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Found behind a loose stone in the Slytherin Dungeons fireplace:
(Transcribed from the original)
Dear fellow Founders,
If you have found this letter, then I have left Hogwarts forever. You are probably wondering what my reasons for leaving are. I will say this: I seek redemption.
Still don't understand? Then you should think; you all obviously know about the in-fighting between our Houses. As much I as I don't want to admit this, I need you to know that my conscience knew the fighting was wrong, but it took me too long to listen to it. Yes, the great Salazar Slytherin has admitted he has made mistakes.
You are also wondering when I finally realized my mistakes. Godric, remember your son Cedric? And my daughter, Gwendolyn? I think the both of us can remember the "affair" they had before we found out about it.
In the past few months, I had noticed Gwen was much more withdrawn than ever. Finally I confronted her about what was troubling her. And what did I find out? That she was pregnant with your son's child, Godric. I don't know what came over me, but I remember that at the moment I just wanted the unborn child dead.
I had grabbed Gwen, and beat her until I was sure she had lost the child. Yes, I know, I actually beat Gwen. Me. I beat my own precious daughter. In fact, I still don't quite believe it myself.
If Gwen was distant from me before that incident, that was nothing compared to what she was like after. You may have seen, you may have not, but she completely ignored me, refusing to speak to me at all. She wouldn't even look at me.
Gwen has probably told you about the Chamber of Secrets and my plans to release the beast within while your guard was down. You can take down your wards; I have long given up in this war between us.
I conclude this letter in the hopes that you have also realized our mistakes and have also stopped fighting at last. If you ever cross paths with Gwen, whether within a lonely corridor or elsewhere, ask her if she can find it in her heart to forgive me. And I hope that our Houses will finally be united when I have left, and our beautiful castle shines once more with peace and hope.
Your fellow Founder and friend,
Salazar Slytherin
