The Financier / Финансист

The months proceeded apace. A local election intervened and there was a new city treasurer, a new assessor of taxes, and a new mayor; but Edward Malia Butler continued to have apparently the same influence as before. The Butlers and the Cowperwoods had become quite friendly. Mrs. Butler rather liked Lillian, though they were of different religious beliefs; and they went driving or shopping together, the younger woman a little critical and ashamed of the elder because of her poor grammar, her Irish accent, her plebeian tastes—as though the Wiggins had not been as plebeian as any. On the other hand the old lady, as she was compelled to admit, was good-natured and good-hearted. She loved to give, since she had plenty, and sent presents here and there to Lillian, the children, and others. “Now youse must come over and take dinner with us”—the Butlers had arrived at the evening-dinner period—or “Youse must come drive with me to-morrow.”

“Aileen, God bless her, is such a foine girl,” or “Norah, the darlin’, is sick the day.”

But Aileen, her airs, her aggressive disposition, her love of attention, her vanity, irritated and at times disgusted Mrs. Cowperwood. She was eighteen now, with a figure which was subtly provocative. Her manner was boyish, hoydenish at times, and although convent-trained, she was inclined to balk at restraint in any form. But there was a softness lurking in her blue eyes that was most sympathetic and human.

St. Timothy’s and the convent school in Germantown had been the choice of her parents for her education—what they called a good Catholic education. She had learned a great deal about the theory and forms of the Catholic ritual, but she could not understand them. The church, with its tall, dimly radiant windows, its high, white altar, its figure of St. Joseph on one side and the Virgin Mary on the other, clothed in golden-starred robes of blue, wearing haloes and carrying scepters, had impressed her greatly. The church as a whole—any Catholic church—was beautiful to look at—soothing. The altar, during high mass, lit with a half-hundred or more candles, and dignified and made impressive by the rich, lacy vestments of the priests and the acolytes, the impressive needlework and gorgeous colorings of the amice, chasuble, cope, stole, and maniple, took her fancy and held her eye. Let us say there was always lurking in her a sense of grandeur coupled with a love of color and a love of love. From the first she was somewhat sex-conscious. She had no desire for accuracy, no desire for precise information. Innate sensuousness rarely has. It basks in sunshine, bathes in color, dwells in a sense of the impressive and the gorgeous, and rests there. Accuracy is not necessary except in the case of aggressive, acquisitive natures, when it manifests itself in a desire to seize. True controlling sensuousness cannot be manifested in the most active dispositions, nor again in the most accurate.

There is need of defining these statements in so far as they apply to Aileen. It would scarcely be fair to describe her nature as being definitely sensual at this time. It was too rudimentary. Any harvest is of long growth. The confessional, dim on Friday and Saturday evenings, when the church was lighted by but a few lamps, and the priest’s warnings, penances, and ecclesiastical forgiveness whispered through the narrow lattice, moved her as something subtly pleasing. She was not afraid of her sins. Hell, so definitely set forth, did not frighten her. Really, it had not laid hold on her conscience. The old women and old men hobbling into church, bowed in prayer, murmuring over their beads, were objects of curious interest like the wood-carvings in the peculiar array of wood-reliefs emphasizing the Stations of the Cross. She herself had liked to confess, particularly when she was fourteen and fifteen, and to listen to the priest’s voice as he admonished her with, “Now, my dear child.” A particularly old priest, a French father, who came to hear their confessions at school, interested her as being kind and sweet. His forgiveness and blessing seemed sincere—better than her prayers, which she went through perfunctorily. And then there was a young priest at St. Timothy’s, Father David, hale and rosy, with a curl of black hair over his forehead, and an almost jaunty way of wearing his priestly hat, who came down the aisle Sundays sprinkling holy water with a definite, distinguished sweep of the hand, who took her fancy. He heard confessions and now and then she liked to whisper her strange thoughts to him while she actually speculated on what he might privately be thinking. She could not, if she tried, associate him with any divine authority. He was too young, too human. There was something a little malicious, teasing, in the way she delighted to tell him about herself, and then walk demurely, repentantly out. At St. Agatha’s she had been rather a difficult person to deal with. She was, as the good sisters of the school had readily perceived, too full of life, too active, to be easily controlled. “That Miss Butler,” once observed Sister Constantia, the Mother Superior, to Sister Sempronia, Aileen’s immediate mentor, “is a very spirited girl, you may have a great deal of trouble with her unless you use a good deal of tact. You may have to coax her with little gifts. You will get on better.” So Sister Sempronia had sought to find what Aileen was most interested in, and bribe her therewith. Being intensely conscious of her father’s competence, and vain of her personal superiority, it was not so easy to do. She had wanted to go home occasionally, though; she had wanted to be allowed to wear the sister’s rosary of large beads with its pendent cross of ebony and its silver Christ, and this was held up as a great privilege. For keeping quiet in class, walking softly, and speaking softly—as much as it was in her to do—for not stealing into other girl’s rooms after lights were out, and for abandoning crushes on this and that sympathetic sister, these awards and others, such as walking out in the grounds on Saturday afternoons, being allowed to have all the flowers she wanted, some extra dresses, jewels, etc., were offered. She liked music and the idea of painting, though she had no talent in that direction; and books, novels, interested her, but she could not get them. The rest—grammar, spelling, sewing, church and general history—she loathed. Deportment—well, there was something in that. She had liked the rather exaggerated curtsies they taught her, and she had often reflected on how she would use them when she reached home.

