The grand salon of the French Foreign Office was once more the meeting-place of a great international tribunal. Four years before, an imposing bench of famous jurists had sat in the same chamber to arbitrate the differences between two peoples who wisely preferred the impartial judgment of a court of nations to the arbitrament of war. The lofty salon, with its fine tapestries, its historical works of art, its soberly rich furnishings, had not at all the appearance of a high judicial chamber. As the sittings of the Bering Sea Arbitration Board had suggested, it seemed arranged rather for the assembling of the privy council of an emperor. A high, throne-like seat for the presiding officer was placed at the end of the room farthest from the entrance. At each side of the president’s chair was another place of honor for one of the two members who were to act as secretaries. Grouped in a large semi-circle were eleven richly carved desks, each provided with a great leather chair.{306}

The members of the monetary conference were but fourteen in number. They represented Great Britain, France, Germany, Austria, Italy, Russia, and the United States. They assembled on Thursday, the 9th of January, for their first business session. The previous day they had been welcomed by the president of the French Republic, and had been entertained at the Elysée. At their brief meeting for organization, they had made choice of one of the German representatives as president, and of an Italian and an Englishman as secretaries. Now that the formalities were over, the fourteen men were anxious to undertake the rather vague task which they understood was before them. All the European members had received intimations from their respective governments that matters of the gravest importance would be brought before the conference by the American delegates. They had gained no hint as yet about the nature of the proposals or disclosures. A statement from the representatives of the United States was awaited, therefore, with keenest interest and curiosity by all the other members.

Their solicitude had been increased by an earnest request from the Americans that not only should all the sessions of the conference be held with closed doors, but that no officers outside the membership of the board should be appointed, and that no steno{307}graphic or other records be kept, save such as might be made by the official secretaries. When, therefore, the great men in statesmanship and finance who composed the small but august body found themselves ready for the performance of their official duties, they looked for some explanation of these extreme precautions.

As soon as the president had called the conference to order, just after twelve o’clock, the American secretary of the treasury rose to address the members. His manner even before he began to speak was extremely grave, and his opening words were so ominous that the faces of the men who listened, accustomed though they were to dealings with great affairs, became anxious and apprehensive. This was what he said:

“Mr. President and Gentlemen: It is known to most of you that the United States government has followed a somewhat peculiar course in taking the initiative for the summoning of this conference. You will expect, therefore, some explanation of its action from the representatives of that government, and such explanation it is my duty to place before you. We bring to you a task so difficult and yet so delicate, that if its nature should be but suspected outside this chamber, all hope of its successful performance would disappear. You will pardon me, therefore, if I preface{308} my message to you with a word of warning. I am about to make known to you a fact so ominous, so threatening to the world’s prosperity and the financial systems of all countries, that the president of the United States has deemed it wise in summoning this conference to withhold it even from the governments which you represent. I beg of you at the outset, therefore, that not only shall the ordinary obligations of secrecy, which of course we all recognize, be imposed, but that for a time at least we shall restrict ourselves even from communicating the subject of our deliberations to our official superiors. I know that I am making an unprecedented request, a request which some of you on first consideration will feel yourselves powerless to grant. I shall not press the suggestion upon you for decision, until the facts which seem to me to justify it are fully before you. The nature of those facts will reveal to you a peril, which not only warrants, but impels the assumption of an authority and responsibility which under ordinary circumstances we should seek to avoid.

“I now come to the burden of my message, which is soon discharged. It relates to the sudden influx of gold in the markets of the world, chiefly in America, during the last year. All of you are familiar with the effects of this extraordinary increase in the supply of the standard monetary metal. Every market in the{309} world has felt its influence, while in the United States the foundations of our financial and commercial welfare have been severely shaken. Since the assembling of this conference was proposed a few weeks ago, there has been some subsidence of the general disturbance, and the monetary world has shown a tendency to adjust itself to the new conditions. It is my painful duty to destroy such confidence as you may have in the security of the present financial or monetary situation.

“The quantity of gold which was added to the world’s monetary supply during the first nine months of 1895, in addition to the normal output of the mines, was no less a sum than five hundred millions of dollars, one hundred million pounds sterling. This was native gold, all coming from a single source. The owner of this metal has since withdrawn from circulation about one half this sum either in gold or legal tender. This action partly accounts for the checking of the financial disturbance in the United States. The danger which we have already faced is bad enough, but it is insignificant in comparison with that which I have to reveal to you. It is this:

“There remains in the same vault from which these millions have been taken, the equivalent of nearly three billion dollars, six hundred millions sterling, in the crude gold of nature.{310}”

The effect of this announcement upon his hearers was so great that the secretary of the treasury stopped speaking for a moment. Some faces were pale, others flushed, all bore evidence of intensest feeling. All the dignity of a great international court vanished. They needed no explanation to carry to their minds the full significance of the speaker’s words. The personal application of the sudden news came home first to some of them. One man of many millions, who a few minutes before had appeared the embodiment of the conscious power of wealth, seemed stricken with an agony almost of death. His face turned haggard with sudden age. Unconsciously, he wiped away the cold drops that gathered upon his forehead, muttering aloud:

“It is ruin, ruin for us all!”

A great French banker sitting next him heard the words and sprang to his feet in sudden passion.

