Chapter 14 The Combat
1
Meanwhile, Galt's enemies had been drawing together secretly.
Hatred, fear, and envy resolved all other emotions.
Men who had nothing else in common were joined in a conspiracy to destroy him.
The Leviathans of this deep move slowly and take their time.
Besides, it was a fearsome undertaking, there was bound to be a terrific struggle, one false
move and the dragon would escape.
The plan was to attack him from two sides at once.
Several of the railroad properties acquired by the Great Midwestern were, in some sense,
competitive, though Galt had not bought them primarily for that reason, and as the law
If the law was never clear as to how far the merging of separate railroads might go, it would be possible to attack the Galt system under the Antitrust Act.
If the government could be moved to do this, and if then, at the same time, his Wall Street enemies concertedly attacked his credit, his downfall might be foretold.
This plan required elaborate preparation. The government could not be directly solicited to act.
It would have to be moved by suggestion and with such finesse as to conceal the fact that it was
being influenced at all, elsewise than by its own convictions of right. There are those who know how
to effect these Machiavellian results. Intrigue is still man's sovereign art. That is why he makes
make so much of politics.
Mrs. Valentine, pursuing vengeance in her own way, had made Galt's name anathema throughout
her precious principality.
If you were anybody at all, or aspired to be, you were obliged to think and speak ill
of him, for he represented vulgarity raised by its own audacity to a wicked and sinister
eminence.
If he had been born so, one could understand it, she said, but he knew better.
That made it all the worse.
He had betrayed the decencies.
His one passion was to amass wealth.
Those who had helped him to rise, he trampled down.
He made his money dishonestly, a stock exchange gambler with a Napoleonic obsession.
Well, she invariably said at the end, his time would come and then people would see
See What She Meant.
Her own powers she employed in a reckless manner.
She visited disfavor upon those who were lukewarm in malignity, going so far as to make a scene
with Lord Porteous for that he dared to speak in defense of the monster.
She took in people whose only recommendation was zealotry in her cause.
Her subjects, going to and fro, carried the Evangel to other realms, especially to official
Social Society in Washington, which heard in this way every scandalous thing Galt had
ever said about politicians in power.
The extent and character of her information could be explained only on the assumption
that somewhere in our organization, probably on the board of directors, was a masked enemy
who continually gave Galt up to Valentine.
He had not disappeared from the field of action.
All this time he was working in the background with a single passion, a righteous one, as
he believed, which was to assist in the overthrow of Galt.
It was natural that he should join the conspirators.
He brought them much information.
He had political resources and access to the means of publicity.
A fortuitous time arrived.
For several years the public, now restored to high prosperity, observed with interest,
Law, even with pride, the appearance of those vast anonymous shapes, which capital, by a
headlong impulse, had been raising up to control production and transportation.
Mergers, combines, trusts, they came in endless succession.
Hardly a day passed without a new sensation in phantasmic millions.
People were seized with a gambling mania.
Each day promoters threw an enormous mass of new and unseasoned securities upon the
market and they were frantically bought as if the supply were in imminent danger of failing.
Astonishing excesses were committed.
The stock exchange was overwhelmed.
For many weeks the lights never went out in Wall Street because clerks worked all day
and all night to keep the brokers' books straight.
The cauldron boiled over badly at last, and there was a silly panic, more theatrical than
serious.
It served, however, to break a dream and awaken the critical faculty.
The public all at once became deeply alarmed.
There arose a great clamor about trusts.
Those shapes which had been viewed with pride, as symbols of the nation's progress and strength,
were now perceived in the light of fear.
People thought had been held in disesteem since the collapse of the soft money plague.
Here was a new bogey.
Trusts were human evil objectified.
They were swallowing the country up.
In a little while, all business would be in their hands.
There would come to be only two kinds of people, those few who owned the trusts and the many
who worked for them, and freedom would perish in the land.
Something would have to be done about it.
Why had nothing been done?
Were the trusts already more powerful than the state?
Suddenly the trust versus the state was the paramount political issue.
There was an onset of books, essays, speeches, magazine and newspaper articles.
Sense and folly, wisdom and demagoguery were hopelessly entangled.
This kind of outburst is characteristic of a roaring busy democracy whose interest in
and its collective self is spasmodic and hysterical.
