the grand salon of the french foreign office was once more the meeting-place of a great international tribunal. four years before, an imposing bench of famous jurists had sat in the same chamber to arbitrate the differences between two peoples who wisely preferred the impartial judgment of a court of nations to the arbitrament of war. the lofty salon, with its fine tapestries, its historical works of art, its soberly rich furnishings, had not at all the appearance of a high judicial chamber. as the sittings of the bering sea arbitration board had suggested, it seemed arranged rather for the assembling of the privy council of an emperor. a high, throne-like seat for the presiding officer was placed at the end of the room farthest from the entrance. at each side of the president’s chair was another place of honor for one of the two members who were to act as secretaries. grouped in a large semi-circle were eleven richly carved desks, each provided with a great leather chair.{306}

the members of the monetary conference were but fourteen in number. they represented great britain, france, germany, austria, italy, russia, and the united states. they assembled on thursday, the 9th of january, for their first business session. the previous day they had been welcomed by the president of the french republic, and had been entertained at the elysée. at their brief meeting for organization, they had made choice of one of the german representatives as president, and of an italian and an englishman as secretaries. now that the formalities were over, the fourteen men were anxious to undertake the rather vague task which they understood was before them. all the european members had received intimations from their respective governments that matters of the gravest importance would be brought before the conference by the american delegates. they had gained no hint as yet about the nature of the proposals or disclosures. a statement from the representatives of the united states was awaited, therefore, with keenest interest and curiosity by all the other members.

their solicitude had been increased by an earnest request from the americans that not only should all the sessions of the conference be held with closed doors, but that no officers outside the membership of the board should be appointed, and that no steno{307}graphic or other records be kept, save such as might be made by the official secretaries. when, therefore, the great men in statesmanship and finance who composed the small but august body found themselves ready for the performance of their official duties, they looked for some explanation of these extreme precautions.

as soon as the president had called the conference to order, just after twelve o’clock, the american secretary of the treasury rose to address the members. his manner even before he began to speak was extremely grave, and his opening words were so ominous that the faces of the men who listened, accustomed though they were to dealings with great affairs, became anxious and apprehensive. this was what he said:

“mr. president and gentlemen: it is known to most of you that the united states government has followed a somewhat peculiar course in taking the initiative for the summoning of this conference. you will expect, therefore, some explanation of its action from the representatives of that government, and such explanation it is my duty to place before you. we bring to you a task so difficult and yet so delicate, that if its nature should be but suspected outside this chamber, all hope of its successful performance would disappear. you will pardon me, therefore, if i preface{308} my message to you with a word of warning. i am about to make known to you a fact so ominous, so threatening to the world’s prosperity and the financial systems of all countries, that the president of the united states has deemed it wise in summoning this conference to withhold it even from the governments which you represent. i beg of you at the outset, therefore, that not only shall the ordinary obligations of secrecy, which of course we all recognize, be imposed, but that for a time at least we shall restrict ourselves even from communicating the subject of our deliberations to our official superiors. i know that i am making an unprecedented request, a request which some of you on first consideration will feel yourselves powerless to grant. i shall not press the suggestion upon you for decision, until the facts which seem to me to justify it are fully before you. the nature of those facts will reveal to you a peril, which not only warrants, but impels the assumption of an authority and responsibility which under ordinary circumstances we should seek to avoid.

“i now come to the burden of my message, which is soon discharged. it relates to the sudden influx of gold in the markets of the world, chiefly in america, during the last year. all of you are familiar with the effects of this extraordinary increase in the supply of the standard monetary metal. every market in the{309} world has felt its influence, while in the united states the foundations of our financial and commercial welfare have been severely shaken. since the assembling of this conference was proposed a few weeks ago, there has been some subsidence of the general disturbance, and the monetary world has shown a tendency to adjust itself to the new conditions. it is my painful duty to destroy such confidence as you may have in the security of the present financial or monetary situation.

