THE great banking-house of Bendibow Brothers, like many other great things, had a modest beginning. At the beginning of the eighteenth century there was a certain Mr. Abraham Bendibow in London, who kept a goldsmith’s shop in the neighborhood of Whitechapel, and supplemented the profits of that business by lending money at remunerative interest, on the security of certain kinds of personal property. To his customers and casual acquaintances he was merely a commonplace, keen, cautious, hard-headed and hard-hearted man of business; and, perhaps, till as lately as the second decade of the century, this might have fairly represented his own opinion of himself. Nevertheless, there lurked in his character, in addition to the qualities above mentioned, two others which are by no means commonplace, namely, imagination and enterprise. They might have lurked there unsuspected till the day of his death, but for the intervention of circumstances—to make use of a convenient word of which nobody has ever explained the real meaning. But, in 1711, that ingenious nobleman, the Earl of Oxford, being animated by a praiseworthy desire to relieve a nightmare of a half-score million sterling or so of indebtedness which was then oppressing the government, hit upon that famous scheme which has since entered into history under the name of the South Sea Bubble. The scheme attracted Bendibow’s attention, and he studied it for some time in his usual undemonstrative but thoroughgoing manner. Whenever occasion offered he discussed it, in an accidental and indifferent way, with all kinds of people. At the end of two or three years he probably understood more about the affair than any other man in London. Whether he believed that it was a substance or a bubble will never be known to any one except himself. All that can be affirmed is that he minded his own business, and imparted his opinion to no one. The opinion gradually gained ground that he shared the views of Sir Robert Walpole, who, in the House of Commons, was almost the only opposer of the South Sea scheme. So matters went on until the year 1720.

It was at this period that the excitement and convulsion began. The stock had risen to 330. Abraham Bendibow sat in his shop, and preserved an unruffled demeanor. The stock fell to below 300; but Abraham kept his strong box locked, and went about his business as usual. Stock mounted again to 340; but nobody perceived any change in Mr. Bendibow. For all any one could see, he might never have heard of the South Sea scheme in his life. And yet a great fortune was even then in his grasp, had he chosen to stretch out his hand to take it.

Weeks and months passed away, and the stock kept on rising. Often it would tremble and fall, but after each descent it climbed higher than before. It became the one absorbing topic of conversation with everybody except Abraham Bendibow, who composedly preferred to have no concern in the matter: it was not for small tradesmen like him to meddle with such large enterprises. And, meanwhile, the stock rose and rose, and rose higher still, until men lost their heads, and other men made colossal fortunes, and everybody expected to secure at least ten thousand a year. One day the stock touched 890, and then people held their breath and turned pale, and the most sanguine said in their hearts that this was supernatural and could not last.

On that day Abraham Bendibow went into his private room, and locked the door; and taking pen and paper he made a calculation. After having made it he sat for a long time gazing at the little array of figures in seeming abstraction. Then he leaned back in his chair, with one hand in the pocket of his small-clothes, while with the other he slowly rubbed his chin at intervals. By degrees he began to breathe more quickly, and his eyes became restless. He arose from his chair and paced up and down the room. “Eight hundred and ninety,” he kept muttering to himself, over and over again. The strong box stood in the corner of the room, and toward this Mr. Bendibow often looked. Once he approached it, and laid his hand upon the lid; then he turned away from it with an abrupt movement, compressing his lips and shaking his head. He resumed his pacing up and down the room, his head bent down in deep and troubled thought. At last an idea seemed to strike him. He unlocked and opened the door of the room, and called in a harsh, peremptory tone:

“Jacob!”

A young man appeared, about twenty years of age. In features he resembled the other, but his face was not so broad, nor was his air so commanding. Mr. Bendibow motioned to him with his head to enter. He then seated himself in his chair, and eyed Jacob for a while in silence. Jacob stood with his head stretched forward, and slowly chafing the back of one hand with the palm of the other, while his countenance wore an expression of deferential inquiry.

“Jacob,” said the elder, “what is doing out-doors to-day—eh?”

“The same as usual, father,” answered Jacob, tentatively, as being in some doubt what the question might portend. “There is plenty of excitement: same as usual.”

“Excitement; on what account?”

