My chances? I put them at about none. I had a matter of days to reverse what seemed to be a major move in French foreign policy, and cobble together an unprecedented alliance amongst people I did not know. Even Natty Rothschild seemed pessimistic. He walked out with Wilkinson and me, then asked if I would take a turn with him around Green Park before I headed back for Victoria.

'A thankless task, Mr Cort,' he rumbled as we walked in the direction of Green Park. It was chilly and getting dark, and there were few people around except for the occasional office worker, and governesses pushing prams. 'If you succeed, no one will know; if you fail, you will undoubtedly be blamed.'

'That is reassuring. Thank you.'

'Which brings up the obvious question. Why do you choose to do this? It is a strange life you lead.'

Evidently he knew more about me than I thought.

I shrugged. 'I don't know. I wasn't a good banker . . .'

'A very inadequate answer.'

'I like it, then. I like making people do things they do not wish to do, I like discovering things I am not meant to know. I think I like taking bad actions and turning them to good ends. It is so often the reverse. But I can take lies and betrayal and turn them into patriotism.'

'Not the other way round?'

'Not for me, no.'

'I see. I think you are going to need all your skills in the next week. You will be trying to mix foreign policy and finance, and control them through your arts. Are you skilled enough, do you think?'

'I don't know.'

'My cousin will give you all the help he can, and a great deal of advice as well. You may trust him. I ask only one thing: if you fail, let him know. I'll be damned if the house of Rothschild is going to be brought to ruin by Barings.'

CHAPTER 19

I arrived back in Paris at five o'clock on Tuesday morning. I was exhausted. I crossed the Channel twice in one day, had scarcely slept for two days and had been in meetings much of the rest of the time. I should, properly, have launched into action, but I could not. I did manage to get someone to take the message to Alphonse de Rothschild, sent another to M. Netscher, but that was all. I could do no more without sleep, so sleep I did. And, dare I add, I slept well; quite extraordinarily well in the circumstances.

The meeting with Rothschild and Netscher began after lunch. I very nearly disgraced myself by being late, but I arrived at the Rothschild mansion in the eighth arrondissement with a few minutes to spare. There were four people there: the committee for the defence, or so I came to call them in my mind. All people who wished to resolve this, if only they could do so without bringing national opprobrium down on their heads. All were fatalistic, and had a low opinion of their many colleagues, of politicians and of the people of France in general. They were fools, was the general opinion, who understood nothing of money, who had no conception of how delicate and refined were the financial structures which so efficiently delivered the comforts and necessities on which all people increasingly depended. Had it been left to politicians, said Netscher, then the bulk of mankind would still be scraping a living in the fields, dressed in rags and prone to starvation and disease. They needed to be saved from themselves.

So far, so much agreement. It was clear that all present – who represented some of the most powerful financial institutions in France – were prepared to put their weight behind the request that France assist the Bank of England. But it was equally clear that none of them would do so unless that request was going to be accepted.

'For myself,' said Alphonse de Rothschild, 'I am prepared to commit half a million of gold to the general defence of the banking system; I have already cabled my cousin to inform him that I will transfer the money to his house today.'

Netscher smiled. 'That safeguards the Rothschild family, my dear Alphonse,' he observed. 'It does little else.'

'You cannot expect any more of me as yet,' Rothschild retorted. 'Not until there is an overall agreement. Remember, if there is a run on the banks in England, it could well trigger a panic here as well. We cannot afford to dismantle our own defences.'

'Bank of France or nothing. Is that right?' I commented.

They all nodded.

'I do not know the Governor,' I said.

'M. Magnin,' Netscher said. 'A good man. Started as an ironmaster, curiously enough. Still a bit of the peasant about him, but solid. He is a man who fully appreciates the value of sound money. And he understands how weakness in the credit markets can affect industry. That is the trouble, in fact.'

'Why?'

'Because I would have expected him to have responded already. All his instincts, I feel sure, would be to bolster London. It is neighbourly and it is good business. He has not done so. Which suggests he is acting under instruction. He is not a free man, you know. The Bank of France is not a private company like the Bank of England. Its sole shareholder is the Government, and ultimately M. Magnin must do as he is told.'

'So we are talking about government policy here, are we?'

Netscher sighed. 'I do not think so. Believe me, Mr Cort, I am – we all are, I am sure – trying to find out. But so far I have discovered nothing.'

Here Rothschild smiled in a superior fashion. 'Fortunately, the magic of the house of Rothschild still has some life in it,' he said quietly. 'In fact, I do believe I can say what is taking place. This policy was sold to Rouvier about six months ago. The Foreign Ministry is standing by, as it considers it foolish not to take advantage of any weakness which Britain might display. The trouble at Barings has been brewing for several months, and the Foreign Ministry has been quietly preparing the ground. It all developed out of the blunder by Bismarck three years ago when he denied Russia access to the Berlin credit markets. Paris took up the role, and has advanced large sums of money to the Russian Government. This, naturally, has created a bond of friendship, not to say a common interest. I would even venture to surmise that some sort of military understanding might come to pass in due course. Obviously, in that case, a weakening of Great Britain would be mutually beneficial.'

'But Russia needs investment desperately. Unless it gets credit, its army is back in the seventeenth century. How can destroying the credit markets help?'

'A question so good I am afraid I cannot answer it. I have approached the Russian Embassy, but they refused to speak to me.' The pained surprise was obvious. No one refused to talk to a Rothschild.

'However, they have agreed to talk to the British Government. Which in itself indicates how very much is riding on this matter. And how well prepared they are.'

'But that would be Sir Edward Merson.'

'I did point this out, and they have no desire to talk to Sir Edward at all, as he would not understand what was being said. No. You have to produce someone more senior and authoritative than that. I would suggest Goschen. He can make a deal and he has the authority to persuade the Prime Minister to accept.'

'You expect the Chancellor of the Exchequer to grovel in public?'

'I would expect him to arrive so silently and quietly that no one is ever aware of his presence in Paris.'

'To talk to . . . ?'

'The head of the Bank of France, obviously. By merest coincidence, no doubt, the deputy head of the Bank of Moscow is in Paris, visiting his relations. And Rouvier, of course. I and M. Netscher would be happy to attend as well, I am sure.'

'Where?'

'Somewhere they will not be noticed.'