When she came out into life the little social distinctions which have been indicated began to impress themselves on her, and she wished sincerely that her father would build a better home—a mansion—such as those she saw elsewhere, and launch her properly in society. Failing in that, she could think of nothing save clothes, jewels, riding-horses, carriages, and the appropriate changes of costume which were allowed her for these. Her family could not entertain in any distinguished way where they were, and so already, at eighteen, she was beginning to feel the sting of a blighted ambition. She was eager for life. How was she to get it?

Her room was a study in the foibles of an eager and ambitious mind. It was full of clothes, beautiful things for all occasions—jewelry—which she had small opportunity to wear—shoes, stockings, lingerie, laces. In a crude way she had made a study of perfumes and cosmetics, though she needed the latter not at all, and these were present in abundance. She was not very orderly, and she loved lavishness of display; and her curtains, hangings, table ornaments, and pictures inclined to gorgeousness, which did not go well with the rest of the house.

Aileen always reminded Cowperwood of a high-stepping horse without a check-rein. He met her at various times, shopping with her mother, out driving with her father, and he was always interested and amused at the affected, bored tone she assumed before him—the “Oh, dear! Oh, dear! Life is so tiresome, don’t you know,” when, as a matter of fact, every moment of it was of thrilling interest to her. Cowperwood took her mental measurement exactly. A girl with a high sense of life in her, romantic, full of the thought of love and its possibilities. As he looked at her he had the sense of seeing the best that nature can do when she attempts to produce physical perfection. The thought came to him that some lucky young dog would marry her pretty soon and carry her away; but whoever secured her would have to hold her by affection and subtle flattery and attention if he held her at all.

“The little snip”—she was not at all—“she thinks the sun rises and sets in her father’s pocket,” Lillian observed one day to her husband. “To hear her talk, you’d think they were descended from Irish kings. Her pretended interest in art and music amuses me.”

“Oh, don’t be too hard on her,” coaxed Cowperwood diplomatically. He already liked Aileen very much. “She plays very well, and she has a good voice.”

“Yes, I know; but she has no real refinement. How could she have? Look at her father and mother.”

“I don’t see anything so very much the matter with her,” insisted Cowperwood. “She’s bright and good-looking. Of course, she’s only a girl, and a little vain, but she’ll come out of that. She isn’t without sense and force, at that.”

Aileen, as he knew, was most friendly to him. She liked him. She made a point of playing the piano and singing for him in his home, and she sang only when he was there. There was something about his steady, even gait, his stocky body and handsome head, which attracted her. In spite of her vanity and egotism, she felt a little overawed before him at times—keyed up. She seemed to grow gayer and more brilliant in his presence.