“the quantity of gold which was added to the world’s monetary supply during the first nine months of 1895, in addition to the normal output of the mines, was no less a sum than five hundred millions of dollars, one hundred million pounds sterling. this was native gold, all coming from a single source. the owner of this metal has since withdrawn from circulation about one half this sum either in gold or legal tender. this action partly accounts for the checking of the financial disturbance in the united states. the danger which we have already faced is bad enough, but it is insignificant in comparison with that which i have to reveal to you. it is this:

“there remains in the same vault from which these millions have been taken, the equivalent of nearly three billion dollars, six hundred millions sterling, in the crude gold of nature.{310}”

the effect of this announcement upon his hearers was so great that the secretary of the treasury stopped speaking for a moment. some faces were pale, others flushed, all bore evidence of intensest feeling. all the dignity of a great international court vanished. they needed no explanation to carry to their minds the full significance of the speaker’s words. the personal application of the sudden news came home first to some of them. one man of many millions, who a few minutes before had appeared the embodiment of the conscious power of wealth, seemed stricken with an agony almost of death. his face turned haggard with sudden age. unconsciously, he wiped away the cold drops that gathered upon his forehead, muttering aloud:

“it is ruin, ruin for us all!”

a great french banker sitting next him heard the words and sprang to his feet in sudden passion.

“it is not ruin,” he cried hotly. “who is this man that threatens the world with his gold? let him be seized. let the gold be taken from him. let it be destroyed. no man can crush us all in this fashion. desperate conditions demand desperate remedies. it is a case for a coup d’état.”

the outburst evidently found sympathetic listeners. the looks of dismay, of terror even, began to give place to returning self-possession after the first shock{311} of surprise was over. the president himself, almost as much overcome at first as any of his associates, rose to his feet, and in rather unsteady voice begged the conference to listen further to the american representative. the secretary of the treasury had remained standing, watching with keen solicitude the effect of his revelation. every man turned instantly to him and gave to his following words most intense attention.

“i am glad to be able to assure you, gentlemen,” he resumed, “that desperate measures are quite unnecessary. the owner of this gold is as anxious as you are to avoid bringing any calamity or financial evil upon his own or any other country. it was, indeed, at his suggestion that the president invited the powers to send delegates to this conference. with unparalleled generosity and laudable sagacity he desires to place the fate of his vast treasure in your hands. that is the task which i bring you, gentlemen, and i know you will give to it the unselfish and sagacious consideration which its importance demands. i renew now my suggestion that all knowledge of our deliberations shall be confined strictly to the actual members of this board.”

an english delegate took the floor the moment the secretary sat down.

“i desire, mr. president, to second the motion of{312} the united states secretary of the treasury,” he said impressively. “i do this in direct violation of the instructions of my government, but it is a responsibility which i do not hesitate for a moment to assume. the emergency demands it so clearly in my mind that the question seems scarcely debatable. i am still so far overwhelmed by the stupendous revelation to which we have listened, that i am not prepared yet to discuss it beyond taking this obvious precaution for guarding against the terrible calamity which a disclosure of this secret would bring upon us.”

the proposition was at once adopted unanimously by the conference. the representative of the united states cabinet again took the floor, saying:

“i have purposely refrained, gentlemen, from saying anything about the history of the enormous treasure which i have described, or about the details of what has thus far been done with it. the owner of the gold has come with me to paris. i much prefer that you learn from his own lips all that he has to impart about his past policy and his plan. i move, mr. president, that mr. robert brent, of new york, be invited to attend the sessions of this conference and that he be privileged to take part in all debates.”

the motion was instantly passed, and the secretary left the room to secure the attendance of the man of{313} whom these great men of statesmanship and finance found themselves in sudden awe.

when robert brent entered rather diffidently the magnificent chamber a few minutes later, he found himself the object of an interest that was rather disconcerting. as he advanced up the room by the side of the secretary, the president of the conference suddenly left his high seat and came to meet him. in an instant every man present followed his example. the young man was surrounded by distinguished potentates, anxious to do him honor. little was said. it did not seem to be an occasion for many words. brent grasped the hands held out to him cordially and at length proceeded to a seat by the secretary’s side. when the president had again taken the chair, the secretary formally introduced the young man to the conference, inviting him to explain his position and purpose.