The horse is stolen before anybody thinks of minding the barn.
Gradually, the force of this anti-trust feeling, baffled by the complexity of the subject and
seeking all the more for that reason a personal victim, began to focus upon Galt.
You could see it taking place.
The Galt Railroad System, formerly treated with respect and wonder, now was represented
to be an octopus, oppressive, arrogant, holding power of life and death over helpless communities.
And all the time there were men at Washington who whispered into the official ear,
Of course, a lot of this outcry is senseless.
There are good trusts and bad trusts.
Most of them have the economic welfare of the country at heart and are willing to submit
to Any Reasonable Regulation.
The public is undiscriminating.
Its mind becomes fixed on what is bad.
It happens to be fixed on this galt railroad trust.
Well, as to that, we must say there is reason for the public's prejudice.
You would find very few even in Wall Street to defend his methods.
The danger is that unless the evils justly complained of are torn away by those who understand
and how to do it, our entire structure will be destroyed in a fit of popular passion.
Galt was warned of what was going on at Washington, but he was so contemptuous of politics and
so sure of his own way that he sneered.
Who knew what the law was?
It had never been construed.
The legality of his acts had been attended to by the most eminent counsel, including
a former Attorney General of the United States.
What could happen to him that wasn't just as likely to happen to everybody else?
He had only done what everyone was doing, only better, more of it, and perhaps to greater
profit.
If he was vulnerable, then so were all the others who had combined lesser into greater
things, and they would have to find a way out together.
No wealth would be destroyed.
And so he reasoned himself into a state of indifference.
He greatly underestimated the force of public opinion. He knew nothing about it, for it
had never touched him really. Mass psychology in Wall Street he understood perfectly. Social
and political phenomena he did not comprehend at all.
One day great Midwestern stock turned suddenly very weak, falling from 220 to 210 in half
He watched it, annoyed and frowning, and set for Mordecai, who could not explain it.
That afternoon, news came that the minority stockholders of the Orient and Pacific had
brought a suit in equity against the Great Midwestern, alleging that Galt, by arbitrary
exercise of the power of a majority stockholder, had reduced the Orient and Pacific to a state
of Utter Subservience, had thereby destroyed its independent and competitive value and
had mulched it heavily for the benefit of the great Midwestern's treasury.
This, they represented, was a grievous injury to them as minority stockholders, and also
contrary to public interest.
That old Orient and Pacific sore had never healed.
The bankers who controlled the road by sacred right for many years before Galt snatched
it out of their hands had all this time ominously retained a minority interest in the property.
Galt did intend from the beginning to make the Orient and Pacific wholly subordinate
to the Great Midwestern.
It was an essential part of his plan.
Therefore, minority stockholders in good faith would have had a proper grievance.
But these were not minority stockholders in good faith.
They were private bankers, biding their time to take revenge.
Galt had been willing at any time to buy them out handsomely.
They wouldn't sell, because the minority interest was a weapon which someday they would
be able to use against him.
Although the name never appeared in the proceedings, dummies having been put forward to act as
As Complainants in the case, everybody knew that Bullgard and company inspired the suit.
They were the bankers who owned the minority interest in Orient and Pacific shares.
Everybody knew, too, that they bore Galt an implacable enmity.
What nobody knew until afterward was that the conspiracy to destroy Galt was organized
by Jerome Bullgard himself.
He was a man of tremendous character.
His authority in Wall Street was pontifical.
Men accepted it as a natural fact.
Until the rise of Mordecai and company under Galtz Aegis, his house occupied a place of
solitary eminence.
Its traditions were fixed.
Their consequences were astronomical.
Bullgard was the house.
His partners were insignificant.
not actually if you took them as individuals, but relatively, in contrast with him.
His imperious will he imposed upon men and events, upon men by force of a personality
that inspired dread and obedience, and upon events by the dynamic quality of his intelligence.
His mind seemed to act in an omnipotent manner, with no effort whatever.
His sanctions and influence pervaded the whole scheme of things, yet he himself was as remote
as a Japanese emperor.
A good deal of the awe that surrounded him was owing to the fact that he worked invisibly.
The hand that shaped the thunderbolts was almost never seen.
