Chapter 55: Money and Power
The moment money entered the conversation, Jack Morgan's attention sharpened.
It was almost instinctive. The Morgan family already possessed enough wealth to bury entire generations in luxury. Their descendants could waste fortunes for a century and never truly feel want. And yet, deep in their blood still lingered the old hunger of wandering merchants, that restless instinct to seize the greatest profit wherever it appeared.
"This is not very proper, Lohan," Jack said at last, though his tone held more performance than principle. "I personally gave the President my word. A sudden increase in price at a time like this… would that not damage the Morgan family's integrity?"
Lohan smiled faintly, the expression full of quiet mockery. Whether he was mocking the word integrity itself or merely Jack's selective attachment to it was hard to say.
"Then tell me, Mr. Jack," he said softly, "what price would properly compensate your integrity?"
He folded his arms and stepped closer, so close that their shoulders nearly touched. Both men turned their eyes toward the same object beyond the glass, the German State Bank standing across the street like a great carcass waiting to be divided.
"For the additional funds," Jack said, his voice lowering, "your family must bear half the burden. Whether this succeeds or fails, that risk is yours to share. If it succeeds, we want one third of the seats on the German State Bank."
Lohan answered without even pausing to think.
"One fifth. If you agree, we shake hands now."
Jack narrowed his eyes.
The offer did not touch Lohan's real bottom line. The German State Bank was worth too much. If this operation succeeded, it would not merely be profit. It would be a blade, one sharp enough to challenge old rivals in the financial world who had stood above them for too long.
After a brief silence, Jack extended his hand.
"A pleasure doing business with you."
Lohan took it at once. The promise Jack had made to the President moments earlier turned to rubbish the instant their palms met.
Knock. Knock. Knock.
A voice came from the narrow opening of the door.
"Mr. Jack, Mr. Dawes is waiting for you in the conference room on the second floor."
"I know."
Jack withdrew his hand and cast Lohan a brief, almost apologetic glance before turning and walking toward the elevator.
…
Inside the conference room, Dawes looked as though he had not slept in days.
The moment he saw Jack enter, his expression eased slightly, like a drowning man suddenly spotting a plank in the water. Though he was the official representative of the inspection delegation, he rose immediately and treated the businessman before him with almost excessive courtesy.
"Mr. Jack," he said, "it is fortunate you came with us this time. We have run into a serious problem with the financing. Do you think the consortium could increase its investment somewhat?"
Jack stroked his beard slowly and gave Dawes a look laden with unspoken meaning.
The deal he had just struck with Lohan had not satisfied him. On the contrary, it had sharpened his appetite. Now, standing before him, Dawes no longer looked like a government representative. He looked like another opportunity.
Taking the tea an attendant offered him, Jack sat down and deliberately frowned.
"Tell me first how much you require, Mr. Dawes. As it happens, I also have some bad news that you may need to pass on to the President."
Dawes, too focused on the funding gap to dwell on the ominous wording, leaned forward and answered at once.
"According to our latest estimate, the first loan package must reach at least five hundred million. The interest rate on that sum will be six percent."
He exhaled and continued more frankly.
"I will not hide it from you. The government can secure, at most, two hundred million in liquid funds. Britain and France together may add another fifty million. That still leaves a gap of one hundred and fifty million, which means the Morgan consortium must increase its contribution by that amount."
His tone turned more persuasive.
"Do not worry. The more we invest at the beginning, the faster Germany recovers. And the faster Germany recovers, the faster tax revenue stabilizes. We are not throwing money into a pit. We are accelerating the point at which we recover principal and begin drawing interest."
Jack did not answer that argument. Instead, he asked something else.
"Tell me honestly, Mr. Dawes. Is the success of this economic agreement very important to you personally?"
At once, Dawes realized he had revealed too much. He reined himself in and quickly changed his tone, dressing naked ambition in noble cloth.
"I simply believe economic recovery is beneficial to world peace."
"I see."
Jack nodded as though satisfied.
Then, in a casual voice that made the sentence all the more poisonous, he said, "I happen to have some connections that may be useful regarding the Nobel Prize. I might even help secure that honor for you. In return, perhaps you could do me a small favor."
Dawes's expression stiffened.
He despised this kind of transaction. He despised even more the smug control with which men like Jack conducted it. But because he needed the money, he could only swallow the irritation and soften his tone.
"This is no longer official business, Mr. Jack. Let us first settle the issue of the increased loan."
"No problem," Jack said pleasantly. "But first, let me explain the bad news."
He sipped his tea, then spoke in a tone so smooth it was almost insulting.
"The Morgan consortium's original one hundred million may require a longer turnover period. I just received a telegram from the consortium. Our recent investments in Soviet Russia have absorbed a considerable amount of liquidity."
Dawes nearly laughed in disbelief.
On the voyage over, Jack had made it clear that they had no meaningful exposure in Soviet Russia. Now the story had changed entirely. It was so brazen that it almost looped back around into elegance. Was Jack taking him for a fool, or did he simply treat promises as another form of scrap paper?
Still, anger changed nothing. The important point was not the lie. The important point was that Jack was willing to bargain.
Dawes put down his cup and said flatly, "I have no interest in circling around this any longer, Mr. Jack. State your terms plainly. What must be given so that your funds no longer need to 'turn over'?"
Jack smiled and raised his left hand, pointing not with a finger but with his whole posture.
"What I want is right before your eyes, Mr. Dawes."
Dawes followed his gaze to the tall building visible through the window and understood immediately.
"You want seats on the reorganized German State Bank."
Jack said nothing, which was answer enough.
Dawes shook his head.
"No, Jack. We have already pushed the Germans to the edge of humiliation by making them use tax revenue to service foreign debt. That alone is enough to make this agreement hateful in their eyes. We still have to account for their feelings, at least on paper."
He leaned back, thinking quickly, then offered a compromise.
"I can give you five seats on the supervisory board. No more. That is already beyond what many in government would accept."
Jack did not even blink.
"These are my terms, Mr. Dawes. The vicious cycle you fear is not my concern. If Germany wants the Morgan consortium to open its doors, then Germany must make concessions on the State Bank."
"This is not something I can decide alone," Dawes snapped. "Those Germans will have to agree to it, and you know their temperament. What you are asking for is not symbolic supervision. You are asking for control over the institution that issues their currency."
He stared at Jack across the table.
"You are not dancing on the edge of German sovereignty, you are dancing on its grave."
Jack remained unmoved.
Seeing there was still no movement in the man opposite him, Dawes made one final attempt.
"Listen to me. If this deal collapses now, no one benefits. Germany returns to paralysis. Britain and France recover nothing. America earns nothing. You earn nothing."
Jack's answer was as cold as a cashier counting coin.
"I think the Germans will agree."
That was the moment Dawes understood there was no point continuing.
If this political achievement had not been so valuable to him, he would have walked out immediately and left the entire filthy business to someone else. But ambition was ambition. It bound a man as surely as chains.
He closed his eyes for a brief second, then spoke through clenched patience.
"Very well. I will present your demand to the German representative. I will even arrange the meeting. But I make no guarantee that the negotiation will succeed."
Then his eyes hardened.
"And do not threaten me as though I have nowhere to go. I can walk out of this at any moment and have Washington send someone else. The next man may be far less accommodating than I am."
Seeing at last that an opening had been created, Jack nodded.
"That is sufficient, Mr. Dawes. Arrange the meeting with the German representative as soon as possible. I believe we can reach a satisfactory understanding."
Dawes said nothing.
He turned and left the room without looking back, not even once.
.....
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