"At that time the rascal possessed something like eighteen hundred thousand francs; money must have weighted very little with him in the question of marriage; and he had not merely been proof against Malvina, he had resisted the Barons de Nucingen and de Rastignac; though both of them had set him galloping at the rate of seventy-five leagues a day, with outriders, regardless of expense, through mazes of their cunning devices--and with never a clue of thread.

"G.o.defroid could not refrain from saying a word to his future sister-in-law as to her ridiculous position between a banker and an attorney.

"'You mean to read me a lecture on the subject of Ferdinand,' she said frankly, 'to know the secret between us. Dear G.o.defroid, never mention this again. Ferdinand's birth, antecedents, and fortune count for nothing in this, so you may think it is something extraordinary.' A few days afterwards, however, Malvina took G.o.defroid apart to say, 'I do not think that Desroches is sincere' (such is the instinct of love); 'he would like to marry me, and he is paying court to some tradesman's daughter as well. I should very much like to know whether I am a second shift, and whether marriage is a matter of money with him.' The fact was that Desroches, deep as he was, could not make out du Tillet, and was afraid that he might marry Malvina. So the fellow had secured his retreat. His position was intolerable, he was scarcely paying his expenses and interest on the debt. Women understand nothing of these things; for them, love is always a millionaire."

"But since neither du Tillet nor Desroches married her; just explain Ferdinand's motive," said Finot.

"Motive?" repeated Bixiou; "why, this. General Rule: A girl that has once given away her slipper, even if she refused it for ten years, is never married by the man who----"

"Bosh!" interrupted Blondet, "one reason for loving is the fact that one has loved. His motive? Here it is. General Rule: Do not marry as a sergeant when some day you may be Duke of Dantzig and Marshal of France.

Now, see what a match du Tillet has made since then. He married one of the Comte de Granville's daughters, into one of the oldest families in the French magistracy."

"Desroches' mother had a friend, a druggist's wife," continued Bixiou.

"Said druggist had retired with a fat fortune. These druggist folk have absurdly crude notions; by way of giving his daughter a good education, he had sent her to a boarding-school! Well, Matifat meant the girl to marry well, on the strength of two hundred thousand francs, good hard coin with no scent of drugs about it."

"Florine's Matifat?" asked Blondet.

"Well, yes. Lousteau's Matifat; ours, in fact. The Matifats, even then lost to us, had gone to live in the Rue du Cherche-Midi, as far as may be from the Rue des Lombards, where their money was made. For my own part, I had cultivated those Matifats. While I served my time in the galleys of the law, when I was cooped up for eight hours out of the twenty-four with nincomp.o.o.ps of the first water, I saw queer characters enough to convince myself that all is not dead-level even in obscure places, and that in the flattest inanity you may chance upon an angle.

Yes, dear boy, such and such a philistine is to such another as Raphael is to Natoire.

"Mme. Desroches, the widowed mother, had long ago planned this marriage for her son, in spite of a tremendous obstacle which took the shape of one Cochin, Matifat's partner's son, a young clerk in the adult department. M. and Mme. Matifat were of the opinion that an attorney's position 'gave some guarantee for a wife's happiness,' to use their own expression; and as for Desroches, he was prepared to fall in with his mother's views in case he could do no better for himself. Wherefore, he kept up his acquaintance with the druggists in the Rue du Cherche-Midi.

"To put another kind of happiness before you, you should have a description of these shopkeepers, male and female. They rejoiced in the possession of a handsome ground floor and a strip of garden; for amus.e.m.e.nt, they watched a little squirt of water, no bigger than a cornstalk, perpetually rising and falling upon a small round freestone slab in the middle of a basin some six feet across; they would rise early of a morning to see if the plants in the garden had grown in the night; they had nothing to do, they were restless, they dressed for the sake of dressing, bored themselves at the theatre, and were for ever going to and fro between Paris and Luzarches, where they had a country house. I have dined there.

"Once they tried to quiz me, Blondet. I told them a long-winded story that lasted from nine o'clock till midnight, one tale inside another.

I had just brought my twenty-ninth personage upon the scene (the newspapers have plagiarized with their 'continued in our next'), when old Matifat, who as host still held out, snored like the rest, after blinking for five minutes. Next day they all complimented me upon the ending of my tale!

"These tradespeople's society consisted of M. and Mme. Cochin, Mme.

Desroches, and a young Popinot, still in the drug business, who used to bring them news of the Rue des Lombards. (You know him, Finot.) Mme.

Matifat loved the arts; she bought lithographs, chromo-lithographs, and colored prints,--all the cheapest things she could lay her hands on. The Sieur Matifat amused himself by looking into new business speculations, investing a little capital now and again for the sake of the excitement.

Florine had cured him of his taste for the Regency style of thing. One saying of his will give you some idea of the depths in my Matifat. 'Art _thou_ going to bed, my nieces?' he used to say when he wished them good-night, because (as he explained) he was afraid of hurting their feelings with the more formal 'you.'