“Well, sir, the stocks: terrible speculation: madness—nothing less. There was a fellow, sir, this very morning, got out a prospectus of a company for prosecuting a certain undertaking not at present to be revealed: capital one million, in ten thousand shares of one hundred each: deposit two pounds, entitling to one hundred per annum, per share: particulars next week, and balance of subscription week after next. Frightful, upon my soul, sir!”

“Has anybody bitten?”

“A good many have been bitten,” returned Jacob, with a dry giggle. “Three thousand pounds were subscribed in three hours; and then the fellow decamped. Madness, upon my life!”

“You would not advise having anything to do with such speculations, eh, Jacob?”

“Me? Bless my soul, not I indeed!” exclaimed Jacob with energy.

“Why not?”

“In the first place, because you have expressed disapproval of it, father,” replied the virtuous Jacob. “And I may flatter myself I have inherited something of your sound judgment.”

“So you have never speculated at all—eh, Jacob? Never at all, eh? Never bought a shilling’s worth of stock of any kind in your life—eh? The truth, Jacob!”

The last words were pronounced in so stern a tone that Jacob changed color, turning his eyes first to one side of his father’s point-blank gaze, and then to the other. At last, however, their glances met, and then Jacob said:

“I might not be able to swear to a shilling or so, neither—”

“Nor to a guinea: nor to ten, nor to fifty—eh, Jacob?”

“Not more than fifty; upon my soul, sir,” said Jacob, laying his hands upon his heart in earnest deprecation. “Not a penny, sir, upon my word of honor!”

“What of the fifty then—eh?”

“It was in South Sea: I bought at 400,” said Jacob.

“At 400? And what is it to-day?”

“Eight hundred and ninety it was this morning,” said Jacob.

“Was this morning? Do you mean it has fallen since?”

“It has indeed, sir. They’ve all been selling like demons; and it’s below eight hundred at this moment.”

“What have you done—eh?”

“Sold out the first thing, sir, at four hundred and ninety per cent, clear profit,” replied Jacob, something of complacency mingling with the anxious deference of his tone.

“Therefore, instead of fifty pounds, you now have three hundred or so?”

“Two hundred, ninety and five, sir,” said the youth modestly.

“Jacob, you are a fool!”

“Sir?”

“You have thrown your money away. You are a fool! You are timid! You have neither the genius, the steadiness, nor the daring to manage and to multiply a great fortune. Were you like myself, Jacob, you or your children might have a hand in controlling the destinies of England, and thus of the world. You have behaved like a pettifogger and a coward, Jacob. I do not ask you to be honest. No man is honest when he is sure that dishonesty will enrich him. But, whatever you are, I ask you to be that thing with all your soul. Be great, or be nothing! Only fools and cowards patter about morality! I tell you that success is the only morality.” Here Mr. Bendibow, who had spoken with calmness, though by no means without emphasis, checked himself, and putting his hand in his pocket drew forth a key which he handed to his son. “Open the strong box,” he said, “and take out the papers you will find in it.”

Jacob did as he was bid. But his first glance at the papers made him start and stare in a bewildered manner at the unmoved countenance of his father. He then reverted to the papers; but, after a close inspection of them, he seemed only more bewildered than before.

“This is South Sea stock, sir,” he said at length.

“Well, Jacob?” said Mr. Bendibow, composedly.

“Nigh on fifteen thousand pounds’ worth at par, sir.”

“Yes, Jacob.”

“I see how it is; you have been buying for some one!” broke out Jacob, energetically.

“Evidently, Jacob.”

There was a pause. “On commission, of course?” hazarded Jacob.

“No commission at all, Jacob.”

Jacob’s jaws relaxed. “No commission? Whom did you buy for, sir?”

“For myself, Jacob.”

Jacob dropped the papers on the table, and leaned against it dizzily; his breath forsook him. Finally, Mr. Bendibow said: “Jacob, you are even more a fool than I took you for.”

“But how.... When did you buy, sir?” faltered Jacob.

“Eight or nine years ago,” Mr. Bendibow replied.

“Then ... why, then you must have got it at under two hundred?”

“Eighty to a hundred and twenty,” said Mr. Bendibow, curtly.

There was another pause. Jacob moistened his lips and passed his hand over his forehead. Suddenly he screamed out, “But you haven’t sold, sir!”

“Well, Jacob?”

“If you’d sold this morning you’d have been worth a hundred and thirty-five thousand sterling—one hundred and thirty-five thousand!”

“Very nearly, Jacob.”

