Dawson made haste to offset the effect which he feared Mr. Mellen’s words might have on Mr. George K. Grinnell. He said, with flattering deference; “As I explained to you, Mr. Grinnell, the money-market is a delicate piece of mechanism. Unusual shocks produce unusual disturbances; and all disturbances are highly detrimental to business.” He smiled deprecatingly but forgivingly: the money-market was a pampered child; no need to be too harsh.
“Yes, I know that. But what unusual shock have I given to the delicate mechanism of the money-market?” Grinnell’s effort to conceal his annoyance was apparent to the two capitalists.
“You have not yet, sir; but what assurance have I, have all business men, that you will not?” The richest man in the world asked this with a frown, as if Mr. Grinnell had not met him half-way and might as well now throw off his mask and reveal himself frankly, as the criminal disturber of the world’s business peace, to be dealt with accordingly.
“Assurance that I will not? Why should I disturb the money-market? The money-market does not disturb me.” Grinnell said it not at all jocularly, but very calmly, as if he meant it literally.
“But you will disturb it if you keep on,” said Mellen, drumming with his finger-tips on the top of the president’s desk. He perceived this and ceased with an abruptness that betokened remorse over the absence of self-control. He was an introspective man.
“There is nothing unusual going on, is there? No stringency anywhere; in fact, I gather from the newspapers that money rates are very low,” Grinnell went on.
“Your deposits are, in some measure, responsible for it,” said Dawson, with a placating smile.
“I am glad of it,” said the young man simply. “It is a good thing that people should be able to borrow money cheaply, isn’t it?”
“Not too cheaply.” Mr. Dawson shook his head and smiled, as at a favourite son who is in error, but is young.
“Oh, I know what you mean. It isn’t profitable for the banks with money to lend; it makes the supply greater than the demand, and you get lower interest rates on your loans; and then it is apt to be a sign that business is slack, and people have no need to borrow. But just now, unless all the newspapers lie, business is quite active in all lines and—” Grinnell’s speech savoured slightly of the pedagogical, like a school-boy enunciating obvious truths, but using his teacher’s professional solemnity.