And next week, the most powerful bank in the world was going to get a shock which would send it reeling, causing panic throughout the London markets. When people panic, they want their money back. They want gold. And Barings would be wanting to borrow the same gold, to cover the holes in its positions. It had promised the Argentinian Water Company five million. It had to pay, and it wasn't going to have enough money. Every stock listed on the Exchange would plummet in value. Banks and their customers would panic. A queue of bankers would form at the Bank of England and it wouldn't have enough gold to satisfy demand. It would have to suspend convertibility, say it would no longer give gold for paper, and the reputation of the entire City of London would be in ruins, with Barings the first to fold. 'I promise to pay the bearer on demand the sum of one pound.' On demand. In gold. Except that it would be revealed as a lie. Not worth the paper it was printed on, so that paper would rapidly become worthless.
It was breathtakingly audacious. And simple. And it was going to work. 'A determined enemy would not waste his time and gold striking at the navy or invading the colonies. He would aim to destroy belief in the word of a handful of bankers in London.' That was what Netscher had said, and he was right. It was going to happen. And that idiot Felstead wouldn't believe me.
The beauty of the scheme was that even telling someone would merely start the panic earlier, rather calm it down. There was not enough gold in London, and nothing could change that.
I came to the conclusion that, even though it might already be too late, I must, at least, alert Mr Wilkinson, and for that I needed the assistance of John Stone.
Finding Stone, however, was not so simple. I knew that he had offices close to the Palais Royal, but these were closed – it was already so late that I went there just to be thorough, rather than with any real hope of success. I knew, also, that he stayed usually at the Hôtel du Louvre, but again he was out. It took a hefty inducement before I was allowed to go up and talk to his manservant.
'I'm afraid I do not know where Mr Stone is, sir,' said this character, his face immobile as he looked me straight in the eye.
'Yes, you do,' I replied tartly. 'And however commendable your lying may be under normal circumstances, it is not now. I have to see him, and as swiftly as possible. It is a matter of the highest urgency, and he will not thank you if you do not tell me where to find him.'
The servant hesitated for a few seconds, then said, with the greatest reluctance, 'I believe he had an appointment for tea with the Countess von Futak. But I do not know where that might be . . .'
I grinned broadly at him. 'But I do. Excellent man, thank you. I will make sure he is aware of your impeccable judgement.'
I didn't quite run down the stairs, but I hurried, and I certainly pushed aside an old gentleman waiting to be handed into a cab outside the main door. He scowled, I made an apologetic gesture as I leaped in and gave directions.
It took fifteen minutes to get to Elizabeth's house, and I battered on the door until I was let in and demanded to see both her and Stone. It then occurred to me that I might well be placing both of them in a position of considerable embarrassment. Elizabeth had told me that she was open to visitors only on certain days and at certain hours. For the rest she had her business to attend to. This was not an evening when she received anyone other than her shareholders. Did that mean that Stone had acquired a stake? Oddly, as I waited, I hoped very much not. But I did not have time to wonder why it mattered to me.
There was no embarrassment, fortunately. I was shown into the little salon, the one she kept for herself, rather than visitors, a charming room furnished to her tastes, not to the requirements of show. And there they were, sitting in two little chairs, side by side, just like couple spending a few intimate moments together, talking about their day and enjoying each others' company. The difference in her struck me immediately; she was relaxed, unguarded, and completely at ease. I didn't think I had ever seen her quite like that before. Certainly she was never so when with me. Always I sensed a tension, as though she expected to have to defend herself. I felt jealous, although it did not hit me at the time.