“It is not ruin,” he cried hotly. “Who is this man that threatens the world with his gold? Let him be seized. Let the gold be taken from him. Let it be destroyed. No man can crush us all in this fashion. Desperate conditions demand desperate remedies. It is a case for a coup d’état.”

The outburst evidently found sympathetic listeners. The looks of dismay, of terror even, began to give place to returning self-possession after the first shock{311} of surprise was over. The president himself, almost as much overcome at first as any of his associates, rose to his feet, and in rather unsteady voice begged the conference to listen further to the American representative. The secretary of the treasury had remained standing, watching with keen solicitude the effect of his revelation. Every man turned instantly to him and gave to his following words most intense attention.

“I am glad to be able to assure you, gentlemen,” he resumed, “that desperate measures are quite unnecessary. The owner of this gold is as anxious as you are to avoid bringing any calamity or financial evil upon his own or any other country. It was, indeed, at his suggestion that the president invited the powers to send delegates to this conference. With unparalleled generosity and laudable sagacity he desires to place the fate of his vast treasure in your hands. That is the task which I bring you, gentlemen, and I know you will give to it the unselfish and sagacious consideration which its importance demands. I renew now my suggestion that all knowledge of our deliberations shall be confined strictly to the actual members of this board.”

An English delegate took the floor the moment the secretary sat down.

“I desire, Mr. President, to second the motion of{312} the United States secretary of the treasury,” he said impressively. “I do this in direct violation of the instructions of my government, but it is a responsibility which I do not hesitate for a moment to assume. The emergency demands it so clearly in my mind that the question seems scarcely debatable. I am still so far overwhelmed by the stupendous revelation to which we have listened, that I am not prepared yet to discuss it beyond taking this obvious precaution for guarding against the terrible calamity which a disclosure of this secret would bring upon us.”

The proposition was at once adopted unanimously by the conference. The representative of the United States cabinet again took the floor, saying:

“I have purposely refrained, gentlemen, from saying anything about the history of the enormous treasure which I have described, or about the details of what has thus far been done with it. The owner of the gold has come with me to Paris. I much prefer that you learn from his own lips all that he has to impart about his past policy and his plan. I move, Mr. President, that Mr. Robert Brent, of New York, be invited to attend the sessions of this conference and that he be privileged to take part in all debates.”

The motion was instantly passed, and the secretary left the room to secure the attendance of the man of{313} whom these great men of statesmanship and finance found themselves in sudden awe.

When Robert Brent entered rather diffidently the magnificent chamber a few minutes later, he found himself the object of an interest that was rather disconcerting. As he advanced up the room by the side of the secretary, the president of the conference suddenly left his high seat and came to meet him. In an instant every man present followed his example. The young man was surrounded by distinguished potentates, anxious to do him honor. Little was said. It did not seem to be an occasion for many words. Brent grasped the hands held out to him cordially and at length proceeded to a seat by the secretary’s side. When the president had again taken the chair, the secretary formally introduced the young man to the conference, inviting him to explain his position and purpose.

Brent faced his small but distinguished audience with evident embarrassment and hesitation. The almost painful eagerness and earnestness in every countenance speedily made it clear to him that his words were awaited with a deference entirely free from criticism. Strong emotion unmasks most faces, and there was fear and admiration and bewilderment still upon the features of the proud men who now hung expectant upon the words of the young American{314} of whose existence they had been ignorant an hour before. Such is the mastery of gold!

Brent’s embarrassment gave place to an uncomfortable sense of undeserved power which he had usurped from these, its rightful custodians! It led him to speak deprecatingly, almost apologetically, of himself and his difficulties. He described as fully as he was able the history of his treasure and his operations in the financial world during the previous year. Coming at length to the question at issue, he said:

“With the best intentions in the world, I have inflicted great wrongs, especially upon my own country. I have done what I could to repair some of the damage I have caused. But I realize clearly now, as no doubt you do at a glance, that the greatest evil of all is still impending. The simple possession of more than five thousand tons of unknown, unused gold, under the present circumstances, is a crime of which I will not be guilty a moment longer than I can help. I place the fate of this treasure entirely, unreservedly in your hands. I have no personal wishes in the matter, not even any suggestions to offer. The task is too great for me. I assumed it at first without hesitation and with the foolish confidence of ignorance. It seemed to my thoughtless enthusiasm the simplest portion of my plan of gold-getting. I believed, when I had locked the last box of gold in the vault in New{315} York, that my difficulties were practically at an end. The mischief which my blind self-assurance has wrought will be a life-long reproach to me.

“To be absolutely honest, I cannot plead complete ignorance of the dangers which I risked. Some of them I dimly foresaw, after I had seriously grappled the problem which I have now delegated to you. A selfish desire to escape if possible the penalties of wealth—the notoriety, the curiosity, the adulation, the insincerities, the importunities—led me to conceal my secret, when I should have sought the best counsel at the outset. I hope I am not now too late in performing this duty. Whatever your honorable body shall advise, I will execute. I place at your disposal not only the gold not yet used, but certain other moneys and securities, embracing all of my property with the exception of a fund of $100,000,000, which I reserve for the carrying out of certain obligations which I have undertaken, and in part for my own use. The remainder, and it will amount at a rough estimate to $3,300,000,000, or ￡660,000,000 sterling, shall be devoted in whole or in part in such manner as you prescribe to th............