headed girl.

“Well, if you wish,” said the peddler, “I can stop here. I am tired, and I—”

“No, no, please,” said the boy on the girl’s right. “Tell the rest. If there is more, then you cannot stop here.”

“And why is that?” the peddler asked him.

“My da says that an unfinished tale in an indecent thing.”

Somewhere in the house a door creaked open and was pulled shut just a little too roughly, and all three of the children started at the noise. The cat in the old woman’s lap opened one eye and looked well and profoundly annoyed at having been awakened.

“So,” said the peddler, who had not jumped at the slamming door, “your da believes that stories have endings, which means he must also believe they have beginnings. Do you believe that, child?”

The boy looked somewhat baffled at her question.

“Well . . . do they not?” he asked her.

“I don’t think so,” she told him. “Then again, I am only a poor peddler who sells oddments and notions and fixes broken wagon wheels and heals warts but . . . no, I do not believe so. Priests and learned scholars may disagree — though I daresay some of them may not. But I would ask you, did our story truly begin when the Snow twins waged their war and conquered Thok and Pnath and all the Lower Dream Lands, or was the beginning when they found the Qqi d’Evai Mubadieb in the Waking World, the World Above, where it had been hidden in a cavern known as Khoshilat Maqandeli, deep in the Arabian wastes? But no, more likely we’d have to say the beginning was earlier, the night the twins consummated their incestuous love on an altar they’d fashioned to honor Shub-Niggurath, the All Mother and consort of the Not-to-Be-Named.”

The peddler paused a moment, quietly admonishing herself for having been careless and spoken the name of one of the Great Old Ones, and worse, for having spoken it to three children. She picked up her cold pipe and set the stem between her yellow teeth, chewing at it a moment before continuing.

“Might be,” she said, “or might be, instead, the story began when they were born to Alma Shaharrazad Snow, who went by Hera. Or the night she was led by her mother into a ghoul warren in an earthly city known as Boston to be bedded by a ghoul. Or perhaps it all started much farther back, when the Snows and the Tillinghasts and the Cabots — all the members of that clan — entered into a pact with the ghouls whereby they’d be given riches and power in exchange for bearing half-caste children. Or much farther back still, when the Ghūl foolishly went to war against their ancient enemies, the Djinn. Or—”

“I think we get the idea,” said the tow-headed girl.

“Good,” said the peddler, and she managed a ghost of smile. “Good, for I think that is a very important lesson.”

“So . . . what happened next?” the boy who’d yawned asked. He was now very much awake.

“Well, Elspeth Snow didn’t only grow to be a brilliant woman and a leader of Serannian. She also studied military strategy and became proficient with a sword and a bow and with rifles, too. And she studied the mysteries of the Basalt Madonna as well. She’d learned much of the history of the race of ghouls from Sorrow, who never did come to feel at home in the world of men and longed always to return to Thok. Too much sun. The daughter of Isaac and Isobel Snow loved the old ghoul, and she wished always that he could return, and, for that matter, that she might have a chance to see for herself the lands her mother had once ruled, however briefly. She even desired, they say, to look upon the face of her father. She hated him for the strife he’d caused her mother and Sorrow, but some bit of her also wanted to love him as her mother had. In the end, I cannot say what single thing it was led Elspeth to become a soldier, but become a soldier she did. More than a soldier, she became a captain of the Serannian guard, and, by her thirtieth birthday, she’d risen to the highest rank.

“And it was then that she gathered an army from the people of Serannian to march against the despotic Qqi d’Tashiva and end his tyranny. Also women and men from Cydathria did she rally to her cause, and from Thran Kled, and the tribes of the Stony Desert and Oonai and even the fearsome shi’earya of the faraway hills of Implan. She took up the weapon her mother and father had used to crush the Old Kingdom of the Ghūl, and on a midsummer’s night she led her army down into Zin and across the Vale of Pnath. There she was joined by another army, rebel ghoul soldiers who followed Richard Pickman, the earthborn ghoul and once-man. Pickman had become an outspoken foe of the King of Bones and Rags and had long since fled Thok to avoid the gallows. The night gaunts and what remained of the race of gugs also followed her when she rode out to meet her father’s army in the abyss below the mountains. The battle was brief, for Elspeth Snow chose to unleash the fires roiling inside the Madonna. When she was done, her field of victory was a scorched plain where stone had been melted to slag, and of the bones of her enemies not even ash remained.”

The tow-headed girl stopped chewing her lower lip long enough to ask, “And what of the King? Did she slay her father?”

“Ah, what of the King. This is where our tale begins to fray, for none seem certain precisely what became of him. Sure, some do say that Elspeth slew her father outright. Others claim that he survived and was taken prisoner and locked in the catacombs deep below the throne room where he’d once ruled. Some would have us believe that he was banished simply and unceremoniously to the World Above to live always among human men and women, stripped of all his power. There is, however, another account of his fate and, I believe, one that more likely is nearer the truth of the matter.”

“And what is that?” asked the boy who’d yawned, but who was now wide awake and who, the peddler suspected, might not sleep at all that night.

“There is a story I heard the one time I ventured as far as Sinara — I dislike traveling through the Garden Lands, but that one time I did, and, by the way, it is said that soldiers of Sinara were also among those who joined with Elspeth — there is a story I heard there from a very old woman who once had been a priestess in a temple of the Elder Ones. Before that, she’d been a pirate and a smuggler, and before that — well, as I said, she was very old. She’d lived a long and strange life and knew many peculiar tales.

“We sat together in the back of a tavern on the banks of the River Xari, a tavern that served the wharves and all the shady, disreputable sorts one finds dockside, and she told me another version of the fate of Isaac Glyndwr Snow. She said, between fits of coughing and long drinks of whisky — for she was ill and did, I learned, soon after we spoke succumb to her tubercular sickness — that Elspeth took pity on him, for, at the last she saw before her a father. Sure now, children, I grant this is the oddest of all the twists and turns of my story, but often the course of history is many times odder than any fable or fairy tale.”

The peddler closed her eyes, taking care here to say only that part fit for the ears of youngsters and, too, only that part she would not in days to come find herself ruing having said. When she opened her eyes, the hearth fire seemed much brighter than it had before, and it ringed the three children like a halo.

“C’mon then,” said the boy on the tow-headed girl’s right side. “Aunty, what was it the woman in the tavern told you?”

The girl glared at him. “Don’t be rude, or she might decide not to say.”

“I ought not,” said the peddler. Her voice was rubbed thin by the telling of so long a tale, and it sounded to her ears weak and worn thin. “Sure, I should keep it between me, myself, and I. And the cats, of course, for cats know all, or so proclaim the wizened priests and priestesses of Ulthar.”