became bankers from father to son. never broke, nor even cracked.

"Country gentlemen and noblemen, and tradesmen well to do, left floating balances varying from seven, five, three hundred pounds, down to a hundred or two, in his hands. His art consisted in keeping his countenance, receiving them with the air of a person conferring a favor, and investing the bulk of them in Government securities, which in their day returned four and five per cent."

Then follows a vivid description of "a certain phenomenon, which comes, with some little changes of features, in a certain cycle of commercial changes as regularly as the month of March in the year, or the neap-tides, or the harvestmoon, but, strange to say, at each visit takes the country by surprise," a period of inflation followed by a distressing crisis. The unexpected part played by Peel's currency bill, compelling the Bank of England on and after a certain date to pay gold for its notes on demand, is related at length-in brief, a lack of demand for the gold and the issuance of one and two pound notes in enormous quantities by the country bankers. The expansion raised prices and stimulated speculation.

"Men's faces shone with excitement and hope.

The dormant hoards of misers crept out of their napkins and sepulchral strong-boxes into the warm air of the golden time. . Money became a drug, labor, wealth, and poverty and discontent vanished. Adventure seemed all wings. New joint-stock companies were started in crowds as larks rise and darken the air in winter. The mind can hardly conceive any

species of earthly enterprise that was not fitted with a company.

"That masterpiece of fiction, 'the prospectus,' diffused its gorgeous light far and near.

"Our old bank did not profit by the golden shower. Mr. Hardie was old, too, and the cautious and steady habits of forty years were not to be shaken readily. He declined shares, refused innumerable discounts, and loans upon scrip and invoices, and, in short, was behind the time. His bank came to be denounced as a clog on commerce. Two new banks were set up in the town to oil the wheels of adventure.”

One day two of his best customers, up to their chins in shares, solicited a heavy loan on their joint personal security. Hardie declined; they were accommodated at the new bank. "The old gentleman began to doubt himself and his system."

He was invited to be a director in two promis

ing companies. He concluded he would yield so far as to write to Dick. It was only fair that his son and heir should have a voice. He was sure his own conservatism could curb the young man's galloping pace.

Richard Hardie's one ambition was to be a financier. For years he had been a student of finance, and he had served as a clerk en amateur in large establishments, and he had learned many a secret of the craft. He was then in a London bank pursuing his studies. During the four days preceding Dick's arrival, his father received many flattering proposals which looked good to him; but which he dutifully deferred.

"Mr. Richard Hardie arrived and was ushered into the bank parlor. Mr. Hardie senior appeared, showed by the books the rapid decline of business, and submitted the last proposals for loans and discounts.

"Well, Dick, have you formed any opinion on this matter?'

"I have, sir.'

'First, sir, let me return to you my filial thanks for that caution which you seem to think has been excessive. There I beg respectfully to differ with you.'

"I am glad of it, Dick; but now you see it is time to relax, eh?'

"The two old men, the banker and his confidential clerk, stared at one another. The senile youth proceeded:

"That some day or other our system will have to be relaxed is probable, but just now all it wants is-Tightening.'

'Why, Dick? Skinner, the boy is mad. You can't have watched the signs of the times.'

"I have, sir, and looked below the varnish.' "The senior Hardie turned over to his son six propositions which seemed to him specially inviting. After running his eye over the papers, Richard said:

"It is proposed to connect the bank with the speculations of the day.'

"That is not fairly stated, Dick; it is too broad. We shall make a selection; we won't go in the stream above ankle deep.'

"That is a resolution, sir, that has been often made but never kept, for this reason: you can't sit on dry land and calculated the force of the stream.'

The father objected to the figure of speech he himself had introduced, and called for figures. Dick colored, "but never lost his ponderous calm

ness. The old man said when he was of Dick's age he too was choke-full of maxims. His faith in any general position had melted away with the snows of seventy winters. The young man drew from his side-pocket a list of 243 joint-stock companies created the year before, the aggregate of their proposed capital being £248,000,000. The amount actually paid, in bank notes, was only a little over forty-three millions. The balance, due on or about the end of the year, was nearly two hundred and five millions. The projects for the current year were on the same large scale. Fully a third of the sum total was destined to foreign countries, the return for which was future and uncertain. "We stand, then, pledged to burst like a bladder, or to export in a few months thrice as much specie as we possess. To sum up, if the country could be sold to-morrow, with every brick that stands upon it, the proceeds would not meet the engagements into which these jointstock companies have inveigled her in the course of twenty months.'"

But the young student of finance was ready to test it in detail, taking its three main features, the share market, the foreign loans and the inflated currency issued by the country banks.

"Why do the public run after shares? Is it in the exercise of a healthy judgment? No; a