There was a saying in Wall Street that his name appeared nowhere but over the door of
his banking house.
In a community where men must be links-eyed and seven-sensed, able to see the unseeable
and deduce the unknowable, his objects were so elaborately concealed that nobody ever knew
for sure what he was doing until it was done.
And then it couldn't be proved, for he would have had perhaps no actual contact with it
at any point.
There were times when he held the stock market in his two hands, doing with it as he pleased,
Yet never could anyone say, he is here, or there he is.
Bullgard's attitude toward Galt was natural, quite fair and regular, according to the law
of conquest.
Galt was an invader, a financial Attila, who had followed the conqueror's star to that
place at which the issue is joined for all or none.
Nothing short of supremacy would satisfy him.
Therefore, he should fight for it.
Did he think the crown might be surrendered peaceably?
Galt perfectly understood this philosophy of combat.
He would not have wished it otherwise.
Fighting he loved.
His fight with Valentine, because it was petty, had been personal in spite of him.
His contest with Bullgard was impersonal and epic, a meeting of champions in the heroic
sense.
The Orient and Pacific suit was but the opening of a barrage.
An important stockholder in the security life insurance company, which was one of the capital
reservoirs Galt had got control of, brought suit to compel him to take back all the great
Midwestern stocks and bonds owned by that institution, on the ground that as a member
of its finance committee he had improperly influenced it to invest its funds in securities
in which he was interested as a seller.
The purpose of this suit was three-fold. Firstly, to advertise the fact that he dominated the
fiscal policies of the security life insurance company. Secondly, to create the suspicion
that his motive in gaining control of institutions in which people kept their savings was to
unload his stocks and bonds upon them. Thirdly, to cast discredit upon great Midwestern securities
as Investments.
It produced an enormous popular sensation.
Galt was denounced and caricatured bitterly in the newspapers.
One cartoon, with a caption, The Milkman, represented the security life as a cow eating
his stocks and bonds and giving down policyholders' money as milk into his private pail.
Next, he was sued on account of some land, which, according to the complaint, he had
had cheapened by withholding railroad facilities only in order to buy it, whereupon he enhanced
its value and hundred times by making it the site of a large railroad development, thereby
enriching himself to the extent of several millions.
That, like so many other things alleged about him, was both true and untrue.
Ten private suits were brought against him within three months.
Each one adroitly contrived to disclose in a biased, damaging manner some phase of his
complex and universal activities hitherto unknown or unobserved by the public.
Each one was preceded by an attack on great Midwestern stock and by increasingly hostile
comment in the press.
The cumulative effect was disastrous.
Public sentiment became hysterical.
Lawsuits as such never worried Galt.
He was continually engaged in litigation and kept a staff of lawyers busy.
His way with lawyers was to tell them baldly what he wanted to do and leave it to them
to evolve the legal technique of doing it.
Then, if difficulties followed, he would say, that's your own bacon, now cure it.
Only they were always to fight, never to settle.
But now he became silent and brooding.
He paced his office for hours together.
When spoken to, his eyes looked out of a mist.
It was necessary to bring his attention to matters requiring decision.
He had Mordecai in two or three times a day.
They conferred endlessly in low tones and watched the ticker anxiously.
So far as I could see, he did nothing to support the pride of great Midwestern stock.
I wondered why. Later I knew. At this juncture he was selling it himself. He was selling
not only his stock, but enormous amounts of his own bonds, thereby converting his wealth
into cash. That is to say, he was stripping for the fray.
For three days Great Midwestern Stock had been falling in a leaden manner and Wall Street
was distraught with a sense of foreboding when one morning the big shell burst.
First, the news tickers flashed this bulletin.
The recent extraordinary weakness of Great Midwestern is explained by the rumor that
the government is about to bring suit under the Anti-Trust Act against the Galt Railroad
system.
There is talk also of criminal proceedings against Mr. Galt.
Galt read it with no sign of emotion.
Evidently, he was expecting it.
Events now were moving rapidly.
Half an hour later, the news tickers produced a bulletin as follows.
Washington.
It is announced at the Attorney General's office that the government has filed suit
against the Galt Railroad Trust, praying for its dissolution on the ground of its
being an oppressive conspiracy in restraint of trade.
