Love Me Little, Love Me Long Part 36

England is said to be governed by a limited monarchy; but in case of a struggle between the two, her heart goes more with unlimited republic than with genuine monarchy. The Spanish colonies in South America found this out, and in their long battle for independence came to us for sympathy and cash. They often obtained both, and in one case something more; we lent Chili a million at six per cent, but we lent her s.h.i.+ps, bayonets, and Cochrane gratis. This last, a gallant and amphibious dragoon, went to work in a style the slow Spaniard was unprepared for; blockaded the coast, overawed the Royalist party, and wrenched the state from the mother country, and settled it a republic.

One of the first public acts of this Chilian republic was to borrow a million of us to go on with. Peru took only half a million at this period. Colombia, during the protracted struggle her independence cost her, obtained a sort of _carte blanche_ loan from us at ten per cent. We were to deliver the stock in munitions of war, as called for, which, you will 'observe, was selling our loan; for at the bottom of all our romance lies business, business, business. Her freedom secured, the new state accommodated us by taking two millions of 5 per cent stock at 84. In all, about ten millions nominal capital, eight millions cash, crossed the Atlantic while we were cool; but now that we were heated by three hundred joint-stock companies, and the fire fanned by seven hundred prospectuses, fresh loans were effected with a wider range of territory and on a more important scale.

Brazil now got . . . 3,200,000 l. in two loans; Colombia . . . . . . 4,750,000 l.; Peru . . . . . . . . 1,366,000 l. in two loans; Mexico . . . . . . . 6,400,000 l. in two loans; Buenos Ayres . . . . 1,000,000 l.;

and Guatemala, a state we never heard of till she wanted money, took a million and a half. Besides these there were smaller loans, lent, not to nations, but to tribes. So hot was our money in our pockets that we tried 200,000 pounds on Patagonia. But the savages could not be got to nail us, which was the more to be regretted, as we might have done a good stroke with them; could have sent the stock out in fisherman's boots, c.o.c.ked hats, beads, Bibles, and army misfits.

Europe found out there existed an island overflowing with faith and overburdened with money; she ran at us for a slice of the latter. We lent Naples two millions and a half at 5 per cent stock 92 1/2.

Portugal a million and a half at 87. Austria three millions and a half at 82 1/2. Denmark three millions and a half at 3 per cent stock 75 1/2. Then came a _bonne bouche._ The subtle Greek had gathered from his western visitors a notion of the contents of Thucydides, and he came to us for sympathy and money to help him shake off the barbarians and their yoke, and save the wreck of the ancient temples.

The appeal was shrewdly planned. England reads Thucydides, and skims Demosthenes, though Greece, it is presumed, does not. The impressions of our boyhood fasten upon our hearts, and our mature reason judges them like a father, not like a judge. To sweep the Tartar out of the Peloponnese, and put in his place a free press that should recall from the tomb that soul of freedom, and revive by degrees that tongue of music--who can play Solomon when such a proposal comes up for judgment?

"Give yourself no further concern about the matter," said the lofty Burdett, with a gentlemanlike wave of the hand; "your country shall be saved."

"In a few weeks," said another statesman, "Cochrane will be at Constantinople, and burn the port and its vessels. Having thus disarmed invasion, he will land in the Morea and clear it of the Turks."

Greece borrowed in two loans 2,800,000 pounds at 5 per cent. Russia (droll juxtaposition!) drew up the rear. She borrowed three millions and a half, but upon far more favorable terms than, with all our romance, we accorded to "Graeculus esuriens." The Greek stock ruled *

from 56 1/2 to 59.

* A corruption from the French verb "rouler."

Into these loans, and the mult.i.tudinous mines and miscellaneous enterprises, gas, railroad, ca.n.a.l, steam, dock, provision, insurance, milk, water, building, was.h.i.+ng, money-lending, fis.h.i.+ng, lottery, annuities, herring-curing, poppy-oil, cattle, weaving, bog draining, street-cleaning, house-roofing, old clothes exporting, steel-making, starch, silk-worm, etc., etc., etc., companies, all cla.s.ses of the community threw themselves, either for investment or temporary speculation, on the fluctuations of the share-market. One venture was enn.o.bled by a prince of the blood figuring as a director; another was sanctified by an archbishop; hundreds were solidified by the best mercantile names in the cities of London, Liverpool, and Manchester.

