The sum itself had seemed at first glance to be of bewildering dimensions. Soberer second thoughts, however, told him that he had been lifted into a social stratum where such an amount might easily come and go a number of times during one’s life.
“Well,” Emanuel began, hesitating in turn over his phrases, “strictly speaking, you have no fortune at all. This money has been placed to your credit by my father—or if you like, by us both—to put you in a position of independence for the time being. You are quite free to spend it as you like. But—this is a somewhat delicate matter to explain—but we look to you in turn to be more or less guided by us in, say, your mode of life, your choice of associates and—and so on. Don’t think that we wish in the least to hamper your individual freedom. I am sure you will feel that that is not our way. But we have formed very high hopes indeed for your career and—how shall I make you understand?—it rests a good deal with us to say how far the realization of these hopes warrants us in going on. That isn’t plain to you, I see. Well, to put it frankly, you have nothing of your own, but we turn our money over to you because we believe in you. If unhappily—let us suppose the very improbable case—we should find ourselves no longer believing in you, why then we should feel free to reconsider our financial responsibilities towards you. That is stating it very baldly—not at all as I should like to have put it—but it gives you the essence of the situation.”
They had paused, and Christian regarded him with a troubled face. “Then if you come not to like me, or if I make mistakes, you take everything away from me again? I have never heard of a system like that. It seems to place me in a very strange position.”
The youth’s mobile countenance expressed such wistful dejection, as he faltered out these words, that Emanuel hastened to reassure him.
“No, no,” he urged, putting a brotherly hand on his shoulder, “it is the fault entirely of the way I explained it. No one will ever take anything away from you. In all human probability you will live and die a wealthy and powerful nobleman—and perhaps something a good deal more than that. But let me show you the situation in another way. You have seen your grandfather—so I need say little about him. When he had reached the age of fifty or thereabouts he had come to the end of his resources. Since the estates were entailed, nothing could be sold or mortgaged, and debts of all sorts were crowding in upon him and his eldest son, Lord Porlock. They were at their wits’ end to keep going at all; Porlock could not hold his head up in London, much less marry, as he was expected to do. If it had not been for the invention of life insurance, they could hardly have found money to live from week to week. That was in 1858 or ’9, when I was two or three years old. It was then that my father adopted his policy toward the older branch of the family. As you perhaps know, he was a very rich man. He came forward at this juncture, and saved the duke and his household from ruin.”
“That was very noble of him. It is what I should have thought he would do,” interposed Christian. They had begun walking again.
“Oh, I don’t know that noble is quite the word,” said Emanuel. “The element of generosity was not very conspicuous in the transaction. The truth is that the duke and his son were not people that one could be generous to. They had to be bound to a hard-and-fast bargain. They agreed between them to break the entail, so that all the estates could be dealt with as was deemed best, and bound themselves to sell or mortgage nothing except to my father, unless with his consent. He on his side settled seventy thousand pounds on Porlock and his heirs, thus enabling him to marry, and he not only purchased from the duke the Somerset properties, of which this is a part, but he bought up his debts at the sacrifice of a good many thousands of pounds, so that in practice he became his brother’s only creditor. No doubt there was generosity in that—since he cut down the rate of interest to something almost nominal by comparison with the usury that had been going on—but his motive was practical enough. It was to get complete financial mastery of the family estates. Nearly forty years have passed since he began; to-day he holds mortgages on practically every acre. If it were not for the mine near Coalbrook, which latterly yields the duke a certain surplus over the outlay at Caermere, my father would probably own it all outright. Well, you have followed it so far, haven’t you?”
Christian thoughtfully nodded his head. “These are not affairs that I have been brought up to understand,” he commented, “but I think I comprehend. Only this—you speak of your father’s adopted policy; that means he has a purpose—an aim. The lady at the castle—Lady Cressage—spoke to me about this, and I wish—”
“Ah, yes, you met her,” interposed
Emanuel. “I am not sure she was the best fitted to expound our policy to you.”