"The six months went rapidly by, and before they were over I was all ready. But John said, 'Wait!' He saw no need of hurry; and his affairs were not quite settled. Eh, bien! I tranquillized my eager, impatient soul by gaining an insight into the art of book-keeping and the theory and practice of trade. At last the probationary period expired, and, prompt to the hour, my comrade announced his readiness to begin our business. The friends of John Meavy were reluctant to have him leave St. Louis. They did not know what enterprise he was about to join in; but they heard that I had some share in it, and they did not scruple to hint that I might be an adventurer, who would 'diddle' him out of his money. However, John only smiled, and told me all they said, in his frank way, as if it were some good joke. So, finally, we took leave of St. Louis, and came to New York, to organize the great house of Meavy & Prévost: John bearing his share in the concern, forty odd thousand dollars, with many letters to persons of eminence and influence; and I carefully seeing to my share,—a few scientific works, some valuable chemical apparatus, and two dozen jars full of Rocky Mountain snails! Eh, bien, Monsieur! my stock in trade was magnifique, in comparison with that with which my compatriot Girard commenced business.
"By John's advice, we began our operations in a plain, quiet way, as exporters of breadstuffs. This we did, first, that the firm might make itself well enough known, and gain the confidence of the Bourse, so that the doors might be open to our subsequent operations; that I, secondly, might learn the business, and secure the proper recognition as John's partner. Meantime, John was making himself familiar with the way to practise my invention; and both of us, gaining daily assurance of our power by reason of the discovery, were also daily increasing in love and confidence for each other. Happy days, those, Monsieur! Eh, bien! had the invention only proved a fiction then!
"In another six months we had matured our plans, and, as our present business seemed lamentably slow in the light of my gigantic projects, I was eager enough to begin work in earnest. I had proved our telegraph thoroughly, and, ere I set out for London, to establish there a branch of the house of John Meavy & Co., I advised my good comrade to venture largely, so as to turn our capital over as often as possible, for there was no room for doubt or fear. But John did not guess how high I dreamed of rising in fortune; he had no ambition to rival the Rothschilds.
"Monsieur, let me explain to you now the system of work we had agreed upon, and each slightest detail of which was perfectly familiar to us from constant manipulation, so that mistake or mishap, from any conceivable cause, was utterly impossible.
"Our business, nominally the buying of breadstuffs for exportation, was really one of speculation upon the New York market as affected by the European markets,—a species of brokerage, which, ostensibly and in the eyes of the world attended by great risk, was really a thing of specifically safe and certain profits, thanks to the telegraphic system, the secret of which we alone possessed. In our tentative efforts, we fixed upon flour as the best-adapted subject for our experiments, being a commodity simple to deal with, and requiring fewer complications in our arrangements than anything else. But, in my own private mind, I had resolved, that, as soon as our capital had grown large enough, and our credit was become sufficiently extensive, we would change our business to that of buying and selling cotton, as a better speculative; or, perhaps, would enter upon that grand arena of sudden fortune and sudden ruin, the stock-market. For the present, however, flour suited us well enough. It is well known, that, at that time, much more than at present, the price of breadstuffs in New York was regulated by the price in Liverpool. But Monsieur is not a merchant, I think? Eh, bien!—then I must take care to make myself intelligible. You know, Monsieur, that, in the stock-market especially, and more or less in every other kind of speculation, the greater part of the transactions are fictitious, to a certain extent. Par exemple: you buy or you sell so many barrels of flour, at such a price, on time, as it is called,—that is, you engage to receive, or to deliver, so many barrels, at the prices and in the times agreed upon, in the hope, that, before the period of your contract comes round, prices will have so varied as to enable you to buy, or sell, the quantity bargained for, upon terms that will give you a profit. In a word, you simply agree to run the risk of a change of prices such as to give you a profitable return. The operation is identical with that of betting that such a card will be turned, or that such a horse will win in a race, or such a candidate be elected President. On 'Change we are charitable enough to suppose each speculator possessed of data such as to make his venture seem reasonable to himself. This is the system, and, though very like gambling, it has the advantage of presenting to men of small means the chance of large profits, provided they are willing to run the risk; since, while with a capital of ten thousand dollars I could make an actual purchase of only two thousand barrels of flour at five dollars a barrel, the profit on which, at an advance of twenty-five cents per barrel, would be very small,—by risking all my money upon a single venture, and leaving myself a 'margin' of fifty cents to cover the greatest probable decline in price per barrel, I may purchase 'on time' all of twenty thousand barrels, the profit upon which, at the same rate, would be equal to fifty per cent of my entire capital. This is the legitimate system by which such rapid fortunes are made and lost upon 'Change. Now suppose, that, operating in this way, you are in possession of a secret means of intelligence, instantaneous, to be relied on, peculiar to yourself,—does not Monsieur perceive that it insures one a fortune incalculable, and to be made within the shortest time? If I to-day learn that to-morrow's steamer will bring news that cotton has advanced one cent a pound, of course I am justified in buying cotton to the utmost extent that my capital and credit will afford me means, being sure of selling it to-morrow at a higher price; and if I am continually in the receipt of similar information, I can turn my capital over fifty times in a year, and double it every time. There is actually no limit to the possible fortune of a man who is so favored, provided he conjoins prudence and boldness to his manner of transacting business. The supplying of such secret and unshared information to the firm of John Meavy & Co. was the end of my invention, Monsieur. I was to go to Liverpool, and act as signaller, while he was to stay in New York, receive the information, and buy or sell in accordance with it.
