When the secretary of the treasury reached his desk on the morning of Saturday, the 2d of November, 1895, he notified the doorkeeper that he should be extremely busy for some hours, and that all callers must be refused. Even members of Congress must be denied admission. Nevertheless, a few minutes later, the attendant came hesitatingly into the secretary’s private room with two cards, and said:

“These gentlemen insisted, sir, that I should bring you the message on one of their cards.”

Visibly annoyed, the secretary took the cards, and glancing at the first exclaimed impatiently:

“Robert Brent—who is he?”

Upon the second card, bearing the name of “John Wharton,” he read the hastily scribbled words:

“A few minutes, please, upon business of the utmost public importance.”

The secretary’s manner changed instantly. “Show the gentlemen in at once,” was his order. A moment later he greeted Wharton cordially, saying:{282}

“You are the one man whom I am heartily glad to see to-day.”

“Thank you, sir,” responded Wharton. “I wish I could hope that my coming would justify your welcome. Allow me to present my friend, Mr. Brent of New York.”

The two men shook hands, and when they had seated themselves near the secretary’s desk, Wharton went on to say:

“Let me explain at once that Mr. Brent is the principal for whom my firm has been acting in all the operations with which our name has been connected during the past year. It has been his money and only his which has been used. We have come to Washington to put you in possession of certain information which is of the gravest importance to the nation, and to ask your advice and assistance. I should say at the outset that if even a suspicion of the truth which we are here to make known to you should transpire, it would work the greatest calamity to the country; so you will pardon me, I know, if I ask if we can speak without possibility of being overheard.”

“Certainly, Mr. Wharton,” responded the secretary gravely, his glance resting first on one man and then on the other with an expression of keenest interest. “We are quite by ourselves, and we shall not be dis{283}turbed. I hope your facts are not as alarming as your words imply.”

“I fear they are, sir,” resumed Wharton. “You know already a good deal about our investment of very large sums of money, originally in gold, since December of last year. We have expended in one way or another in this country and in England a total of about five hundred million dollars.”

“Is it as much as that?” inquired the secretary surprised. “I knew it was a vast sum, but I imagined it was somewhat smaller.”

“Yes, and you know, sir, what the effect has been. But you may not know that we have striven by every means in our power during the past few weeks to check and counteract the evils which have arisen and which have threatened. It has been with rather poor success, I admit, but that is because the task has been too great for us, and not by reason of any lack of effort or of monetary sacrifice upon our part.”

“I know more than you imagine, gentlemen,” interrupted the secretary warmly, “of the country’s indebtedness to you for your services during this crisis. I have seen Mr. Wharton’s hand in many places, and it has been more powerful for good than any of the resources of the government. Ever since our conference last spring, Mr. Wharton, I have had the fullest confidence in your motives and in your patriotism.{284} Had it been different, I should have endeavored to bring some influence to bear upon you before now.”

“You are very kind, sir, but the credit is Mr. Brent’s, whose instructions I have followed. But now we are at the end of our resources. No, our funds are not exhausted,” noticing the surprise in the secretary’s face. “It would be far better if they were. The fact is, and this is what we have come to tell you, that our funds are practically inexhaustible. Mr. Brent has still stored in New York more than five thousand tons of gold, or nearly three billions of dollars.”

The secretary of the treasury started forward in his chair, looking from one man to the other in agitated amazement.

“Can this be true, gentlemen, five thousand tons of gold?” he exclaimed presently, in tones of gravest foreboding.

“Literally true, sir, I am sorry to say,” replied Brent, to whom the secretary seemed to turn for confirmation of Wharton’s startling announcement.

“Then, indeed, are we in danger—not only we but the whole world.” Suddenly springing to his feet, the secretary pressed an electric button and said energetically, “Gentlemen, this is not a matter for us alone. Will you go with me at once to the president?{285}”

Both men assented, and his confidential assistant appearing at that moment, the secretary said to him:

“Telephone to the White House, and ask if the president will see me and two gentlemen at once upon a matter of the most vital importance.”