No confirmation of rumors that criminal proceedings will be brought against Henry
M. Galt as a Person. Details followed. They ran for an hour on the news printing machines,
to the exclusion of everything else, while at the same time, on the quotation tickers,
the price of Great Midwestern was falling headlong, under terrific selling.
The government's complaint set out the history of the Galt railway system, discussed at length
The Theory of Money and Credit
Their office was soon in the possession of reporters clamoring to see Galt.
He obstinately refused to meet them.
They demanded a statement, and while they waited, we prepared one as follows.
No step in the formation of the Great Midwestern Railway System was taken without the approval
of eminent counsel.
If as it stands it is repugnant to the law, as the law shall be construed, then of course
it will have to be dissolved.
If that comes to pass, all those securities in the Great Midwestern's treasury, representing
ownership and control of other properties, will have to be distributed pro rata among
Great Midwestern stockholders.
Either the securities as such or the proceeds of their sale.
In either case, the profit will amount to a dividend of not less than $150 a share for
Great Midwestern stockholders.
That is the extent to which these securities have increased in value since the Great Midwestern
bought them.
Signed Henry M. Galt.
All of that was obvious, only nobody had thought of it.
The statement was received with utter amazement.
On the strength of it, Great Midwestern stock advanced suddenly ten points.
Now occurred the strangest incident of the chapter.
To imagine it, you have to remember that public feeling was extremely inflamed.
That afternoon, a New York grand jury indicted Galt under an old, forgotten statute, making
it a crime to circulate false statements calculated to advance or depress the price of shares
on the stock exchange.
A huge broad toe came to our office with the warrant.
Galt was under arrest.
His lawyers were summoned.
They communicated with the district attorney, couldn't they appear for Mr. Galt and arrange
bail?
No, the district attorney believed in social equality, Mr. Galt would have to appear like
any other criminal.
Though it was a very hot afternoon and Galt was tired, he insisted that we should walk.
Do you want to handcuff me?
he asked.
Broad toe was ashamed and silent.
So we went, Galt and the officer leading, past the house of Bullgard and company, up
Nassau Street, dodging trucks, bumping people, sometimes in the traffic way, sometimes on
the pavement, to the criminal courts building in City Hall Park, up a winding stairway because
Galt would not wait for the elevator, and to the courtroom where the district attorney
was waiting.
There was some delay.
The judge could not be found at once.
It sat on the extreme edge of a chair, one hand in his trousers pocket, the other fiddling
with his watch chain, staring at the clock over the judge's bench as if he had never
seen one before.
The searing emotions of chagrin and humiliation had not come through.
Word of our presence there spread swiftly and the courtroom began to fill up with reporters
and spectators.
The court arrived, adjusting its gown, read the paper that was handed up by the district
attorney, then looked down upon us, asking, Where is the defendant?
Galt stood up.
The court eyed him curiously until the lawyers began to speak.
The district attorney wanted bail fixed at one million dollars.
The court shook its head.
Galt's lawyers asked that he be released on his own recognizance.
The court shook its head again.
After a long wrangle, it was fixed at $100,000, which the lawyers were prepared to provide
on the spot.
Getting out was an ordeal.
By this time, the courtroom was stuffed with morbid humanity.
Reporters surrounded Galt, adhered to him, laid hands upon him to get his attention.
He made continually the gesture of brushing away flies from his face.
The stairway and corridors were jammed.
As we emerged on the street, screaming newsboys offered us the evening papers with eight
column headlines, Galt indicted, Galt arrested, Galt may go to jail.
From the steps across the pavement to a cab I had in waiting, an open aisle had been broken
through the mob by photographers who had their cameras trained to catch Galt as we passed.
He looked straight ahead, walking rapidly but not in haste.
Where to? he asked, as the door of the cab slammed behind us.
Anywhere first, to get out of this, I said.
Let's go to the club, he said.
I knew which one he met.
Though he was a member of several clubs, he went always to one.
As we entered the big, quiet, red lounging-room, five bankers, three of whom had been counted
among Galt's supporters, were seated in various postures of ease, their minds absorbed in
and the Evening Papers.
Galt's emotions were those of a boy who, having outrun the cops, lands with a whoop in the
arms of his gang.
He tossed his hat aside and shouted, Wee, wow!
