Money (L'Argent)

by Émile Zola

There was a violent explanation between Saccard and the engineer in that work-room in the Rue Saint-Lazare, where, in other days, the enterprise had been discussed and decided upon with so much enthusiasm. During the three days which had just elapsed the smash-up at the Bourse had become more and more complete. Fall following fall in rapid succession, Universals had now dropped to four hundred and thirty francs—seventy francs below par; and the decline was continuing; the whole fabric was fast cracking and crumbling away.

Whilst her brother and Saccard talked, Madame Caroline listened in silence, resolved not to intervene. She was full of remorse, for she accused herself of complicity, since it was she who, after promising to watch, had let everything go on. Instead of contenting herself with simply selling her shares in order to combat the rise, ought she not to have taken some other course—warned people, acted energetically? Worshipping her brother as she did, her heart bled at seeing him compromised in this fashion, with all his great enterprises shaken, the whole work of his life again in question; and she suffered the more since she did not feel herself free to judge Saccard; for had she not loved him, was she not his, linked to him by that secret bond, the shame of which she now felt more than ever? Placed between these two men, a combat raged within her and rent her heart. On the evening of the catastrophe, in a fine outburst of frankness, she had heaped her wrath upon Saccard, emptying her heart of all the reproaches and fears which had so long been swelling it. However, on seeing him smile, still tenacious, still unconquered despite everything, she had reflected that, after her own weakness with him, she had no right to finish him off, to strike him now that he was down. She thought, too, of the strength which he would need to set himself erect again, and so, taking refuge in silence, her demeanour alone giving expression to her blame, she resolved that she would henceforward be nothing but a witness.

However, Hamelin this time became angry, he who was usually so conciliatory, without interest in anything that was not part of his work. He attacked gambling with extreme violence; 'the Universal,' said he, 'had succumbed to the mania for gambling—gambling carried to the point of absolute madness.' Undoubtedly he was not one of those who pretended that a bank could allow its stock to fall in price, like a railway company, for instance. The railway company has its immense plant, which brings in its receipts, whereas the real plant of a bank is its credit; so it finds itself at death's door as soon as its credit totters. Only there was a question of moderation in all this. Though it might have been necessary and even wise to maintain the quotation at two thousand francs, it was madness and utter criminality to push it further, to try to raise it to three thousand and more. Immediately on his arrival, Hamelin had demanded the truth, the whole truth. They could no longer lie to him now, and declare to him, as he had allowed them to declare in his presence at the last shareholders' meeting, that the Bank did not possess a single one of its shares. The books were there and he easily penetrated the lies they contained. He knew, for instance, that the Sabatani account concealed operations carried on by the Bank itself; and in this account, month by month, over a period of two years, he could trace the progress of Saccard's fatal fever. At first things had been done in a timid way, prudence had been displayed in the purchases, but at last these had become larger and larger, till they had finally reached the enormous figure of twenty-seven thousand shares costing nearly forty-eight millions of francs. Was it not madness, impudent, derisive folly, that transactions of such magnitude should be entered to the account of a Sabatani? And this Sabatani was not the only one; there were other men of straw—employees of the Bank, directors even—whose purchases, entered as carried over, exceeded twenty thousand shares, also representing nearly forty-eight millions of francs. And, moreover, all these were only the completed purchases, to which must be added the time bargains, effected during the last fortnight of January; sixty-seven millions of francs expended on more than twenty thousand shares, delivery of which the Universal had to accept; to say nothing of ten thousand other shares bought at the Lyons Bourse, making another twenty-four millions. And, adding everything together, it was seen that the Bank now had in hand nearly one-fourth of the shares which it had issued, and that it had paid for these shares the frightful sum of two hundred millions. There was the abyss in which it had been swallowed up.

