Again there is a double meaning of character as treasure here. Dr Monygham, who has no incorruptible character, will rely on the "shadow" of character as he pretends to be someone Sotillo can trust. The lines "Perhaps he is right" and "The thing is done," referring on the surface to the dispatch of the silver, also refer to Charles Gould's disapproval of the Doctor's sense of disgrace, with "the thing" referring to the disgrace itself.

More directly, this line refers ahead to the manner in which Monygham will tempt Sotillo, using the promise of silver that isn't there. In this sense the phantom silver stands for the dream-ideal, in an emphasis of the novel's theme that an idea is just as powerful as the substance.