leasure which he formerly had in listening to an opera.

Mr. Gladstone was at that time the unquestionable master of the
House of Commons and its foremost orator. I unfortunately never
heard him at his best, but whether the question was of greater
or lesser importance, the appearance of Mr. Gladstone at once
lifted it above ordinary discussion to high debate.

Mr. Gladstone asked many questions about large fortunes in the
United States, was curious about the methods of their accumulation,
and whether they survived in succeeding generations. He wanted
to know all about the reputed richest man among them. I told him
I did not know the amount of his wealth, but that it was at least
one hundred millions of dollars.

"How invested?" he asked.

I answered: "All in fluid securities which could be turned into
cash in a short time."

He became excited at that and said: "Such a man is dangerous
not only to his own country but to the world. With that amount
of ready money he could upset the exchanges and paralyze the
borrowing power of nations."

"But," I said, "you have enormous fortunes," and mentioned the
Duke of Westminster.

"I know every pound of Westminster's wealth," he said. "It is in
lands which he cannot sell, and burdened with settlements of
generations and obligations which cannot be avoided."

"How about the Rothschilds?" I asked.

"Their fortunes," he answered, "are divided among the firms in
London, Paris, Vienna, and Frankfort, and it would be impossible
for them to be combined and used to unsettle the markets of the
world. But Mr. ---- could do this and prevent governments from
meeting their obligations."

Mr. Gladstone had no hostility to great fortunes, however large,
unless so invested as to be immediately available by a single
man for speculation. But fortunes larger than that of one hundred
millions have since been acquired, and their management is so
conservative that they are brakes and safeguards against unreasoning
panics. The majority of them have been used for public benefit.
The most conspicuous instances are the Rockefeller Foundation,
the Carnegie Endowment, and the Frick Creation.

Henry Labouchere told me a delightful story of Mr. Gladstone's
first meeting with Robert T. Lincoln, when he arrived in London
as American minister. Mr. Lincoln became in a short time after
his arrival one of the most popular of the distinguished list of
American representatives to Great Britai