Tears of grief and anger had risen to Hamelin's eyes. To think that this should have happened when he had just so auspiciously laid at Rome the foundations of his great Catholic bank, that Treasury of the Holy Sepulchre which, in the approaching days of persecution, would enable the Pope to be regally installed at Jerusalem, amid the legendary glory of the Holy Places—a bank destined to set the new Kingdom of Palestine beyond the reach of political disturbances, by basing its revenue, guaranteed by the resources of the country, on a series of issues which the Christians of the whole world would vie in taking up! And all this collapsed at one stroke through the imbecile madness of gambling! He had gone away leaving an admirable balance-sheet, coffers full of money, a Bank enjoying such great and speedy prosperity that it was the wonder of the world; and, less than a month afterwards, when he came back, the millions had melted away, the Bank was prostrate, reduced to dust, and there was nothing but a black hole, in which a conflagration seemed to have raged. His stupefaction increased; he violently demanded explanations, wished to understand what mysterious force it was that had driven Saccard to wage this relentless warfare upon the colossal edifice which he had built so as to destroy it, stone by stone, on the one hand, while he pretended to finish it upon the other.

Saccard answered very frankly, and without anger. After the first hours of emotion and annihilation, he had recovered his self-possession, and was again erect and firm, buoyed up by his indomitable hopes. Treachery had rendered the catastrophe a terrible one, but nothing was lost; he was going to retrieve everything. And besides, if the Universal had enjoyed such swift and great prosperity, had it not owed it to the very methods with which they now reproached him—to the creation of the syndicate, the successive increases of the capital, the advance balance-sheet of the last shareholders' meeting, the shares which the Bank retained in hand, and those which had been so wildly purchased en masse later on? All these things were connected. If they accepted the success, the risks must be accepted also. When a machine is overheated it bursts. For the rest, he would acknowledge no culpability; he had simply done, more intelligently and vigorously than another, that which every bank manager does; and he did not even abandon his idea of genius—his giant idea of repurchasing all the shares and dethroning Gundermann. Money had been lacking, that was all. And now they must begin over again. A special shareholders' meeting had just been summoned for the following Monday; he was absolutely certain of his shareholders, he said; he would obtain from them the sacrifices that were indispensable, for he was convinced that, at a word from him, they would all bring their fortunes. In the meantime they could jog on, thanks to the small sums which the other financial houses, the great banks, advanced every morning for the pressing needs of the day, through fear of too sudden a crash, which would have shaken them also. The crisis over, all would be resumed, and the enterprise would again become as resplendent as ever.

'But,' objected Hamelin, whom this smiling tranquillity already calmed, 'do you not detect in this help supplied by our rivals a design of securing themselves first of all, and then rendering our fall more complete by delaying it? What worries me is to see Gundermann's hand in the business.'

In fact, in order to avert an immediate declaration of bankruptcy, Gundermann had been one of the first to offer help, in this wise displaying the practical sense of a man who, after setting fire to his neighbour's house, hastens to bring buckets of water, so that the entire neighbourhood may not be destroyed. He was above resentment; he had no other glory than that of being the first money-merchant of the world, the richest and the most shrewd, through having succeeded in sacrificing all his passions to the continuous increase of his fortune.

Saccard made a gesture of impatience, exasperated as he was by this proof which the conqueror gave of his sagacity and intelligence. 'Oh, Gundermann,' he said, 'is playing the high-minded man; he thinks that he stabs me with his generosity.'

A silence ensued, and it was Madame Caroline, hitherto dumb, who at last broke it. 'My friend,' said she, addressing Saccard, 'I have allowed my brother to speak to you, as he was bound to speak, in the legitimate grief which he felt on learning of all these deplorable things. But our situation, his and mine, seems to me clear; it seems impossible, does it not, that he should be compromised if the affair altogether turns out disastrously? You know at what price I sold our shares. People cannot say that my brother stimulated the rise in order to get a larger profit from his shares. And besides, if the catastrophe comes, we shall know our duty. I confess that I do not share your stubborn hopes. Nevertheless, you are right in contending that it is necessary to struggle on till the last moment, and it is not my brother who will discourage you, you may be sure of it.