“And stock is falling: you’ve lost fifteen thousand since ten o’clock!” shouted Jacob, now quite beside himself. He seized the papers again, and made for the door. There he was stopped by an iron grasp on his arm, and Mr. Bendibow said, in a voice as uncompromising as his grasp, “Stay where you are!”

“But it’s not too late, sir; we’ll clear a hundred thousand yet,” pleaded Jacob, in agony.

“Be silent, and hear what I say to you. When I bought this stock, and paid fifteen thousand pounds for it, I made up my mind either to lose all or to win ten times my stake. I made up my mind that my fortune should be either one hundred and fifty thousand sterling, or nothing. Through nine years I have held to my purpose. Until this hour no one has known that I have risked a penny. Men have made fortunes—I have seen it, and held to my purpose, and held my tongue. Men have gone mad with success or failure; I am the same to-day that I was ten years ago. This morning stock reached eight hundred and ninety; a thousand fools like you sold, and now it is falling, and will fall yet more. But it is my belief that it will rise again. It will rise to one thousand. When it touches one thousand, I sell; not before, and not afterward. I shall win one hundred and fifty thousand pounds. With that money I shall found a banking-house. It will be known as the banking-house of Bendibow and Son. If you and your children were men like myself, the house of Bendibow and Son would become one of the great Powers of Europe. Where now we have ten thousand, in a century we should have a million. But you are not such a man as I am. Your children and your great-grandchildren will not be such men as I am. But I have done what I could. I have written down in a book the rules which you are to obey—you, and all your descendants. If you disobey them, my curse will be upon you, and you will fail. I am not young; and no man knows the day when he shall die: therefore I have called you, Jacob, and made this known to you now; because a day or a month hence might be too late. You are not such a man as I am; but any man can obey; and if you obey the rules that I have written you will not fail. Let those rules be written upon your heart, and upon the hearts of your children’s children, even unto the latest generation. There is no power in this world so great as a great fortune, greatly used; but a fool may lose that power in a day.”

Mr. Bendibow had spoken these words standing erect, and with his eyes fixed steadfastly upon his son; and his tone was stern, solemn and impressive. He now said, in another tone: “Put the papers back in the strong box, Jacob, and do not speak of them again, either to me or to any other person, until stock is at one thousand. Come to me then, and not before. Now go.”

“But, father, what if stock never reaches one thousand?” suggested Jacob, timidly.

“Then I shall have lost fifteen thousand pounds,” returned Mr. Bendibow, composedly resuming his seat in his chair.

Jacob said no more, but replaced the papers in the strong box, handed the key to his father, and left the room, a different man from when he entered it. He could not be an original great man, but he could appreciate and reverence original greatness; and, being instructed, could faithfully carry out the behests of that greatness. Doubtless his father, who had the insight into human nature which generally characterizes men of his sort, had perceived this, and had shaped his conduct accordingly. Nor is it impossible—the greatest of men being but men after all—that Mr. Bendibow may have taken his son into his confidence as much to guard against his own human weakness as to provide against the contingency of his death or incapacity. Proudly though he asserted the staunchness of his purpose, he had that day felt the tug of temptation, and may have been unwilling to risk the strain unaided again. Be that as it may, it is certain that the confidence came none too soon. When the evening meal was ready Mr. Bendibow did not appear; his customary punctuality made the delay seem extraordinary; so, after waiting half an hour, Jacob went to summon him. He knocked at the door, but no response came. At last he made bold to open the door; and there sat Abraham Bendibow in his chair, with the key of the strong box in his hand, looking, in the dusk, very much as he had looked when Jacob left him three hours before. But Abraham Bendibow was dead.

All his affairs were found to be in order; and, among the other contents of the strong box, was the book of rules of which he had spoken to Jacob. As to the South Sea stock, it sank and sank, and Jacob’s heart sank with it; and when the stock had reached six hundred and forty, Jacob’s heart was in his boots. Nevertheless he was faithful to his trust, and held on. Soon afterward the agents of the Company bought largely, and stock rose once more, and practically for the last time. The hour came at last when it was quoted at one thousand, and then, with a trembling delight, and with a conviction of his father’s prescience and wisdom, that amounted to religious veneration, Jacob went forth and sold; and that night he deposited in the strong box bank-notes and bullion to the amount of one hundred and fifty thousand pounds. Such was the beginning of the famous house of Bendibow.