brent faced his small but distinguished audience with evident embarrassment and hesitation. the almost painful eagerness and earnestness in every countenance speedily made it clear to him that his words were awaited with a deference entirely free from criticism. strong emotion unmasks most faces, and there was fear and admiration and bewilderment still upon the features of the proud men who now hung expectant upon the words of the young american{314} of whose existence they had been ignorant an hour before. such is the mastery of gold!

brent’s embarrassment gave place to an uncomfortable sense of undeserved power which he had usurped from these, its rightful custodians! it led him to speak deprecatingly, almost apologetically, of himself and his difficulties. he described as fully as he was able the history of his treasure and his operations in the financial world during the previous year. coming at length to the question at issue, he said:

“with the best intentions in the world, i have inflicted great wrongs, especially upon my own country. i have done what i could to repair some of the damage i have caused. but i realize clearly now, as no doubt you do at a glance, that the greatest evil of all is still impending. the simple possession of more than five thousand tons of unknown, unused gold, under the present circumstances, is a crime of which i will not be guilty a moment longer than i can help. i place the fate of this treasure entirely, unreservedly in your hands. i have no personal wishes in the matter, not even any suggestions to offer. the task is too great for me. i assumed it at first without hesitation and with the foolish confidence of ignorance. it seemed to my thoughtless enthusiasm the simplest portion of my plan of gold-getting. i believed, when i had locked the last box of gold in the vault in new{315} york, that my difficulties were practically at an end. the mischief which my blind self-assurance has wrought will be a life-long reproach to me.

“to be absolutely honest, i cannot plead complete ignorance of the dangers which i risked. some of them i dimly foresaw, after i had seriously grappled the problem which i have now delegated to you. a selfish desire to escape if possible the penalties of wealth—the notoriety, the curiosity, the adulation, the insincerities, the importunities—led me to conceal my secret, when i should have sought the best counsel at the outset. i hope i am not now too late in performing this duty. whatever your honorable body shall advise, i will execute. i place at your disposal not only the gold not yet used, but certain other moneys and securities, embracing all of my property with the exception of a fund of $100,000,000, which i reserve for the carrying out of certain obligations which i have undertaken, and in part for my own use. the remainder, and it will amount at a rough estimate to $3,300,000,000, or ￡660,000,000 sterling, shall be devoted in whole or in part in such manner as you prescribe to the execution of international enterprises too great for private capital to undertake. or i am prepared, if you so advise, even to sink the treasure in mid-atlantic.”

the motionless, almost breathless silence in which{316} the conference had listened continued for a moment after brent had finished. it was broken by a french delegate, who sprang to his feet, and without any of the dignified formalities which the occasion demanded, exclaimed excitedly:

“the gentleman has named the solution of the problem in his last sentence. it is the only solution. any other will bring disaster, ruin, chaos. let the gold be sunk in the sea!”

“the honorable representative of france may be right, mr. president,” said a great german banker in response, “but we have before us a task which demands the most careful, the most profound consideration which we can give to it. we have all of us, i doubt not, been overwhelmed by the mere statement of its terms. we are in no way prepared at this moment to devote that calm and dispassionate thought to the subject which is necessary. i move that the sitting be suspended until to-morrow.”

the formal session was speedily ended in response to the motion, but no one left the chamber. all gathered about brent and plied him with questions so incessantly that two hours had passed before any one thought of going. even then the delegates separated with the agreement to meet again for informal consultation in the evening at one of the hotels. the dispatches which they sent to their respective govern{317}ments were non-committal and evasive, while other inquirers about the business of the conference were refused any information.

no attempt was made at the subsequent sessions to return to the formalities and dignities of procedure which the startling nature of the opening speech had so effectually banished. the debates were man to man business consultations of the most earnest and practical description. nobody had any pet theories to put forward or any hobbies to ride. there was a single-minded purpose on the part of every man to seek and find an escape from a danger which, in the estimation of them all, grew more threatening and more appalling every hour.

they recognized at once the necessity for reaching an early solution of their problem. the secrecy of their deliberations might itself excite suspicions. their home governments would soon become displeased over their reticence. in fact, the british ministry intimated very promptly to the english delegates that their silence regarding the proceedings of the conference was unsatisfactory. it became necessary to limit the time during which the policy of secrecy should be continued. the delegates finally informed their superiors at home that they had bound themselves to preserve silence in regard to all matters coming before the conference for one month. in cases where this{318} was a violation of instructions, cabinet ministers were informed that the step seemed justified by certain exigencies of the situation, and that the end must justify the temporary defiance of authority.