"The daughter was a girl with no manner at all. She looked rather like a superior sort of housemaid. She could get through a sonata, she wrote a pretty English hand, knew French grammar and orthography--a complete commercial education, in short. She was impatient enough to be married and leave the paternal roof, finding it as dull at home as a lieutenant finds the night.w.a.tch at sea; at the same time, it should be said that her watch lasted through the whole twenty-four hours. Desroches or Cochin junior, a notary or a lifeguardsman, or a sham English lord,--any husband would have suited her. As she so obviously knew nothing of life, I took pity upon her, I determined to reveal the great secret of it.

But, pooh! the Matifats shut their doors on me. The bourgeois and I shall never understand each other."

"She married General Gouraud," said Finot.

"In forty-eight hours, G.o.defroid de Beaudenord, late of the diplomatic corps, saw through the Matifats and their nefarious designs," resumed Bixiou. "Rastignac happened to be chatting with the frivolous Baroness when G.o.defroid came in to give his report to Malvina. A word here and there reached his ear; he guessed the matter on foot, more particularly from Malvina's look of satisfaction that it was as she had suspected.

Then Rastignac actually stopped on till two o'clock in the morning. And yet there are those that call him selfish! Beaudenord took his departure when the Baroness went to bed.

"As soon as Rastignac was left alone with Malvina, he spoke in a fatherly, good-humored fashion. 'Dear child, please to bear in mind that a poor fellow, heavy with sleep, has been drinking tea to keep himself awake till two o'clock in the morning, all for a chance of saying a solemn word of advice to you--_Marry_! Do not be too particular; do not brood over your feelings; never mind the sordid schemes of men that have one foot here and another in the Matifats' house; do not stop to think at all: Marry!--When a girl marries, it means that the man whom she marries undertakes to maintain her in a more or less good position in life, and at any rate her comfort is a.s.sured. I know the world. Girls, mammas, and grandmammas are all of them hypocrites when they fly off into sentiment over a question of marriage. n.o.body really thinks of anything but a good position. If a mother marries her daughter well, she says that she has made an excellent bargain.' Here Rastignac unfolded his theory of marriage, which to his way of thinking is a business arrangement, with a view to making life tolerable; and ended up with, 'I do not ask to know your secret, Malvina; I know it already. Men talk things over among themselves, just as you women talk after you leave the dinner-table. This is all I have to say: Marry. If you do not, remember that I begged you to marry, here, in this room, this evening!'

"There was a certain ring in Rastignac's voice which compelled, not attention, but reflection. There was something startling in his insistence; something that went, as Rastignac meant that it should, to the quick of Malvina's intelligence. She thought over the counsel again next day, and vainly asked herself why it had been given."

Couture broke in. "In all these tops that you have set spinning, I see nothing at all like the beginnings of Rastignac's fortune," said he.

"You apparently take us for Matifats multiplied by half-a-dozen bottles of champagne."

"We are just coming to it," returned Bixiou. "You have followed the course of all the rivulets which make up that forty thousand livres a year which so many people envy. By this time Rastignac held the threads of all these lives in his hand."

"Desroches, the Matifats, Beaudenord, the d'Aldriggers, d'Aiglemont?"

"Yes, and a hundred others," a.s.sented Bixiou.

"Oh, come now, how?" cried Finot. "I know a few things, but I cannot see a glimpse of an answer to this riddle."

"Blondet has roughly given you the account of Nucingen's first two suspensions of payment; now for the third, with full details.--After the peace of 1815, Nucingen grasped an idea which some of us only fully understood later, to wit, that capital is a power only when you are very much richer than other people. In his own mind, he was jealous of the Rothschilds. He had five millions of francs, he wanted ten. He knew a way to make thirty millions with ten, while with five he could only make fifteen. So he made up his mind to operate a third suspension of payment. About that time, the great man hit on the idea of indemnifying his creditors with paper of purely fict.i.tious value and keeping their coin. On the market, a great idea of this sort is not expressed in precisely this cut-and-dried way. Such an arrangement consists in giving a lot of grown-up children a small pie in exchange for a gold piece; and, like children of a smaller growth, they prefer the pie to the gold piece, not suspecting that they might have a couple of hundred pies for it."

"What is this all about, Bixiou?" cried Couture. "Nothing more _bona fide_. Not a week pa.s.ses but pies are offered to the public for a louis.

But who compels the public to take them? Are they not perfectly free to make inquiries?"

"You would rather have it made compulsory to take up shares, would you?"

asked Blondet.

"No," said Finot. "Where would the talent come in?"

"Very good for Finot."

"Who put him up to it?" asked Couture.

"The fact was," continued Bixiou, "that Nucingen had twice had the luck to present the public (quite unintentionally) with a pie that turned out to be worth more than the money he received for it. That unlucky good luck gave him qualms of conscience. A course of such luck is fatal to a man in the long run. This time he meant to make no mistake of this sort; he waited ten years for an opportunity of issuing negotiable securities which should seem on the face of it to be worth something, while as a matter of fact----"

"But if you look at banking in that light," broke in Couture, "no sort of business would be possible. More than one _bona fide_ banker, backed up by a _bona fide_ government, has induced the hardest-headed men on 'Change to take up stock which is bound to fall within a given time.