The most futile thing in this world is any attempt, perhaps, at exact definition of character. All individuals are a bundle of contradictions—none more so than the most capable.

In the case of Aileen Butler it would be quite impossible to give an exact definition. Intelligence, of a raw, crude order she had certainly—also a native force, tamed somewhat by the doctrines and conventions of current society, still showed clear at times in an elemental and not entirely unattractive way. At this time she was only eighteen years of age—decidedly attractive from the point of view of a man of Frank Cowperwood’s temperament. She supplied something he had not previously known or consciously craved. Vitality and vivacity. No other woman or girl whom he had ever known had possessed so much innate force as she. Her red-gold hair—not so red as decidedly golden with a suggestion of red in it—looped itself in heavy folds about her forehead and sagged at the base of her neck. She had a beautiful nose, not sensitive, but straight-cut with small nostril openings, and eyes that were big and yet noticeably sensuous. They were, to him, a pleasing shade of blue-gray-blue, and her toilet, due to her temperament, of course, suggested almost undue luxury, the bangles, anklets, ear-rings, and breast-plates of the odalisque, and yet, of course, they were not there. She confessed to him years afterward that she would have loved to have stained her nails and painted the palms of her hands with madder-red. Healthy and vigorous, she was chronically interested in men—what they would think of her—and how she compared with other women.

The fact that she could ride in a carriage, live in a fine home on Girard Avenue, visit such homes as those of the Cowperwoods and others, was of great weight; and yet, even at this age, she realized that life was more than these things. Many did not have them and lived.

But these facts of wealth and advantage gripped her; and when she sat at the piano and played or rode in her carriage or walked or stood before her mirror, she was conscious of her figure, her charms, what they meant to men, how women envied her. Sometimes she looked at poor, hollow-chested or homely-faced girls and felt sorry for them; at other times she flared into inexplicable opposition to some handsome girl or woman who dared to brazen her socially or physically. There were such girls of the better families who, in Chestnut Street, in the expensive shops, or on the drive, on horseback or in carriages, tossed their heads and indicated as well as human motions can that they were better-bred and knew it. When this happened each stared defiantly at the other. She wanted ever so much to get up in the world, and yet namby-pamby men of better social station than herself did not attract her at all. She wanted a man. Now and then there was one “something like,” but not entirely, who appealed to her, but most of them were politicians or legislators, acquaintances of her father, and socially nothing at all—and so they wearied and disappointed her. Her father did not know the truly elite. But Mr. Cowperwood—he seemed so refined, so forceful, and so reserved. She often looked at Mrs. Cowperwood and thought how fortunate she was.

Chapter XIV

The development of Cowperwood as Cowperwood & Co. following his arresting bond venture, finally brought him into relationship with one man who was to play an important part in his life, morally, financially, and in other ways. This was George W. Stener, the new city treasurer-elect, who, to begin with, was a puppet in the hands of other men, but who, also in spite of this fact, became a personage of considerable importance, for the simple reason that he was weak. Stener had been engaged in the real estate and insurance business in a small way before he was made city treasurer. He was one of those men, of whom there are so many thousands in every large community, with no breadth of vision, no real subtlety, no craft, no great skill in anything. You would never hear a new idea emanating from Stener. He never had one in his life. On the other hand, he was not a bad fellow. He had a stodgy, dusty, commonplace look to him which was more a matter of mind than of body. His eye was of vague gray-blue; his hair a dusty light-brown and thin. His mouth—there was nothing impressive there. He was quite tall, nearly six feet, with moderately broad shoulders, but his figure was anything but shapely. He seemed to stoop a little, his stomach was the least bit protuberant, and he talked commonplaces—the small change of newspaper and street and business gossip. People liked him in his own neighborhood. He was thought to be honest and kindly; and he was, as far as he knew. His wife and four children were as average and insignificant as the wives and children of such men usually are.

