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Teddy Garland, who is a friend of Raffles', finds that he is in debt to the moneylender, Brigstock. After paying a visit to Brigstock Raffles and Bunny manage to pay Garland's debt back.
When Brigstock asks Raffles to steal a letter which is evidence in a court case pending against him, Raffles agrees, but has an agenda about which Brigstock knows nothing.
Ultimately Raffles puts Brigstock into a position where he must choose between his love for his money and life itself.