Princes, dukes, d.u.c.h.esses, stags, footmen, poets, philosophers, divines, lawyers, physicians, maids, wives, widows, tore into the market, and choked the Exchange up so tight that the brokers could not get in nor out, and a bare pa.s.sage had to be cleared by force and fines through a ma.s.s of velvet, fustian, plush, silk, rags, lace, and broadcloth, that jostled and squeezed each other in the struggle for gain. The shop-keeper flung down his scales and off to the share-market; the merchant embarked his funds and his credit; the clerk risked his place and his humble respectability. High and low, rich and poor, all hurried round the Exchange, like midges round a flaring gas-light, and all were to be rich in a day.

And, strange to say, all seemed to win and none to lose; for nothing was at a discount except toil and self-denial, and the patient industry that makes men rich, but not in a day.

One cold misgiving fell. The vast quant.i.ties of gold and silver that Mexico, mined by English capital and machinery, was about to pour into our ports, would so lower the price of those metals that a heavy loss must fall on all who held them on a considerable scale at their present values in relation to corn, land, labor and other properties and commodities.

"We must convert our gold," was the cry. Others more rash said: "This is premature caution--timidity. There is no gold come over yet; wait till you learn the actual bulk of the first metallic imports." "No, thank you," replied the prudent ones, "it will be too late then; when once they have touched our sh.o.r.es, the fall will be rapid." So they turned their gold, whose value was so precarious, into that unfluctuating material, paper. This solitary fear was soon swallowed up in the general confidence. The king congratulated Parliament, and Parliament the king. Both houses rang with trumpet notes of triumph, a few of which still linger in the memories of living men.

1. "The cotton trade and iron trade were never so flouris.h.i.+ng."

2. "The exports surpa.s.sed by millions the highest figure recorded in'

history."

3. "The hum of industry was heard throughout the fields."

4. "Joy beamed in every face."

5. "The country now reaped in honor and repose all it had sown in courage, constancy and wisdom."

6. "Our prosperity extended to all ranks of men, enhanced by those arts which minister to human comfort, and those inventions by which man seems to have obtained a mastery over Nature through the application of her own powers."

But one honorable gentleman informed the Commons that "distress had vanished from the land,"* and in addressing the throne acknowledged a novel embarra.s.sment: "Such," said he, "is the general prosperity of the country, that I feel at a loss how to proceed; whether to give precedence to our agriculture, which is the main support of the country, to our manufactures, which have increased to an unexampled extent, or to our commerce, which distributes them to the ends of the earth, finds daily new outlets for their distribution, and new sources of national wealth and prosperity."

* "The poor ye shall have always with you."--Chimerical Evangelist.

Our old bank did not profit by the golden shower. Mr. Hardie was old, too, and the cautious and steady habits of forty years were not to be shaken readily. He declined shares, refused innumerable discounts, and loans upon scrip and invoices, and, in short, was behind the time. His bank came to be denounced as a clog on commerce. Two new banks were set up in the town to oil the wheels of adventure, on which he was a drag, and Hardie fell out of the game.

He was not so old or cold as to be beyond the reach of mortification, and these things stung him. One day he said fretfully to old Skinner, "It is hardly worth our while to take down the shutters now, for anything we do."

One afternoon two of his best customers, who were now up to their chins in shares, came and solicited a heavy loan on their joint personal security. Hardie declined. The gentlemen went out. Young Skinner watched them, and told his father they went into the new bank, stayed there a considerable time, and came out looking joyous. Old Skinner told Mr. Hardie. The old gentleman began at last to doubt himself and his system.

"The bank would last my time," said he, "but I must think of my son. I have seen many a good business die out because the merchant could not keep up with the times; and here they are inviting me to be director in two of their companies--good mercantile names below me. It is very flattering. I'll write to d.i.c.k. It is just he should have a voice; but, dear heart! at his age we know beforehand he will be for galloping faster than the rest. Well, his old father is alive to curb him."