in the early stage of their deliberations, the temptation was strong upon the delegates to adopt the easy and obvious plan suggested by brent at his first appearance before them. if the entire mass of gold should be loaded once more upon a ship and sunk in the fathomless depths of mid-ocean, the unique problem would be completely solved, and none like it would ever arise probably to distract the brain of man.

but there was something inherently revolting and intolerable, especially to these men of money, in the thought of thus destroying untouched and unused the greatest mass of what the world regards as wealth which had ever come into the possession of men. reason told them, so they all agreed at the outset, that to attempt to employ this treasure in the monetary world would destroy or reduce to almost nothing the value of all gold, now held in the belief that it was the securest form of wealth. they did not need to go beyond the a, b, c of finance and political economy to make that truth apparent.

two or three of the older delegates recalled the agitation in the money markets of the world which followed the california gold discoveries of 1849.{319} there had been a loud clamor, especially in the united states, for the demonetization of gold, for the same reason that silver was attacked as a monetary metal when its production increased in large proportion. the yellow metal had been almost in disgrace for several years, while its modest white rival had possessed in a higher degree the essential quality of stability.

at one time, early in their deliberations, the old controversy between bimetallists and monometallists which the problem so closely involved threatened to make some division among the delegates. but the danger was soon overcome. monetary conditions throughout the world had already been so changed by the influence of the fraction of brent’s treasure which had been poured into the channels of trade that matters of argument a year before had now become matters of accepted fact. previous opinions and convictions were willingly revised in the light of new and unsuspected conditions. no man sitting at the conference board was so strongly wedded to hobbies or theories as to oppose them for an instant to the stupendous facts now presented.

the air was most effectually cleared at the moment a disagreement seemed possible, by a plain, straightforward statement of the situation by one of the english delegates. speaking in simple, business-like fashion, he said:{320}

“gentlemen, i do not think we need concern ourselves too seriously with the question of bimetallism. it is a matter which need not be directly passed upon by this conference. i admit that our decree upon the fate of this gold will have an almost decisive effect upon the monetary use of silver; but let us look at the matter from another and i believe broader point of view.

“our problem really amounts to this: how shall we, in deciding the destiny of this gold, secure to the world the greatest stability of monetary values? in other words, how much if any of this gold can be devoted to monetary and general use without seriously disturbing proper standards of value? when we settle that point, the ratio between gold and silver will adjust itself. i submit that it is not in the power of any government or combination of governments to fix that ratio arbitrarily in defiance of the actual ratio of the supply of the two metals.

“look at the matter for one moment in the light of history. the fluctuations have been great, and dependent solely upon supply and demand. go back as far as darius, and the ratio was thirteen to one. after the pillage of the temple of delphi, b.c. 357, it fell to ten to one. in the roman world it rose as high as seventeen to one, but after c?sar’s return, loaded with spoils from gaul, it was reduced to nine{321} to one. in the middle ages it ranged between ten and twelve to one. it began to rise soon after 1600, and in 1717 the english government fixed the ratio at 15.2 to one. the relative supply of the two metals has always fixed their relative values, and it always will continue to do so.

“our task is to determine what is the world’s necessary consumption of gold; that is, what should be the annual supply for maintaining a steady standard of values. solve that problem and our work is done. the gold production of the world during recent years has averaged little more than twenty-five millions sterling ($125,000,000). in 1852 it was thirty-six millions sterling. the latter yield was too great, no doubt, for the world’s financial needs at that day; but most of us will agree, i think, that the vastly increased trade of the end of the century demands much more than the comparatively meager supply of recent years. in fact, the world was suffering from the first stages of a gold famine when mr. brent landed his cargo of treasure in new york.

“i beg you to remember, gentlemen, that i represent a creditor country. it would be greatly to the advantage of england if every ounce of mr. brent’s gold could be buried in the bottom of the sea. but england is unselfish and honest enough, i believe, not to require the payment of the debts due her in{322} coin of enhanced value. give us a solution of this problem which will maintain all obligations at their original value, actually as well as nominally, and england will be content.

