It is one thing not to be led into temptation (accident on which half the virtue in the world depends), another to live in it and overcome it; and in a bank it is not the conscience only that is tempted, but the senses. Piles of glittering gold, amiable as Hesperian fruit; heaps of silver paper, that seem to whisper as they rustle, “Think how great we are, yet see how little; we are fifteen thousand pounds, yet we can go into your pocket; whip us up, and westward ho! If you have not the courage for that, at all events wet your finger; a dozen of us will stick to it. That pen in your hand has but to scratch that book there, and who will know? Besides, you can always put us back, you know.”
Hundreds and thousands of men take a share in the country's public morality, legislate, build churches, and live and die respectable, who would be jail-birds sooner or later if their sole income was the pay of a banker's clerk, and their eyes, and hands, and souls rubbed daily against hundred-pound notes as his do. I tell you it is a temptation of forty-devil power.
Not without reason, then, did this ancient banker bestow some respect and friendship on those who, tempted daily, brought their hands pure, Christmas after Christmas, to their master's table. Not without reason did Mrs. Hardie pet them like princes at the great festivals, and always send them home in the carriage as persons their entertainers delighted to honor. Herein I suspect she looked also, woman-like, to their security; for they were always expected to be solemnly, not improperly, intoxicated by the end of supper; no wise fuddled, but muddled; for the graceful superstition of the day suspected severe sobriety at solemnities as churlish and ungracious.
The bank itself was small and grave, and a trifle dingy, and bustle there was none in it; but if the stream of business looked sluggish and narrow, it was deep and quietly incessant, and tended all one way—to enrich the proprietor without a farthing risked.
Old Hardie had sat there forty years with other people's money overflowing into his lap as it rolled deep and steady through that little counting-house, when there occurred, or rather recurred, a certain phenomenon, which comes, with some little change of features, in a certain cycle of commercial changes as regularly as the month of March in the year, or the neap-tides, or the harvest moon, but, strange to say, at each visit takes the country by surprise.
CHAPTER XII.
THE nation had passed through the years of exhaustion and depression that follow a long war; its health had returned, and its elastic vigor was already reviving, when two remarkable harvests in succession, and an increased trade with the American continent, raised it to prosperity. One sign of vigor, the roll of capital, was wanting; speculation was fast asleep. The government of the day seems to have observed this with regret. A writer of authority on the subject says that, to stir stagnant enterprise, they directed “the Bank of England to issue about four millions in advances to the state and in enlarged discounts.” I give you the man's words; they doubtless carry a signification to you, though they are jargon in a fog to me. Some months later the government took a step upon very different motives, which incidentally had a powerful effect in loosening capital and setting it in agitation. They reduced to four per cent the Navy Five per Cents, a favorite national investment, which represented a capital of two hundred millions. Now, when men have got used to five per cent from a certain quarter, they cannot be content with four, particularly the small holders; so this reduction of the Navy Five per Cents unsettled several thousand capitalists, and disposed them to search for an investment. A flattering one offered itself in the nick of time. Considerable attention had been drawn of late to the mineral wealth of South America, and one or two mining companies existed, but languished in the hands of professed speculators. The public now broke like a sudden flood into these hitherto sluggish channels of enterprise, and up went the shares to a high premium.
Almost contemporaneously, numerous joint-stock companies were formed, and directed toward schemes of internal industry. The small capitalists that had sold out of the Navy Five per Cents threw themselves into them all, and being bona fide speculators, drew hundreds in their train. Adventure, however, was at first restrained in some degree by the state of the currency. It was low, and rested on a singularly sound basis. Mr. Peel's Currency Bill had been some months in operation; by its principal provision the Bank of England was compelled on and after a certain date to pay gold for its notes on demand. The bank, anticipating a consequent rush for gold, had collected vast quantities of sovereigns, the new coin; but the rush never came, for a mighty simple reason. Gold is convenient in small sums, but a burden and a nuisance in large ones. It betrays its presence and invites robbers; it is a bore to lug it about, and a fearful waste of golden time to count it. Men run upon gold only when they have reason to distrust paper. But Mr. Peel's Bill, instead of damaging Bank of England paper, solidified it, and gave the nation a just and novel confidence in it. Thus, then, the large hoard of gold, fourteen to twenty millions, that the caution of the bank directors had accumulated in their coffers, remained uncalled for. But so large an abstraction from the specie of the realm contracted the provincial circulation. The small business of the country moved in fetters, so low was the metal currency. The country bankers petitioned government for relief, and government, listening to representations that were no doubt supported by facts, and backed by other interests, tampered with the principle of Mr. Peel's Bill, and allowed the country bankers to issue 1 pound and 2 pound notes for eleven years to come.
To this step there were but six dissentients in the House of Commons, so little was its importance seen or its consequences foreseen. This piece of inconsistent legislation removed one restraint, irksome but salutary, from commercial enterprise at a moment when capital was showing some signs of a feverish agitation. Its immediate consequences were very encouraging to the legislator; the country bankers sowed the land broadcast with their small paper, and this, for the cause above adverted to, took pro tem. the place of gold, and was seldom cashed at all except where silver was wanted. On this enlargement of the currency the arms of the nation seemed freed, enterprise shot ahead unshackled, and unwonted energy and activity thrilled in the veins of the kingdom. The rise in the prices of all commodities which followed, inevitable consequence of every increase in the currency, whether real or fictitious, was in itself adverse to the working classes; but the vast and numerous enterprises that were undertaken, some in the country itself, some in foreign parts, to which English workmen were conveyed, raised the price of labor higher still in proportion; so no class was out of the sun.