Mercer Frey continues to elude my every step, I think he's aware I'm following him and appears to be taking no unnecessary chances to bring all of my skills to the forefront in order to decieve him, it pains me that the deception is necessary.
When I became a Nightengale using my newfound talents against my own was furthest thought from my mind.
There was a close call today, I was settling down and for a night's rest in the cistern when Mercer Frey entered unexpectedly, he was creeping along the wall, but I spotted him immediately he edged closer to the vault door making his way carefully around the perimeter of the room but suddenly stopped towards my hidding place, I froze instantly even holding my breath for a moment but my position was already compromised, he abruptly turned and walked back towards the flagon. What was he doing?
At last I have a pice of evidence that might explain Mercer Frey's actions, instead of trying to follow him or break into his Manor I used every loose tongued source at my disposal to scour the ratway looking for answers. It took several weeks but, Maul was able to provide an interesting bit of information.
Mercer had been spending inordinately large sums of coin on all manner of things unrelated to the guild. How he was able to afford this was a mystery to me, the vault was impernable.
So what was the source of his coin?
It's been confirmed by my sources, Mercer been living an unduly lavish lifestyle replete with spending vast amounts of gold on personal pleasures. I have more than my share of evidence to confront him, now he must be stealing from the guild but without proof all I have baseless accusation. Mercer came from wealthy stock, but the amount of coin he's spending is immense.
I've been giving it some serious thought there's only that Mercer could have access to vast amounts of coin. I hesitate to even believe it's possible how could he possibly descrate the Twilight Sepulcher, this goes far beyond merc greed and transcends common theft, his actions could represent the failure of the Nightengale.
Something that hasn't occured in hundreds of years, why would he readily throw away everything he believes in, all I need is proof.Mercer Frey had requested I meet him at Snow veil Sanctum today, he sent a note by caurer, so I can only assume he's already there. All my senses tell me it's a trap but I have no choice, his message the meeting was of the upmost urgency and involved guild business, so I'm ablogated to go. I can't risk bringing anyone else with me but I'm almost certain Karliah will disobey and follow.

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Skyrim: Elder Scrolls V---Gallu's Encoded Journal.
RandomI translated Gallu's encoded journal because I was bored and I was doing that Quest anyway. So here you go.