The five bankers looked up, rose as one, and stalked out of the room.
For a minute, Galt did not understand what had happened.
He saw them rise as he sat down and evidently thought they were coming to him.
When they did not arrive, he turned his head casually, then, with a start, he looked all
around at the empty space.
His eyes had a startled expression when they met mine again and his face was an ashen color.
He made as if to ring the bell, hesitated, looked all around once more, and said,
Well, Coxie, let's go home.
3.
I began to fear he might collapse.
The Strain was telling.
At the house a servant admitted us.
There was no one else in sight.
We went directly to his apartment.
He tore off his collar and lay for some time quite still, staring straight ahead.
We are the goat, he said.
They put it on us, Coxie, that's all.
They will, eh?
Valentine and his newspaper friends, those magpies at Washington, we'll give them something
to set their teeth.
Now take down what I'm going to say, put it in the form of a signed statement to the press.
Are you ready?
He dictated.
On the evening of July 17, the question of proceeding against the great Midwestern railway
system was the occasion of a special Cabinet meeting at the White House.
Besides the President and the gentlemen of the Cabinet, several members of the Interstate
Commerce Commission were present.
The President asked each one for his opinion.
The Attorney General spoke for half an hour to this effect, that the great Midwestern
railway system was not a combination in restraint of trade, that its methods were not illegal,
that it was necessary for the proper development of the country that railroads should combine
into great systems, a process that had been going on since the first two railroads were
built, and finally that a suit for its dissolution, if brought, would be lost in the courts.
Others spoke in turn.
Then someone said, Where is the Secretary of War?
He is a great jurist.
What does he think?
The Secretary of War was asleep in a corner.
They roused him.
He came into the circle and said, Well, Mr. President, Galt is the dash, dash, dash we
are after, isn't he?
Then the President announced his decision that proceedings should be taken.
Upon this, the Attorney General's office will prepare the legal case.
That is how a suit for the dissolution of the great mid-western railway system came
to be brought.
That is how politicians conduct government.
Have you got all that down?
Read it to me.
When I came to the offensive epithet uttered by the Secretary of War, I read, dash, dash,
dash.
What's that?
He asked.
We can't use the term itself.
It's unprintable, I said.
Can't we?
He said.
It was applied to me without any dash-dash. Spell it out. Anyhow, it's history.
4.
Natalie, who had come in on tiptoe, noiselessly, was standing just inside the door.
Galt seemed suddenly to feel her presence. When he looked at her, tears started in his eyes, and he turned his face away.
She rushed to his side, knelt, and put her arms around him. No word was spoken.
I left them, telephoned for the family physician to come and stay in the house, and then acted on an impulse which had been rising in me for an hour. I wished to see Vera.
She was alone in the studio. I had not seen her informally since the cataclysmic evening that wrecked the African image.
Oh, she said, looking up, I thought you might come. Excuse me while I finish this.
She was writing a note. When she had signed it with a firm hand and blotted it, she handed
it to me to read. It was a very brief note to Lord Porteous, breaking their engagement.
He won't accept it, I said.
You can be generous, she replied. However, it doesn't matter. I accept it.
These things are all untrue that people are saying about your father.
It's a kind of hysteria.
The indictment, if that's what you are thinking of, is preposterous.
Nothing will come of it.
There will be a sudden reaction in public feeling.
I know, she said.
That isn't all.
I suppose you have come to take me home?
But what else, I asked.
She shook her head.
As we were leaving the studio, she paused on the threshold to look back.
I was watching her face.
It expressed a premonition of farewell.
Once before I had seen that look.
When?
Ah, yes, that night long ago when she told me the old house had been mortgaged.
Then I understood.
To her, and indeed to all the family, this crisis in Galt's affairs meant another smash.
The only difference between this time and others was that they would fall from a greater
The Theory of Money and Credit
were five. Galt did not come down. Conversation was oblique and thin.
One wondered what the servants were thinking, and wished the service were not so noiseless.
If only they would rattle the plates, or break something, or sneeze, instead of moving about
with that oiled and faultless precision. The tinkling of water in the fountain room was
a silly, exasperating sound, and for minutes together, the only sound there was. Mrs. Galt
was off her form. She tried and failed. Nobody else tried at all.