An affirmative reply came in a few moments, and the three men started for the Executive Mansion, the trip being made almost in silence. They were admitted at once, on reaching the White House, to the president’s private office.

The president, judging from the litter of papers upon the desk at which he sat, had been hard at work. He seemed slightly surprised at seeing two strangers enter with the secretary, but he acknowledged the introductions with quiet affability. He recognized Wharton’s name at once and expressed especial satisfaction at meeting him just at that time.

“I have thought several times within the last month of inviting you to call upon me,” continued the president, “for I have no doubt you can supply us with valuable information and suggestions bearing upon the financial situation.”

Wharton was about to express his appreciation of the honor, when the secretary of the treasury addressed his chief with such gravity of manner that conventional commonplaces were dropped at once.{286}

“Mr. Wharton and Mr. Brent have come to me with a statement of such tremendous import that I have brought them here at once without inquiring into particulars. I should say in the first place,” explained the secretary, while the president listened with close and rather surprised attention, “that Mr. Brent is the owner of all the gold which has been so mysteriously introduced into circulation during the past year, and that Mr. Wharton has been his agent in all the transactions with which we are familiar. The fact which I have hastened to bring instantly to your attention is this: These gentlemen inform me that the amount of virgin gold which they have thus far put upon the market is about five hundred millions, but this enormous sum is less than one sixth of their total store of the metal.”

The president, while the secretary was speaking, had been unconsciously fingering a large paper-weight near the edge of his desk. His surprise was so great at the cabinet officer’s last words, that by an involuntary movement he sent the heavy implement clattering to the floor. No one in the anxious group noticed the noise. The secretary began pacing the room nervously. Brent’s face was melancholy, Wharton’s worried and worn. The president seemed to lose color for a moment, and then an expression of stern determination such as gathers in the faces of{287} resolute men confronting sudden emergencies came upon his. There was a trace of sternness in his voice also when, after looking keenly at Brent for a moment, he inquired:

“Can this be true, Mr. Brent?”

“Yes,” answered Brent, almost guiltily, “unfortunately it is true.”

“May I ask what you propose doing with this gold?” pursued the president.

“That I do not know, sir. It is to ask your advice that I am here. The responsibility is too great for me. I stand ready to devote it to whatever purpose will best conserve the interests of the country and of humanity,” was the reply.

“Thank God for that!” responded the president, evidently much relieved, “for you have in your hands a power for evil greater than I imagined any man possessed. What you have done already has not made me suspicious of your motives, although you will probably admit that some mistakes have been made. Can you tell us the history of this gold, where it is, and whether the source whence it comes is exhausted?”

“I will gladly tell you everything except the location of its original bed,” Brent replied. “That is a secret which is not mine to share. It was chiefly to prevent the overrunning of the region by gold{288}hunters that I was permitted to take it away. Besides, the knowledge is no longer of importance, because I assure you that the wonderful deposit is completely exhausted. The gold, some five thousand tons remaining, is stored in a private vault in New York. It will remain there until the soundest wisdom I can avail myself of determines its final disposition.”

The president left his chair, walked over to the young man, and held out his hand. Brent rose in some surprise and accepted the hand-clasp, while the president exclaimed warmly:

“Mr. Brent, I honor you for that sentiment, and the country will honor you. Unless you were governed by a generous spirit, we should be face to face with almost certain ruin. As it is, a more difficult problem it would be hard to imagine. I confess I should not venture to suggest a solution without long and careful deliberation. But it is not a new problem to you two gentlemen. Will you not give us fully your views of the situation?”

