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“I say my horse bolted,” said the man who once had a silver-studded bridle.

“Cowards both,” said the little man.

The other gnawed his knuckle through some meditative moments, with his eye on his inferior.

“Don’t call me a coward,” he said at length.

“You are a coward like myself.”

“A coward possibly. There is a limit beyond which every man must fear. That I have learnt at last. But not like yourself. That is where the difference comes in.”

“I never could have dreamt you would have left him. He saved your life two minutes before. . . . Why are you our lord?”

The master gnawed his knuckles again, and his countenance was dark.

“No man calls me a coward,” he said. “No. A broken sword is better than none. . . . One spavined white horse cannot be expected to carry two men a four days’ journey. I hate white horses, but this time it cannot be helped. You begin to understand me? . . . I perceive that you are minded, on the strength of what you have seen and fancy, to taint my reputation. It is men of your sort who unmake kings. Besides which–I never liked you.”

“My lord!” said the little man.

“No,” said the master. “NO!”

He stood up sharply as the little man moved. For a minute perhaps they faced one another. Overhead the spiders’ balls went driving. There was a quick movement among the pebbles; a running of feet, a cry of despair, a gasp and a blow. . . .

Towards nightfall the wind fell. The sun set in a calm serenity, and the man who had once possessed the silver bridle came at last very cautiously and by an easy slope out of the ravine again; but now he led the white horse that once belonged to the little man. He would have gone back to his horse to get his silver-mounted bridle again, but he feared night and a quickening breeze might still find him in the valley, and besides he disliked greatly to think he might discover his horse all swathed in cobwebs and perhaps unpleasantly eaten.

And as he thought of those cobwebs and of all the dangers he had been through, and the manner in which he had been preserved that day, his hand sought a little reliquary that hung about his neck, and he clasped it for a moment with heartfelt gratitude. As he did so his eyes went across the valley.

“I was hot with passion,” he said, “and now she has met her reward. They also, no doubt–“

And behold! Far away out of the wooded slopes across the valley, but in the clearness of the sunset distinct and unmistakable, he saw a little spire of smoke.

At that his expression of serene resignation changed to an amazed anger. Smoke? He turned the head of the white horse about, and hesitated. And as he did so a little rustle of air went through the grass about him. Far away upon some reeds swayed a tattered sheet of grey. He looked at the cobwebs; he looked at the smoke.

“Perhaps, after all, it is not them,” he said at last.

But he knew better.

After he had stared at the smoke for some time, he mounted the white horse.

As he rode, he picked his way amidst stranded masses of web. For some reason there were many dead spiders on the ground, and those that lived feasted guiltily on their fellows. At the sound of his horse’s hoofs they fled.

Their time had passed. From the ground without either a wind to carry them or a winding sheet ready, these things, for all their poison, could do him little evil. He flicked with his belt at those he fancied came too near. Once, where a number ran together over a bare place, he was minded to dismount and trample them with his boots, but this impulse he overcame. Ever and again he turned in his saddle, and looked back at the smoke.

“Spiders,” he muttered over and over again. “Spiders! Well, well. . . . The next time I must spin a web.”