Natalie, as I believed, was the only one whose thoughts were outside of herself. Several
times our eyes met in an elusive, sympathetic manner. This had not happened between us before.
What we understood was that both of us were thinking of the same object, of a frail, ill-kept
Little Figure with ragged hair and a mist in its eyes, wounded by the destiny that controlled
it, of Galt, lying in his clothes on a bed upstairs, and nothing to be done for his ease
or comfort.
She was grateful to me that my thoughts were with him, and when I was not looking at her,
I was thinking how different these four women were.
Yet one indefinable thing they had all in common.
brought and held them together in any crisis affecting Galt.
It was not devotion, not loyalty, not faith, perhaps it was an inborn fatalistic clan spirit,
but whatever it was, I knew that each of them would surrender to him again if need were
the whole of all she possessed.
They were expecting to do it.
What is the price of great Midwestern stock today? asked Grandma Gault, in a firm, clear voice.
Everybody started a little, even one of the servants who happened to stand in the line of my vision.
One hundred and seventy, I said.
To those of us who had just seen it fall in a few weeks from two hundred and twenty, this price of one hundred and seventy seemed calamitous.
That shows how soon we lose the true perspective and how myopically we regard the nearest contrast.
When my son took charge of it eight years ago, it was one and a half.
One and a half, said Grandma Gault, in the same clear voice.
For this, I rose and saluted her with a kiss on the forehead.
She didn't mind.
Natalie gave me a splendid look.
Then I excused myself and went to see Galt. The door of his apartment was a jar. I could see him.
He was in his pajamas now, apparently asleep. So I closed the door and sat at his desk in the
workroom outside to call up Mordecai, who had asked me to communicate with him and attend to
some other matters. Presently the hall door opened and closed gently. I looked around.
It was Grandma Galt. In her hand she carried a large envelope tied around with a blue ribbon.
She walked straight to the door of Galt's apartment and went in without knocking.
I could see her from where I sat. She left the door open behind her.
What's this? Galt asked as she put the envelope on the bed beside him.
She did not answer his question but leaned over, laid one hand on his forehead and spoke in this
in its Delphic manner. Fast ye for strife, and smite with the fist of wickedness.
Then she turned, came straight out, closed the door carefully, passed me without a glance,
and was gone. Never again did I wonder whence Galt derived his thirst for combat. When he
emerged some ten minutes later, the mist had fallen from his eyes. The right doctor had
had been there. He handed me the envelope tied around with blue ribbon.
That's Grandma Galt's little fortune, everything she has received out of Great Midwestern.
Keep it in the safe for a few days so she will think we needed it.
Did you give out that statement?
Not yet. There is plenty of time, I said.
Tear it up. That isn't the way we fight, is it?
Grandma Galt never got her envelope back.
The Galt Panic was one of those episodes that can never be fully explained.
Elemental forces were loose.
Those that derived from human passion were answerable to the will.
There were others of a visitant nature, fortuitous and uncontrollable.
What man cannot control, he may sometimes conduct.
You cannot command the lightning, but if it is about to strike, you may lure it here instead
of there.
Weather is so often the accomplice of dark enterprise.
The financial weather at this time was very bad and favored the bullguard conspiracy.
Confidence, which in this case means the expectation of profit, was in decline.
It had never recovered from the shock of that first accident to Greed's cauldron three
The Theory of Money and Credit
the selling of uneasy holders and what the latest and most sinister rumors were.
That was news. Nobody could help printing it.
The financial editors each day repeated what eminent bankers said.
We pray to be delivered from this Jonah.
His ways are not our ways, yet he bringeth wrath upon all alike.
That was true. They said it. They even believed it.
The financial editors could not be blamed for writing it.
So many winds running their feet together, like people in a mob, create a storm.
And when it is over, and they are themselves again, sane little winds, they wonder at what
was done.
The Wall Street news tickers reported that certain banks were refusing to lend money
on Galt securities.
This may have been a stroke of the conspiracy, or merely a reaction to the prevailing fear,
or both interacting.
One never knows.
And it was true and Great Midwestern securities suffered another frightful fall.
This went on for three weeks with scarcely an interruption.
Day after day Galt stood at the ticker watching Great Midwestern fall to 150, to 140, to 130,
to 120 and did nothing.
