It seems as it I'd never before understood with how much that is hard and shabby and base the most exquisite pleasures may be paid for." Ellen thanks Newland for making her the woman she is. Newland says that he is not much of a man at all: "I'm the man who married one woman because another one told him to." Ellen goes on to say that it is their sacrifice that has made May's life so lovely. And, Newland insists that she dare not base her happiness on the success of his marriage since, "[Ellen] gave [him] his first glimpse of a real life, and at the same moment asked him to go on with a sham one. It's beyond human enduring. She exclaims, "But I'm enduring it!" And the two realise that they will never be alone since they will both silently endure the same pain. Ellen says she will stay in America as long as they continue to endure; as long as they do not disobey propriety for their love.

Newland wanders back to New York in a "golden haze." On leaving the train station he runs into a gentleman he had seen near Ellen's Boston residence, the Parker House. They agree to meet later in Newland's office. His name is Monsieur Riviere and his first comment to Newland is, "I believe I saw you yesterday in Boston." Riviere reveals that he had been the messenger sent by Olenski to Ellen. Newland is, at first very angry. But, then Riviere reveals that he, personally, believes that the worst thing for Ellen would be for her to return. He reasons that she is an American and believes certain things that are commonplace in Europe to be unthinkable in her mind as an American. Riviere reveals to Newland that he is quitting his job with Olenski.

Over Thanksgiving dinner, the matter of changing society is thoroughly discussed. For example, now even May goes to Mrs. Struthers' home for Sunday night amusement Previously, Mrs. Struther's reputation was too questionable to allow for any of New York's upper crust to pay her a visit. Mrs. Archer, of course, brings up the fact that it was Ellen who attended the dinners first. May blushes deeply when Ellen's name comes up; Newland is very concerned about what the blush means. Beaufort's name also comes up over the meal because he has been illegally speculating and may go to prison or go bankrupt. Meanwhile, dreams of Ellen have become Newland's "real" life. He reads the books she used to read. He is "absent" from his society. After dinner, Newland and Sillerton Jackson retreat to the Gothic library. Jackson mentions that Ellen is almost financially cut off by her family for her refusal to return to the Count. He implies that now that Beaufort is bankrupt, she may be forced to return to Europe because he won't be able to support her. Newland is very angry and concerned for Ellen. He tells May that he will go to Washington on business. May understands that he is going to see Ellen, although she does not say anything.

At first, Wall Street is reassured that Beaufort can pay his bills. Mrs. Beaufort is seen at the Opera in brand new emeralds, a sign that Beaufort has enough money to keep his wife well-jewelled. However, it is later revealed that Beaufort, in fact, could not pay his bills. At the law firm, Newland receives a telegram saying that Mrs. Manson Mingott has had a stroke. Apparently, Mrs. J. Beaufort had approached her the night before asking if the family could stand up for her during her husband's financial crisis. Catherine replies firmly in the negative. Mrs. Beaufort says "But my name, Auntie, is Regina Dallas, " trying to remind her that prior to her marriage she was a member of one of the most prominent New York families. And Catherine replies, "It was Beaufort when he covered you with jewels, and it's got to stay Beaufort now that he's covered you with shame." Catherine also requests that Ellen come back from Washington so that she can convince her to return to her husband. May remarks that it will be a pity that Newland will not be able to see her since he will be going to Washington while she is returning. Newland leaves to the telegraph office to send Ellen the message.

Newland sends off the telegram; he is confronted at the office by Lefferts who wants to of course discuss the rumours. Later, at the Wellands', there is a crisis over who shall pick Ellen up at the station. Newland volunteers to go. May asks Newland how he will have the time to pick up Ellen and still make it to Washington. Newland lies and says that his business trip has been postponed. May catches him in a lie but has too much propriety to confront him about it. As Newland leaves for the station, May seems to have a tear in her eye.

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