A MESSENGER had just brought a “collect” telegram for the Doctor, and
that gentleman, after going through all his pockets, and finding nothing
but a bunch of keys and a prescription-pad, made the natural inquiry:
“Anybody got a quarter?”
“I have,” said the Idiot. “One of the rare mintage of 1903, circulated
for a short time only and warranted good as new.”
“I didn’t know the 1903 quarter was rare,” said the Bibliomaniac, who
prided himself on being a numismatist of rare ability. “Who told you the
1903 quarter was rare?”
“My old friend, Experience,” said the Idiot.
“What’s rare about it?” demanded the Bibliomaniac.
“Why—it’s what they call ready money, spot cash, the real thing with
the water squeezed out, selling at par on sight,” explained the Idiot.
“Millions of people never saw one, and under modern conditions it is
very difficult to amass them in any considerable quantity. What is
worse, even if you happen to get one of them it is next to impossible to
hang on to it without unusual effort. If you have a 1903 quarter in your
pocket, somehow or other the idea that it is in your possession seems to
communicate itself to others, and every effort is made to lure it away
from you on some pretext or other.”
“Excuse me for interrupting this lecture of yours, Mr. Idiot,” said the
Doctor, amiably, “but would you mind lending me that quarter to pay this
messenger? I’ve left my change in my other clothes.”
“What did I tell you?” cried the Idiot, triumphantly. “The words are no
sooner out of my mouth than they are verified. Hardly a minute elapses
from the time Doctor Capsule learns that I have that quarter before he
puts in an application for it.”
“Well, I renew the application in spite of its rarity,” laughed the
Doctor. “It’s even rarer with me than it is with you. Shell out—there’s
a good chap.”
“I will if you’ll put up a dollar for security,” said the Idiot,
extracting the coin from his pocket, “and give me a demand note at
thirty days for the quarter.”
“I haven’t got a dollar,” said the Doctor.
“Well, what other collateral have you to offer?” asked the Idiot. “I
won’t take buckwheat-cakes, or muffins, or your share of the sausages,
mind you. They come under the head of wild-cat securities—here to-day
and gone to-morrow.”
“My, but you’re a Shylock!” ejaculated Mr. Brief.
“Not a bit of it,” retorted the Idiot. “If I were Shylock I’d be willing
to take a steak for security, but there’s none of the pound of flesh
business about me. I simply proceed cautiously, like any modern
financial institution that intends to stay in the ring more than two
weeks. I’m not one of your fortnightly trust companies with an oak
table, an unpaid bill for office rent, and a patent reversible
disappearing president for its assets. I do business on the
national-bank principle: millions for the rich, but not one cent for the
man that needs the money.”
“I tell you what I’ll do,” said the Doctor. “If you’ll lend me that
quarter, I won’t charge you a cent for my professional services next
time you need them.”
“That’s a large offer, but I’m afraid of it,” replied the Idiot. “It
partakes of the nature of a speculation. It’s dealing in futures, which
is not a safe thing for a financial institution to do, I don’t care how
solid it is. You don’t catch the Chemistry National Bank lending money
to anybody on mere prospects, and, what is more, in my case, I’d have to
get sick to win out. No, Doctor, that proposition does not appeal to
me.”
“Looks hopeless, doesn’t it,” said the Doctor. “Mary, tell the boy to
wait while I run up-stairs—”
“I wouldn’t do that,” said the Idiot, interrupting. “The matter can be
arranged in another way. I honestly don’t like to lend money, believing
with Polonius that it’s a bad thing to do. As the Governor of North
Carolina said to the Governor of South Carolina, who owed him a hundred
dollars, ‘It’s a long time between payments on account,’ and that sort
of thing breaks up families, not to mention friendships. But I will
match you for it.”
“How can I match when I haven’t anything to match with?” said the
Doctor, growing a trifle irritable.
“You can match your credit against my quarter,” said the Idiot. “We can
make it a mental match—a sort of Christian Science gamble. What am I
thinking of, heads or tails?”
“Heads,” said the Doctor.
“By Jove, that’s hard luck!” ejaculated the Idiot. “You lose. I was
thinking of tails.”
“Oh, thunder!” cried the Doctor, impatiently.
“Try it again, double or quits. What am I thinking of?” said the Idiot.
“Heads,” repeated the Doctor.
“Somebody must have told you. Heads it is. You win. We are quits,
Doctor,” said the Idiot.
“But I am still without the quarter,” the physician observed.
“Yep,” said the Idiot. “But there’s one more way out of it. I’ll buy the
telegram from you—C.O.D.”
“Done,” said the Doctor, holding out the message. “Here’s your goods.”
