Neifile having made an end of her story, which was commended of all, Filomena, by the queen's good pleasure, proceeded to speak thus: "The story told by Neifile bringeth to my mind a parlous case the once betided a Jew; and for that, it having already been excellent well spoken both of God and of the verity of our faith, it should not henceforth be forbidden us to descend to the doings of mankind and the events that have befallen them, I will now proceed to relate to you the case aforesaid, which having heard, you will peradventure become more wary in answering the questions that may be put to you. You must know, lovesome companions mine, that, like as folly ofttimes draweth folk forth of happy estate and casteth them into the utmost misery, even so doth good sense extricate the wise man from the greatest perils and place him in assurance and tranquillity. How true it is that folly bringeth many an one from fair estate unto misery is seen by multitude of examples, with the recounting whereof we have no present concern, considering that a thousand instances thereof do every day manifestly appear to us; but that good sense is a cause of solacement I will, as I promised, briefly show you by a little story.
Saladin,—whose valour was such that not only from a man of little account it made him Soldan of Babylon, but gained him many victories over kings Saracen and Christian,—having in divers wars and in the exercise of his extraordinary munificences expended his whole treasure and having an urgent occasion for a good sum of money nor seeing whence he might avail to have it as promptly as it behoved him, called to mind a rich Jew, by name Melchizedek, who lent at usance in Alexandria, and bethought himself that this latter had the wherewithal to oblige him, and he would; but he was so miserly that he would never have done it of his freewill and Saladin was loath to use force with him; wherefore, need constraining him, he set his every wit awork to find a means how the Jew might be brought to serve him in this and presently concluded to do him a violence coloured by some show of reason.
Accordingly he sent for Melchizedek and receiving him familiarly, seated him by himself, then said to him, 'Honest man, I have understood from divers persons that thou art a very learned man and deeply versed in matters of divinity; wherefore I would fain know of thee whether of the three Laws thou reputest the true, the Jewish, the Saracen or the Christian.' The Jew, who was in truth a man of learning and understanding, perceived but too well that Saladin looked to entrap him in words, so he might fasten a quarrel on him, and bethought himself that he could not praise any of the three more than the others without giving him the occasion he sought. Accordingly, sharpening his wits, as became one who felt himself in need of an answer by which he might not be taken at a vantage, there speedily occurred to him that which it behoved him reply and he said, 'My lord, the question that you propound to me is a nice one and to acquaint you with that which I think of the matter, it behoveth me tell you a little story, which you shall hear.
An I mistake not, I mind me to have many a time heard tell that there was once a great man and a rich, who among other very precious jewels in his treasury, had a very goodly and costly ring, whereunto being minded, for its worth and beauty, to do honour and wishing to leave it in perpetuity to his descendants, he declared that whichsoever of his sons should, at his death, be found in possession thereof, by his bequest unto him, should be recognized as his heir and be held of all the others in honour and reverence as chief and head. He to whom the ring was left by him held a like course with his own descendants and did even as his father had done. In brief the ring passed from hand to hand, through many generations, and came at last into the possession of a man who had three goodly and virtuous sons, all very obedient to their father wherefore he loved them all three alike. The young men, knowing the usance of the ring, each for himself, desiring to be the most honoured among his folk, as best he might, besought his father, who was now an old man, to leave him the ring, whenas he came to die. The worthy man, who loved them all alike and knew not himself how to choose to which he had liefer leave the ring, bethought himself, having promised it to each, to seek to satisfy all three and privily let make by a good craftsman other two rings, which were so like unto the first that he himself scarce knew which was the true. When he came to die, he secretly gave each one of his sons his ring, wherefore each of them, seeking after their father's death, to occupy the inheritance and the honour and denying it to the others, produced his ring, in witness of his right, and the three rings being found so like unto one another that the true might not be known, the question which was the father's very heir abode pending and yet pendeth. And so say I to you, my lord, of the three Laws to the three peoples given of God the Father, whereof you question me; each people deemeth itself to have his inheritance, His true Law and His commandments; but of which in very deed hath them, even as of the rings, the question yet pendeth.'
Saladin perceived that the Jew had excellently well contrived to escape the snare which he had spread before his feet; wherefore he concluded to discover to him his need and see if he were willing to serve him; and so accordingly he did, confessing to him that which he had it in mind to do, had he not answered him on such discreet wise. The Jew freely furnished him with all that he required, and the Soldan after satisfied him in full; moreover, he gave him very great gifts and still had him to friend and maintained him about his own person in high and honourable estate."
 Lit. amorous (amorose), but Boccaccio frequently uses amoroso, vago, and other adjectives, which are now understood in an active or transitive sense only, in their ancient passive or intransitive sense of lovesome, desirable, etc.
 Compagne, i.e. she-companions. Filomena is addressing the female part of the company.