"I shall but serve as your mouthpiece to the Court, gentlemen," resumed Montague, seating himself and turning at once to the business of the day. "We are all agreed as to the urgency of the case. The king needs behind him in these times a contented people. You have already seen the imminence of a popular discontent which may shake the throne of England, none too safe in these days of change. That we must reorganize the coinage is understood and agreed. The question is, how best to do this without further unsettling the times. My Lord Keeper, I must beg you for your suggestions."
"Sir," said Somers, shifting and coughing, "it is as you say. The question is of great moment. I should suggest a decree that the old coin shall pass by weight alone and not by its face value. Call in all the coin and have it weighed, the government to make future payment to the owner of the coin of the difference between its nominal and its real value. The coin itself should be restored forthwith to its owner. Hence the trade and the credit of the realm would not suffer. The money of the country would be withdrawn from the use of the country only that short time wherein it was in process of counting. This, it occurs to me, would surely be a practical method, and could work harm to none." My Lord Somers sat back, puffing out his chest complacently.
"Sir Isaac," said Montague, "and Mr. Locke, we must beg you to find such fault as you may with this plan which my Lord Keeper hath suggested."
Sir Isaac made no immediate reply. John Locke stirred gently in his chair. "There seemeth much to commend in this plan of my Lord Keeper," said he, leaning slightly forward, "but in pondering my Lord Keeper's suggestion for the bringing in of this older coin, I must ask you if this plan can escape that selfish impulse of the human mind which seeketh for personal gain? For, look you, short as would be the time proposed, it taketh but still shorter time to mutilate a coin; and it doth seem to me that, under the plan of my Lord Keeper, we should see the old currency of England mutilated in a night. Sir, I should opine in the contrary of this plan, and would base my decision upon certain principles which I believe to be ever present in the human soul."
Montague cast down his eye for a moment. "Sir Isaac," at length he began, "we are relying very much upon you. Is there no suggestion which you can offer on this ticklish theme?"
The large, full face of the great man was turned calmly and slowly upon the speaker. His deep and serene eye apparently saw not so much the man before him as the problem which lay on that man's mind.
"Sir," said Sir Isaac, "as John Locke hath said, this is after all much a matter of clear reasoning. There come into this problem two chief questions: First, who shall pay the expense of the recoinage? Shall the Government pay the expense, or shall the owner of the coin, who is to obtain good coin for evil?
"Again, this matter applieth not to one man but to many men. Now if one half the tradesmen of England rush to us with their coin for reminting, surely the trade of the country will have left not sufficient medium with which to prosper. This I take to be the second part of this problem.
"There be certain persons of the realm who claim that we may keep our present money as it is, but mark from its face a certain amount of value. Look you, now, this were a small thing; yet, in my mind, it clearly seemeth dishonesty. For, if I owe my neighbor a debt, let us say for an hundred sovereigns, shall I not be committing injustice upon my neighbor if I pay him an hundred sovereigns less that deduction which the realm may see fit thus to impose upon the face of my sovereign? This, in justice, sirs, I hold it to be not the part of science, nor the part of honesty, neither of statesmanship, to endorse."
"Sir Isaac," cried Montague, striking his nervous hands upon the table, "recoin we must. But how, and, as you say, at whose expense? We are as far now from a plan as when we started. We but multiply difficulties. What we need now is not so much negative measures as positive ones. We must do this thing, and we must do it promptly. The question is still of how it may best be done. Mr. Law, by your leave and by the leave of these gentlemen here present, I shall take the liberty of asking you if there doth occur to your mind any plan by which we may be relieved of certain of these difficulties. I am aware, sir, that you are much a student in these matters."
A grave silence fell upon all. John Law, young, confident and arrogant in many ways as he was, none the less possessed sobriety and depth of thought, just as he possessed the external dignity to give it fitting vehicle. He gazed now at the men before him, not with timorousness or trepidation. His face was grave, and he returned their glances calmly as he rose and made the speech which, unknown to himself, was presently to prove so important in his life.
"My Lords," said he, "and gentlemen of this council, I am ill-fitted to be present here, and ill-fitted to add my advice to that which has been given. It is not for me to go beyond the purpose of this meeting, or to lay before you certain plans of my own regarding the credit of nations. I may start, as does our learned friend, simply from established principles of human nature.
"It is true that the coinage is a creature of the government. Yet I believe it to be true that the government lives purely upon credit; which is to say, the confidence of the people in that government.
"Now, we may reason in this matter perhaps from the lesser relations of our daily life. What manner of man do we most trust among those whom we meet? Surely, the honest man, the plain man, the one whose directness and integrity we do not doubt. Truly you may witness the nature of such a man in the manner of his speech, in his mien, in his conduct. Therefore, my Lords and gentlemen, it seems to me plain that we shall best gain confidence for ourselves if we act in the most simple fashion.
"Let us take up this matter directly with Parliament, not seeking to evade the knowledge of Parliament in any fashion; for, as we know, the Parliament and the king are not the best bed-fellows these days, and the one is ready enough to suspect the other. Let us have a bill framed for Parliament — such bill made upon the decisions of these learned gentlemen present. Above all things, let us act with perfect openness.
"As to the plan itself, it seems that a few things may be held safe and sure. Since we can not use the old coin, then surely we must have new coin, milled coin, which Charles, the earlier king of England, has decreed. Surely, too, as our learned friend has wisely stated, the loss in any recoinage ought, in full justice and honesty, to fall not upon the people of England, but upon the government of England. It seems equally plain to me there must be a day set after which the old coin may no longer be used. Set it some months ahead, not, as my Lord Keeper suggests, but a few days; so that full notice may be given to all. Make your campaign free and plain, and place it so that it may be known, not only of Parliament, but of all the world. Thus you establish yourselves in the confidence of Parliament and in the good graces of this people, from whom the taxes must ultimately come."
Montague's hands smote again upon the table with a gesture of conviction. John Locke shifted again in his chair. Sir Isaac and the lord keeper gazed steadfastly at this young man who stood before them, calmly, assuredly, and yet with no assumption in his mien.
"Moreover," went on John Law, calmly, "there is this further benefit to be gained, as I am sure my countryman, Mr. Paterson, has long ago made plain. It is not a question of the wealth of England, but a question of the confidence of the people in the throne. There is money in abundance in England. It is the province of my Lord Chancellor to wheedle it out of those coffers where it is concealed and place it before the uses of the king. Gentlemen, it is confidence that we need. There will be no trouble to secure loans of money in this rich land, but the taxes must be the pledge to your bankers. This new Bank of England will furnish you what moneys you may need. Secure them only by the pledge of such taxes as you feel the people may not resent; give the people, free of cost, a coinage which they can trust; and then, it seems to me, my Lords and gentlemen, the problem of the revenue may be thought solved simply and easily — solved, too, without irritating either the people or the Parliament, or endangering the relations of Parliament and the throne."
The conviction which fell upon all found its best expression in the face of Montague. The youth and nervousness of the man passed away upon the instant. He sat there sober and thoughtful, quiet and resolved.
"Gentlemen," said he at last, slowly, "my course is