For the first time in his life he was on the defensive.
That made the strain much worse.
His normal relief was inaction.
He loved to carry the fight to the enemy, even rashly, but foolhardy he was not.
He had foreseen that at the crucial moment he should stand alone against the field.
Nobody believed he could win.
The odds were too great.
Therefore he could rely only upon himself.
One by one, by twos and threes, then by groups, his supporters fell away.
Those who had submitted to his rule from fear were the first to go over to the other side,
surreptitiously at first, lest they should have guessed wrong, then openly as they saw
how the fight seemed to be going against him.
Several bankers publicly renounced their relations with him.
Others, whose allegiance was for profit only, whose gains were wet with the sweat of their
pride, forsook him as fast as they were convinced that his career as a moneymaker was at an
Potter was one of these, and the last to go.
He did it handsomely, according to his way.
One day he came in.
Galt, he said, I know you are in a hell of a fix, and I have done not one damn thing
to help.
I'm not that kind of person.
I hate to quit a man in trouble, so I've come to tell you why.
There are two reasons.
One reason is I've got so much of this great Midwestern stuff that it's all I can do to
take care of myself.
I didn't get out in time, and now I can't get out at all.
The other reason is, well, I'll say it, why not?
You have trampled on my pride until I have no liking for you left.
You're the most hateful man I ever did business with, that's why.
The impulse to come and have it out in this manner was big manlike, I thought, even though
the root was self-justification.
No one else had done so much.
All the others had gone slinking away.
If Galt had responded differently, a real friendship might have blazed there, for instinctively
they liked and admired each other.
Their antagonism was not essential.
And besides, the real reason, as we afterward knew, was the one he gave first.
Potter, with all his wealth, was himself in a tight place.
Bullgard was pressing the oil crowd too.
That's understood, said Galt, in his worst manner, I didn't buy your pride, I only rented
it.
Now you've got it back, look it over, see how much it's damaged and send me a bill.
Potter went out, roaring oaths.
A change was taking place in Galt.
I saw it in sudden, unexpected glimpses.
The movements of his body were slower.
His anger and irritation no longer found outlet in tantrums, but in sneering, terrible sarcasms
uttered in a cold voice.
He looked without seeing, and spoke as from a great distance, high up.
His mind, when he revealed it, was the same as ever.
Nothing had happened to his mind.
His soul lived in torment.
His greatest sin had been to hold public opinion in contempt.
Now it was paying him back.
To have deserved the opprobrium and suspicion with which he was overwhelmed would perhaps
have killed him then.
But to suffer disgrace undeservedly was in one way worse.
He reacted by suspecting those who suspected him and some who didn't.
I believe at one time he almost suspected Mordecai, whose loyalty never for one moment
wavered.
However, Mordecai knew, as no one else did, that Galt was still in a very strong position.
He had not begun to strike.
Thanks to the intuition which moved him at the onset to convert two-thirds of his fortune
into cash, he could, when the moment came, strike hard.
Now came the Day of Days, the time when Bulgard did his utmost.
Fastenings gave way, walls rocked, strong men lost their rational faculties and retained
only the power of primitive vocal utterance.
The sounds that issued from the stock exchange were appalling.
The ear would think a demented menagerie was devouring itself.
Thousands of small craft disappeared that day and left no trace.
Great Midwestern, spilling out on the tape in 5 and 10,000-share blocks, fell 20 points
in two hours.
Galt was in his office at the ticker.
Mordecai was with him, holding his hands reverently together, gazing at the tape in a state of
fascination.
On one headlong impulse, Great Midwestern touched $100 a share, par.
had fallen from 220 in three months.
It's over, said Galt, turning away.
I once saw a great prizefighter on giving the knockout blow at the end of a hard battle
turn his back with the same gesture and walk to his own corner.
What is it you say? asked Mordecai, following.
It's over, Galt repeated.
They haven't got me and they can't go any further without breaking themselves.
Get your house on the wire. That's the direct telephone. That one. I want to give an order.
Mordecai picked up the telephone and asked for one of his partners, who instantly responded.
Vatis zi order? asked Mordecai, holding the telephone and looking at Galt. By all the
great midwestern there is for sale, up to one hundred and fifty, said Galt.