“Mr. Wharton is much better able to discuss the matter than I am,” responded Brent, while all four drew up chairs in a close group. “We have endeavored during the past month to ward off or mitigate such evils as we could in the commercial and financial worlds by various expedients and palliative measures, some of them wise perhaps, and some of them{289} otherwise. We have come to the conclusion, however, that it is beyond our power unaided to restore tranquillity and soundness. We have succeeded in withdrawing about one hundred and fifty millions in cash from circulation. Another hundred millions of the five hundred millions distributed was placed abroad, and at a fair estimate I should judge about fifty millions more had found its way out of the country. So I calculate that the circulating medium in the United States is about two hundred millions greater than it was one year ago, or before we began operations. That is the situation as I understand it regarding the present placing of the gold which I have introduced into the market. For the future, I am anxious to co?perate in any way you may advise for the relief of present difficulties.

“Then comes the larger question of the disposal of the remaining three billions of gold now on my hands. It is as much a matter of concern to the whole world as to America. I should like to submit the problem to a commission, necessarily small, and composed of the highest statesmanship and financial wisdom of the world. I know of no way of doing this except through you. It would, I think, be within your power to convene such an international monetary conference. Only the great powers need be invited, and without disclosing the secret, even to the heads of{290} governments, an intimation of the importance of the matter could be conveyed through diplomatic channels, and thus you could secure the selection of delegates of the highest ability and influence. Of course no hint of the truth must be allowed to transpire until this conference has decided upon a final policy, and arrangements have been made for putting it into execution.”

The president listened to Brent’s statement with close attention and manifest interest. He remained for some moments in profound thought. At length he said:

“On first consideration, Mr. Brent, I am inclined to approve of your suggestion unreservedly. There are difficulties, but I think they might be overcome. I will talk the matter over with the secretary, and we will all discuss it together again a little later. What is more pressing for the moment is our present policy. The Congress, as you know, meets next week. I was engaged in reshaping my message when you came in. After what you have told me, it may be necessary to redraft it entirely. I was prepared to recommend vigorous measures to bring about restoration of confidence, even to the suspension of the free coinage of gold, if such a policy seemed advisable. But with all the other mints of the world still open, and with your assurance that no more additions will be made to the{291} unnatural supply of gold, such a course appears to be unnecessary. We have already curtailed the work of the mints. You know they have all been coining gold day and night at top speed for months, and still have been unable to handle a fraction of the metal offered. Hereafter they will run only during regular hours and at ordinary capacity. Have you noticed, by the way, gentlemen, how completely you have solved the silver problem?”

“Yes, sir,” responded Brent smiling. “We have almost succeeded in both demonetizing gold and remonetizing silver.”

“True,” resumed the president, “and you have quite succeeded in demonstrating the folly and futility of trying to maintain by legislation the value of an oversupplied article, be it silver or gold or anything else. We attempted the impossible in this country more persistently than anywhere else, and we suffered a heavier penalty. Now your deluge of gold has restored the old-fashioned ratio of the world’s production of the two metals, and the price of silver without any legislation or manipulation, simply in obedience to the laws of trade, has risen to its old level. Perhaps it would be more correct to say that gold had descended toward the silver level. If it should become known that you still held five thousand tons of gold ready to turn into money, does anybody suppose{292} that an act of the Congress or any other fiat of government could maintain gold as the standard of value? I have no doubt, however, that the friends of silver will come forward next week with some interesting proposals on behalf of that no longer despised metal. The situation will be difficult to control, very difficult indeed, pending the solution of your greater problem. I cannot help wishing you had placed these facts before me a month ago. Then I should not have felt it my duty to call an extra session.”

The president leaned back in his chair, drummed mechanically upon the desk, and for some time was lost in deep thought. The others were silent likewise. Presently collecting himself, and addressing both Wharton and Brent, the chief of the nation said earnestly:

“Gentlemen, I shall deal with you in this matter with complete frankness and without reserve or formality, just as if you were members of my cabinet. The subject is too great, too portentous, for us to allow any consideration save the best welfare of the country, of the world, to enter into our treatment of it. I hope you will give me the fullest benefit of the most earnest thought you can devote to it. Let it be a personal matter between us, as between men having a common duty. I ............