“my suggestion, therefore, of a general basis for a settlement of our problem is this: establish a fund out of this gold in charge of a small international commission. estimate carefully the sum which may safely be added to the present average gold production of the world. let the fund be large enough for twenty, or at most twenty-five such annual additions. charge the commissioners with the duty of expending the agreed sum annually upon great international enterprises, as mr. brent has suggested. then let the remainder of the gold be loaded upon a ship and thrown into the sea at the earliest possible moment.”

it was not long before the entire discussion of the conference was devoted to this proposition. its general policy soon received the unanimous approval of the delegates. but when it came to details there was much difference of opinion. there was no certainty that the ordinary gold production would remain $125,000,000 yearly; in fact, a considerable increase was probable. south africa was making enormous additions to her annual contributions. british and dutch guiana and other south american states were developing new and important fields, while austral{323}asia was gradually increasing her production. on the other hand, the mercantile, as distinct from monetary consumption of gold was steadily increasing, and it was estimated by most of the delegates that this demand would absorb practically all the natural increase.

after several prolonged debates, the conference fixed upon $200,000,000 as the maximum quantity which might be added to the world’s supply of gold without disturbing the conditions of trade. when it came to the practical regulation of this supply, there were serious difficulties. the power which it was necessary to delegate to the controlling board was greater than that of kings, greater than had ever been intrusted to the hands of man. they would be virtually the keepers of the world’s purse, the bankers of all christendom. the power of giving prosperity or adversity to nations, or to one country at the expense of another country, would rest with them. to whose hands could responsibility so vast be safely consigned?

there was also the almost inevitable danger of international jealousy in the expenditure of such colossal sums. a higher virtue than patriotism must control the distribution of benefactions for the good of humanity at large, rather than of nations. all the great international projects which had been brought seriously before the world would not consume in their{324} execution half the treasure now at command. the delegates talked in a desultory way of the nicaragua canal, great sanitary schemes for purifying the continent of europe, the stamping out of cholera and other plagues at their source in the east, the irrigation of the western plains in america and of portions of african deserts, the tunneling of the english channel. they became hopelessly confused and divided upon this branch of the subject, and speedily abandoned it as too vast and too technical for consideration by a temporary assembly.

a proposition to divide the gold, which it might be decided to distribute annually, pro rata, according to population, among the governments of europe and america, was rejected after brief consideration. brent himself ventured to express his disapproval of the suggestion, and his wish was at once respected. such a plan would lead, he argued, to more extreme militarism in europe, while in america it would yield merely a temporary easing of the burden of taxation, and a temptation to jobbery at washington. it would produce no genuine and permanent boon to mankind.

all the schemes and suggestions offered finally sifted down to a very simple plan, and four weeks of almost incessant work brought the conference to substantial unanimity in its approval. in brief outline, these were its terms:{325}

the conference recommended that the equivalent of $1,500,000,000 of brent’s treasure be delivered to the united states government as custodian. it should remain in the united states treasury in its crude state of native gold until drawn upon from time to time, according to prescribed conditions, by an international board of trustees. this board should consist of five members, to be appointed, one by the president of the united states, one by the queen of england, one by the emperor of germany, and one by the president of france. the fifth member should be robert brent of new york. the term of office of the trustees should not be limited, and they should receive each an annual salary of $250,000. their duties should be the expenditure, upon works for the general benefit of mankind beyond the scope of private undertaking, of such sums from the fund in the custody of the united states government as their judgment should dictate, and subject to the following restrictions: the expenditure should not in any one year exceed the sum of $75,000,000, nor fall below $30,000,000, unless the addition to the world’s supply of gold from all sources, the fund included, during the next preceding year had exceeded $200,000,000. no excess over the last named maximum of the world’s supply should be permitted by means of the trustees’ expenditures.{326}

this agreement was reached by the conference two days before the expiration of the time during which it had been voted to keep the subject under consideration secret from the home governments of the various delegates. before final adjournment, the conference adopted unanimously a report, setting forth in the strongest terms their admiration of the qualities of mind and heart which had led the owner of the greatest treasure in history to make of it a blessing and not a curse to his fellow-men.