"Our apparatus was very simple. At each terminus of our line, so to speak, we had a room, inaccessible save to ourselves. These rooms, darkened, and carefully kept at a fixed temperature, contained nothing, save, in one corner of each, a chronometer regulated with precision, and, in opposite corners, a set of boxes, containing each a snail. At the signalling end, at a fixed hour, which the chronometer gives with the greatest accuracy, and when I know that my partner, by agreement, will be present at the other end to receive intelligence, I go into my room, informed as to the condition of the Liverpool market, and prepared to transmit particulars of the same to him. Here are two boxes, divided into three compartments each, and a male snail in each compartment. If flour is down, offering a chance for profit in New York upon 'time' sales, I approach the box marked minus, the three snails of which are called x, y, and z. I take up a little tube,—such a one as is used by chemists to drop infinitesimal portions of any liquid; I dip this into a vial marked No. 1, containing a solution of salt in water,—there is a row of these vials, the solution in each being of a different strength,—and then, with the moistened tube, I touch snail x, or snail y, or snail z, or any two of them, or all three, once, twice, three times, or repeatedly, according to the news I wish to signal,—noting the effect of the poison, and recording the particulars in a book kept for the purpose,—recording them with a nicety of intelligent discrimination such as can be obtained only by long and practised observation. I send an abstract of this record by every mail to my partner, so as to verify our results and to detect immediately any derangement. At his end of our line the brave John Meavy waits before two similar boxes, in each compartment of which is a female snail. He is a skilled observer, and his quick eve beholds snails a, b, c exactly (through sympathy) repeating the effects I am producing in x, y, z,—though the distance between them is over three thousand miles! He knows the meaning of these slight effects, and, going upon 'Change, buys or sells with a perfect assurance of profit.
"Such was my telegraph, in its rudest outline; but I had systematized it to a degree of far greater nicety. I provided entirely against man's imperfect and defective powers of observation. These movements and squirmings, which in snails x, y, z, were the effect of a physical cause, (salt-water.) were, in snails a, b, c, the result of sympathy for x, y, z, as I have said,—a result constant, determinate, and always to be depended upon. That is the law of their rapport,—not a theory, but a law, established by long, exhaustive, and conclusive experimentation. The reason for it I cannot assign,—did not pretend to investigate; but the fact I had ascertained: x, y, z, so touched, squirm, contract, and expand their articulations, and exude from their pores a certain slimy sweat, of agony it may be,—anyhow, a slimy exudation comes from them, —and, simultaneously, and just as much in kind, degree, quality, everything, snails a, b, c repeat the process. Such is the law, constant as gravitation. Consequently, all that the operator has to concern himself about is, to understand that so many touches, with fluid of such intensity, to so many snails, and repeated so often, produce such and such an effect upon them, as, collectively considered, to convey, through a, b, c, a certain piece of information. Knowing this, skill in manipulation and accurate memory are all the qualities he requires to conjoin to such knowledge. But the observer has a much more delicate office to perform, and, until I invented my recording apparatus, the functions of this post could be discharged only roughly and imperfectly, so evanescent and complex the manifestations. But I discovered a chemical observer, employing tests that nothing could escape, nor anything deceive. The clock that indicates the hour for receipt of news puts in motion the filaments of certain delicate machinery connected with the boxes wherein are a, b, c. These snails are placed upon a gauze-like substance, which, though firm enough to support them undisturbed, permits both their natural excretions, and their exudations under excitement, to filter through readily. As soon as the hour comes, the machinery moves, and there begins to pass the recording paper, so to speak, which I invented,—a paper not meant to receive any vulgar mechanical impression, but one which, to the instructed eye, and by the aid of the microscope, sets forth in plain language the nature of the functional disturbance in each snail, its quality, its intensity, and its duration. I do not exaggerate, Monsieur. This paper, in a word, is chemically prepared, saturated in a substance that renders it perfectly sympathetic to whatever fluid exudes from the snail, and thus, and by means of its motion, it records the quantity and quality of the impression with unvarying accuracy. The observing hour over, the clock-work stops, the paper is examined, and the result recorded carefully. Par exemple: I touch snail x, once, twice, three times, with the weak solution, No. 1; John Meavy, receiving this fact, through the sympathetic report of snail a, the chemical paper, and the microscope, reads, as plainly as if it had been printed in pica type: 'Flour declined threepence.' If the fluid used is stronger, the touches more numerous, and bestowed upon y and z also,—then the decline or advance is proportionately great. Is it not a grandly simple thing, this telegraph of mine, Monsieur?"
——I was dazzled, perplexed,—so entirely new, strange, incredible was all this to me; but I expressed to the little Frenchman, in what terms I could command, my profound sense of his genius and originality.
"Eh, bien! I went to Europe," resumed he, "and John Meavy, my brave comrade, stayed in New York, buying and selling flour, and turning over his capital with a rapidity of success that surprised everybody; while his modest demeanor, his chivalry of manner, and his noble generosity won the admission of all, that Prosperity chose well, when she elected John for her favorite.
"At the end of a year we were worth nearly half a million of dollars, and our credit was perfect. Then, however, John wrote for me to come home. He was engaged to be married, he said, wanted me to be present at the ceremony, and wished my aid in effecting some changes in our mode of business. I was not unwilling, for I also had some suggestions to make. I was tired of my place as operator; I yearned to quit my post of simple spectator, and to plunge head-foremost into the strife of money-getting. Apart from my irksome position, I felt myself more fit for John's post than he was. As the capital we worked with increased, John waxed cautious, and, most illogically, announced himself afraid to venture, —as if his risk were not as great with ten thousand as with a million! This did not suit me. I felt myself capable of using money as mere counters, I divested it of all the terrors of magnitude, and thus I knew I could do as much in proportion with five million dollars as with five dollars. And the result, I was perfectly aware, would be to those achieved by John as the elephant in his normal strength compares with the elephant whose strength is to his size as the flea's strength to his size. John could take the flea's leap with five dollars, but was satisfied with the elephant's leap with five million dollars.