Just the same, and in spite of, or perhaps, politically speaking, because of all this, George W. Stener was brought into temporary public notice by certain political methods which had existed in Philadelphia practically unmodified for the previous half hundred years. First, because he was of the same political faith as the dominant local political party, he had become known to the local councilman and ward-leader of his ward as a faithful soul—one useful in the matter of drumming up votes. And next—although absolutely without value as a speaker, for he had no ideas—you could send him from door to door, asking the grocer and the blacksmith and the butcher how he felt about things and he would make friends, and in the long run predict fairly accurately the probable vote. Furthermore, you could dole him out a few platitudes and he would repeat them. The Republican party, which was the new-born party then, but dominant in Philadelphia, needed your vote; it was necessary to keep the rascally Democrats out—he could scarcely have said why. They had been for slavery. They were for free trade. It never once occurred to him that these things had nothing to do with the local executive and financial administration of Philadelphia. Supposing they didn’t? What of it?

In Philadelphia at this time a certain United States Senator, one Mark Simpson, together with Edward Malia Butler and Henry A. Mollenhauer, a rich coal dealer and investor, were supposed to, and did, control jointly the political destiny of the city. They had representatives, benchmen, spies, tools—a great company. Among them was this same Stener—a minute cog in the silent machinery of their affairs.

In scarcely any other city save this, where the inhabitants were of a deadly average in so far as being commonplace was concerned, could such a man as Stener have been elected city treasurer. The rank and file did not, except in rare instances, make up their political program. An inside ring had this matter in charge. Certain positions were allotted to such and such men or to such and such factions of the party for such and such services rendered—but who does not know politics?

In due course of time, therefore, George W. Stener had become persona grata to Edward Strobik, a quondam councilman who afterward became ward leader and still later president of council, and who, in private life was a stone-dealer and owner of a brickyard. Strobik was a benchman of Henry A. Mollenhauer, the hardest and coldest of all three of the political leaders. The latter had things to get from council, and Strobik was his tool. He had Stener elected; and because he was faithful in voting as he was told the latter was later made an assistant superintendent of the highways department.

Here he came under the eyes of Edward Malia Butler, and was slightly useful to him. Then the central political committee, with Butler in charge, decided that some nice, docile man who would at the same time be absolutely faithful was needed for city treasurer, and Stener was put on the ticket. He knew little of finance, but was an excellent bookkeeper; and, anyhow, was not corporation counsel Regan, another political tool of this great triumvirate, there to advise him at all times? He was. It was a very simple matter. Being put on the ticket was equivalent to being elected, and so, after a few weeks of exceedingly trying platform experiences, in which he had stammered through platitudinous declarations that the city needed to be honestly administered, he was inducted into office; and there you were.

Now it wouldn’t have made so much difference what George W. Stener’s executive and financial qualifications for the position were, but at this time the city of Philadelphia was still hobbling along under perhaps as evil a financial system, or lack of it, as any city ever endured—the assessor and the treasurer being allowed to collect and hold moneys belonging to the city, outside of the city’s private vaults, and that without any demand on the part of anybody that the same be invested by them at interest for the city’s benefit. Rather, all they were expected to do, apparently, was to restore the principal and that which was with them when they entered or left office. It was not understood or publicly demanded that the moneys so collected, or drawn from any source, be maintained intact in the vaults of the city treasury. They could be loaned out, deposited in banks or used to further private interests of any one, so long as the principal was returned, and no one was the wiser. Of course, this theory of finance was not publicly sanctioned, but it was known politically and journalistically, and in high finance. How were you to stop it?

Cowperwood, in approaching Edward Malia Butler, had been unconsciously let in on this atmosphere of erratic and unsatisfactory speculation without really knowing it. When he had left the office of Tighe & Co., seven years before, it was with the idea that henceforth and forever he would have nothing to do with the stock-brokerage proposition; but now behold him back in it again, with more vim than he had ever displayed, for now he was working for himself, the firm of Cowperwood & Co., and he was eager to satisfy the world of new and powerful individuals who by degrees were drifting to him. All had a little money. All had tips, and they wanted him to carry certain lines of stock on margin for them, because he was known to other political men, and because he was safe. And this was true. He was not, or at least up to this time had not been, a speculator or a gambler on his own account. In fact he often soothed himself with the thought that in all these years he had never gambled for himself, but had always acted strictly for others instead. But now here was George W. Stener with a proposition which was not quite the same thing as stock-gambling, and yet it was.