When I transmitted this extraordinary order, put the telephone down softly and lisped,
My Gott!
Just then the door burst open.
Thirty or forty reporters had been waiting in the outer office all day.
Their excitement at last broke bounds.
They simply came in.
The evening postman was at their head.
Mr. Galt, he shouted, you have got to make some kind of statement.
Public opinion demands it.
I expected Galt to explode with rage.
Posty, he said, I don't know a damn thing about public opinion.
That's your trade.
Tell me something about it.
It wants to know what all this means, said Posty.
Well, tell it this for me, said Galt.
Tell it just as I tell you.
The panic is over.
But Mr. Now that's all, said Galt.
Ain't it enough?
I had been to look at the tape.
Great Midwestern is 130, I announced at large.
The reporters stared at me wide-eyed.
Postey ran to look for himself, bumping Mordecai aside.
That's right, he said, making swiftly for the door.
The others followed him in a trampling rush.
The sensation now to be accounted for was not the weakness but the sudden recovery of
Great Midwestern, and Galt's statement explained it.
So they were anxious to spread their news.
It was true, Galt had timed his stroke unerringly.
Everyone was amazed to see how little great Midwestern stock was actually for sale when
a buying hand appeared.
That was because so much of the selling had been fictitious.
The stock closed that day at 150 and never while Galt lived was it so low again.
The feet of many winds ran rapidly apart, and the storm collapsed.
6.
That evening, for the first time in many weeks, Galt had dinner with the family.
We do not see each other change and grow old as a continuous process.
It is imperceptible that way.
But as one looks at a tree that has been in one's eye all the time and says with surprise
Why the Leaves Have Turned
The difference was distressing. He was old and world-weary. He ate sparingly, complained of nothing, and was so absent that when anyone spoke to him he started and must have the words repeated.
Natalie alone succeeded in drawing his interest. She had spent the day at Moonstuhl.
This name had been provisionally bestowed upon the country place because it happened to be the local name of the mountain and then became permanent in default of agreement on any other.
Work there had been progressing rapidly. The house itself was finished. The principal apartments were ready to be occupied.
The surroundings, of course, were in confusion. Steam drills were going all the time. Roadways were blasting through solid rock.
The landscape was in turmoil.
But you could live there now, said Natalie, if you didn't mind the noise, closing a long
recital to which Galt had listened thoughtfully.
We might have the wedding there, he said.
His suggestion produced a ghastly silence.
Mrs. Galt tried to turn it away.
Galt was alert.
What have I stepped on now, he wanted to know.
Suffering Moses, it ain't safe for me to walk around in my own house.
What's the matter?
Nothing, said Natalie.
Yes, there is.
What is it?
When he couldn't be put off any longer, Vera said quietly,
My engagement to Lord Porteous is broken.
Why? asked Galt, astonished.
That's the first I've heard of it.
No matter why, said Vera, let's not talk about it.
He looked into their faces severally.
His expression was utterly wretched, and they avoided it.
He guessed the reason why, made it perhaps even worse than it was.
In his own household he was on the defensive.
There was always that inaudible accusation he could never get hold of.
In the old days it was that he stretched them on the rack of insecurity and was not like
other men.
Then it was the way he had made them rich.
Now it was that dreadful sense of insecurity again.
They did not know whether they were rich or poor.
They thought he was heading for a last spectacular smash-up.
And suppose he had told them there was happily no danger of that.
Their thoughts would accuse him still.
Why couldn't they be rich as other people were, decently, quietly, and in good taste?
The Valentines were rich and no obloquy pursued them.
Their privacy was not besieged by newspaper reporters.
The Finger of Scorn never pointed at them.
Vera's broken engagement was a harrowing symbol.
Galt was extremely miserable.
One could imagine what he was thinking.
The Galt fortune was saved.
The Galt power had survived.
But the Galt name was a sound of reproach.
The public opinion that had so devastated his spirit did not leave his family unwipped.
These women had suffered for being his.
Though they might not believe the things that were said of him, still they could not help
feeling ashamed of the wealth he had brought them.
They were defenseless.
He was clothed with a sense of justification that he could not impart.
They were naked to the scourge.
His day of victory ended in gloom and dumb wretchedness.