It was always the ambition of Mr. Richard Hardie to be an accomplished financier. For some years past he had studied money at home and abroad--scientifically. His father's connection had gained him a footing in several large establishments abroad, and there he sat and worked _en amateur_ as hard as a clerk. This zeal and diligence in a young man of independent means soon established him in the confidence of the chiefs, who told him many a secret. He was now in a great London bank, pursuing similar studies, practical and theoretical.

He received his father's letters sketching the rapid decline of the bank, and finally a short missive inviting him down to consider an enlarged plan of business. During the four days that preceded the young man's visit, more than one application came to Hardie senior for advances on scrip, cargoes coming from Mexico, and joint personal securities of good merchants that were in the current ventures. Old Hardie now, instead of refusing, detained the proposals for consideration. Meantime, he ordered five journals daily instead of one, sought information from every quarter, and looked into pa.s.sing events with a favorable eye. The result was that he blamed himself, and called his past caution timidity. Mr. Richard Hardie arrived and was ushered into the bank parlor. After the first affectionate greetings old Skinner was called in, and, in a little pompous, good-hearted speech, invited to make one in a solemn conference. The compliment brought the tears into the old man's eyes. Mr. Hardie senior opened, showed by the books the rapid decline of business, pointed to the rise of two new banks owing to the tight hand he had held unseasonably, then invited the other two to say whether an enlarged system was not necessary to meet the times, and submitted the last, proposals for loans and discounts. "Now, sir, let me have your judgment."

"After my betters, sir," was old Skinner's reply.

"Well, d.i.c.k, have you formed any opinion on this matter?"

"I have, sir."

"I am extremely glad of it," said the old gentleman, very sincerely, but with a shade of surprise; "out with it, d.i.c.k."

The young man thus addressed by his father would not have conveyed to us the idea of "d.i.c.k." His hair was brown; there were no wrinkles under his eyes or lines in his cheek, but in his manner there was no youth whatever. He was tall, commanding, grave, quiet, cold, and even at that age almost majestic. His first sentence, slow and firm, removed the paternal notion that a cipher or a juvenile had come to the council-table.

"First, sir, let me return to you my filial thanks for that caution which you seem to think has been excessive. There I beg respectfully to differ with you."

"I am glad of it, d.i.c.k; but now you see it is time to relax, eh?"

"No, sir."

The two old men stared at one another. The senile youth proceeded: "That some day or other our system will have to be relaxed is probable, but just now all it wants is--tightening."

"Why, d.i.c.k? Skinner, the boy is mad. You can't have watched the signs of the times."

"I have, sir; and looked below the varnish."

"To the point, then, d.i.c.k. There is a general proposal 'to relax our system.' The boy uses good words, Skinner, don't he? and here are six particulars over which you can cast your eye. Hand them to him, Skinner."

"I will take things in that order," said Richard, quietly running his eye over the papers. There was a moment's silence. "It is proposed to connect the bank with the speculations of the day."

"That is not fairly stated, d.i.c.k; it is too broad. We shall make a selection; we won't go in the stream above ankle deep."

"That is a resolution, sir, that has been often made but never kept--for this reason: you can't sit on dry land and calculate the force of the stream. It carries those who paddle in it off their feet, and then they must swim with it or--sink."

"d.i.c.k, for Heaven's sake, no poetry here."

"Nay, sir," said old Skinner, "remember, 'twas you brought the stream in."

"More fool I. 'Flow on, thou s.h.i.+ning d.i.c.k'; only the more figures of arithmetic, and the fewer figures of speech, you can give old Skinner and me, the more weight you will carry with us."

The young man colored a moment, but never lost his ponderous calmness.

"I will give you figures in their turn, But we were to begin with the general view. Half-measures, then, are no measures; they imply a vacillating judgment; they are a vain attempt to make a pound of rashness and a pound of timidity into two pounds of prudence. You permit me that figure, sir; it comes from the summing-book. The able man of business fidgets. He keeps quiet, or carries something out."

Old Skinner rubbed his hands. "These are wise words, sir."