During a long period of years preceding the Civil War, and through it, let it here be explained and remembered, the city of Philadelphia had been in the habit, as a corporation, when there were no available funds in the treasury, of issuing what were known as city warrants, which were nothing more than notes or I.O.U.’s bearing six per cent. interest, and payable sometimes in thirty days, sometimes in three, sometimes in six months—all depending on the amount and how soon the city treasurer thought there would be sufficient money in the treasury to take them up and cancel them. Small tradesmen and large contractors were frequently paid in this way; the small tradesman who sold supplies to the city institutions, for instance, being compelled to discount his notes at the bank, if he needed ready money, usually for ninety cents on the dollar, while the large contractor could afford to hold his and wait. It can readily be seen that this might well work to the disadvantage of the small dealer and merchant, and yet prove quite a fine thing for a large contractor or note-broker, for the city was sure to pay the warrants at some time, and six per cent. interest was a fat rate, considering the absolute security. A banker or broker who gathered up these things from small tradesmen at ninety cents on the dollar made a fine thing of it all around if he could wait.

Originally, in all probability, there was no intention on the part of the city treasurer to do any one an injustice, and it is likely that there really were no funds to pay with at the time. However that may have been, there was later no excuse for issuing the warrants, seeing that the city might easily have been managed much more economically. But these warrants, as can readily be imagined, had come to be a fine source of profit for note-brokers, bankers, political financiers, and inside political manipulators generally and so they remained a part of the city’s fiscal policy.

There was just one drawback to all this. In order to get the full advantage of this condition the large banker holding them must be an “inside banker,” one close to the political forces of the city, for if he was not and needed money and he carried his warrants to the city treasurer, he would find that he could not get cash for them. But if he transferred them to some banker or note-broker who was close to the political force of the city, it was quite another matter. The treasury would find means to pay. Or, if so desired by the note-broker or banker—the right one—notes which were intended to be met in three months, and should have been settled at that time, were extended to run on years and years, drawing interest at six per cent. even when the city had ample funds to meet them. Yet this meant, of course, an illegal interest drain on the city, but that was all right also. “No funds” could cover that. The general public did not know. It could not find out. The newspapers were not at all vigilant, being pro-political. There were no persistent, enthusiastic reformers who obtained any political credence. During the war, warrants outstanding in this manner arose in amount to much over two million dollars, all drawing six per cent. interest, but then, of course, it began to get a little scandalous. Besides, at least some of the investors began to want their money back.

In order, therefore, to clear up this outstanding indebtedness and make everything shipshape again, it was decided that the city must issue a loan, say for two million dollars—no need to be exact about the amount. And this loan must take the shape of interest-bearing certificates of a par value of one hundred dollars, redeemable in six, twelve, or eighteen months, as the case may be. These certificates of loan were then ostensibly to be sold in the open market, a sinking-fund set aside for their redemption, and the money so obtained used to take up the long-outstanding warrants which were now such a subject of public comment.

It is obvious that this was merely a case of robbing Peter to pay Paul. There was no real clearing up of the outstanding debt. It was the intention of the schemers to make it possible for the financial politicians on the inside to reap the same old harvest by allowing the certificates to be sold to the right parties for ninety or less, setting up the claim that there was no market for them, the credit of the city being bad. To a certain extent this was true. The war was just over. Money was high. Investors could get more than six per cent. elsewhere unless the loan was sold at ninety. But there were a few watchful politicians not in the administration, and some newspapers and non-political financiers who, because of the high strain of patriotism existing at the time, insisted that the loan should be sold at par. Therefore a clause to that effect had to be inserted in the enabling ordinance.