You have seen better than that. Have you not seen stock created with the concurrence of a government to pay the interest upon older stock, so as to keep things going and tide over the difficulty? These operations were more or less like Nucingen's settlements."

"The thing may look queer on a small scale," said Blondet, "but on a large we call it finance. There are high-handed proceedings criminal between man and man that amount to nothing when spread out over any number of men, much as a drop of prussic acid becomes harmless in a pail of water. You take a man's life, you are guillotined. But if, for any political conviction whatsoever, you take five hundred lives, political crimes are respected. You take five thousand francs out of my desk; to the hulks you go. But with a sop cleverly pushed into the jaws of a thousand speculators, you can cram the stock of any bankrupt republic or monarchy down their throats; even if the loan has been floated, as Couture says, to pay the interest on that very same national debt.

n.o.body can complain. These are the real principles of the present Golden Age."

"When the stage machinery is so huge," continued Bixiou, "a good many puppets are required. In the first place, Nucingen had purposely and with his eyes open invested his five millions in an American investment, foreseeing that the profits would not come in until it was too late. The firm of Nucingen deliberately emptied its coffers. Any liquidation ought to be brought about naturally. In deposits belonging to private individuals and other investments, the firm possessed about six millions of capital altogether. Among those private individuals was the Baroness d'Aldrigger with her three hundred thousand francs, Beaudenord with four hundred thousand, d'Aiglemont with a million, Matifat with three hundred thousand, Charles Grandet (who married Mlle. d'Aubrion) with half a million, and so forth, and so forth.

"Now, if Nucingen had himself brought out a joint-stock company, with the shares of which he proposed to indemnify his creditors after more or less ingenious manoeuvring, he might perhaps have been suspected. He set about it more cunningly than that. He made some one else put up the machinery that was to play the part of the Mississippi scheme in Law's system. Nucingen can make the longest-headed men work out schemes for him without confiding a word to them; it is his peculiar talent.

Nucingen just let fall a hint to du Tillet of the pyramidal, triumphant notion of bringing out a joint-stock enterprise with capital sufficient to pay very high dividends for a time. Tried for the first time, in days when noodles with capital were plentiful, the plan was pretty sure to end in a run upon the shares, and consequently in a profit for the banker that issued them. You must remember that this happened in 1826.

"Du Tillet, struck through he was by an idea both pregnant and ingenious, naturally bethought himself that if the enterprise failed, the blame must fall upon somebody. For which reason, it occurred to him to put forward a figurehead director in charge of his commercial machinery. At this day you know the secret of the firm of Claparon and Company, founded by du Tillet, one of the finest inventions----"

"Yes," said Blondet, "the responsible editor in business matters, the instigator, and scapegoat; but we know better than that nowadays. We put, 'Apply at the offices of the Company, such and such a number, such and such a street,' where the public find a staff of clerks in green caps, about as pleasing to behold as broker's men."

"Nucingen," pursued Bixiou, "had supported the firm of Charles Claparon and Company with all his credit. There were markets in which you might safely put a million francs' worth of Claparon's paper. So du Tillet proposed to bring his firm of Claparon to the fore. So said, so done.

In 1825 the shareholder was still an unsophisticated being. There was no such thing as cash lying at call. Managing directors did not pledge themselves not to put their own shares upon the market; they kept no deposit with the Bank of France; they guaranteed nothing. They did not even condescend to explain to shareholders the exact limits of their liabilities when they informed them that the directors in their goodness, refrained from asking any more than a thousand, or five hundred, or even two hundred and fifty francs. It was not given out that the experiment in _aere publico_ was not meant to last for more than seven, five, or even three years, so that shareholders would not have long to wait for the catastrophe. It was in the childhood of the art.

Promoters did not even publish the gigantic prospectuses with which they stimulate the imagination, and at the same time make demands for money of all and sundry."

"That only comes when n.o.body wishes to part with money," said Couture.

"In short, there was no compet.i.tion in investments," continued Bixiou.

"Paper-mache manufacturers, cotton printers, zinc-rollers, theatres, and newspapers as yet did not hurl themselves like hunting dogs upon their quarry--the expiring shareholder. 'Nice things in shares,' as Couture says, put thus artlessly before the public, and backed up by the opinions of experts ('the princes of science'), were negotiated shamefacedly in the silence and shadow of the Bourse. Lynx-eyed speculators used to execute (financially speaking) the air _Calumny_ out of _The Barber of Seville_. They went about piano, piano, making known the merits of the concern through the medium of stock-exchange gossip.

They could only exploit the victim in his own house, on the Bourse, or in company; so they reached him by means of the skilfully created rumor which grew till it reached a _tutti_ of a quotation in four figures----"

"And as we can say anything among ourselves," said Couture, "I will go back to the last subject."

"_Vous etes orfevre, Monsieur Josse_!" cried Finot.