“And there’s your money,” said the Idiot, tossing the quarter across the
table. “If you want to buy this message back at any time within the next
sixty days, Doctor, I’ll give you the refusal of it without extra
charge.”
And he folded the paper up and put it away in his pocketbook.
“Do the banks really ask for so much security when they make a loan?”
asked the Poet.
“Hear him, will you!” cried the Idiot. “There’s your lucky man. He’s
never had to face a bank president in order to avoid the cold glances of
the grocer. No cashier ever asked him how many times he had been
sentenced to states-prison before he’d discount his note. Do they ask
security? Security isn’t the name for it. They demand a blockade,
establish a quarantine. They require the would-be debtor to build up a
wall as high as Chimborazo and as invulnerable as Gibraltar between them
and the loss before they will part with a dime. Why, they wouldn’t
discount a note to his own order for Andrew Carnegie for seventeen cents
without his indorsement. Do they ask security!”
“Well, I didn’t know,” said the Poet. “I never had anything to do with
banks except as a small depositor in the savings-bank.”
“Fortunate man,” said the Idiot. “I wish I could say as much. I borrowed
five hundred dollars once from a bank, and what the deuce do you suppose
they did?”
“I don’t know,” said the Poet. “What?”
“They made me pay it back,” said the Idiot, mournfully, “although I
needed it just as much when it was due as when I borrowed it. The
cashier was a friend of mine, too. But I got even with ’em. I refused to
borrow another cent from their darned old institution. They lost my
custom then and there. If it hadn’t been for that inconsiderate act I
should probably have gone on borrowing from them for years, and instead
of owing them nothing to-day, as I do, I should have been their debtor
to the tune of two or three thousand dollars.”
“Don’t you take any stock in what the Idiot tells you in that matter,
Mr. Poet,” said Mr. Brief. “The national banks are perfectly justified
in protecting themselves as they do. If they didn’t demand collateral
security they’d be put out of business in fifteen minutes by people like
the Idiot, who consider it a hardship to have to pay up.”
“As the lady said when she was asked the name of her favorite author,
‘Pshaw!’” retorted the Idiot. “Likewise fudge—a whole panful of fudges!
I don’t object to paying my debts; fact is, I know of no greater
pleasure. What I do object to is the kind of collateral the banks
demand. They always want something a man hasn’t got and, in most cases,
hasn’t any chance of getting. If I had a thousand-dollar bond I wouldn’t
need to borrow five hundred dollars, yet when I go to the bank and ask
for the five hundred the thousand-dollar bond is what they ask for.”
“Not always,” said Mr. Brief. “If you can get your note indorsed you can
get the money.”
“That’s true enough, but fellows like myself can’t always find a captain
of industry who is willing to take a long-shot to do the indorsing,”
said the Idiot. “Besides, under the indorsement plan you merely ask
another man to be responsible for your debt, and that isn’t fair. The
whole system is wrong. Every man to his own collateral, I say. Give me
the bank that will lend money to the chap that needs it on the security
of his own product. Mr. Whitechoker, say, is short on cash and long on
sermons. My style of bank would take one barrel of his sermons and salt
’em down in the safe-deposit company as security for the money he needs.
The Poet here, finding the summer approaching and not a cent in hand to
replenish his wardrobe, should be able to secure an advance of two or
three hundred dollars on his sonnets, rondeaux, and lyrics—one dollar
for each two-and-a-half-dollar sonnet, and so on. The grocer should be
able to borrow money on his dried apples, his vinegar pickles, his
canned asparagus, and other non-perishable assets, such as dog-biscuit,
Roquefort cheese, and California raisins. The tailor seeking an
accommodation of five hundred dollars should not be asked how many times
he has been sentenced to jail for arson, and required to pay in ten
thousand shares of Steel common, in order to get his grip on the
currency, but should be approached appropriately and asked how many
pairs of trousers he is willing to pledge as security for the loan.”
“I don’t know where I would come in on that proposition,” said the
Doctor. “There are times when we physicians need money, too.”
“Pooh!” said the Idiot. “You are not a non-producer. It doesn’t take a
very smart doctor these days to produce patients, does it? You could
assign your cases to the bank. One little case of hypochondria alone
ought to be a sufficient guarantee of a steady income for years,
properly managed. If you haven’t learned how to keep your patients in
such shape that they have to send for you two or three times a week,
you’d better go back to the medical school and fit yourself for your
real work in life. You never knew a plumber to be so careless of his
interests as to clean up a job all at once, and what the plumber is to
the household, the physician should be to the individual. Same way with
Mr. Brief. With the machinery of the law in its present shape there is
absolutely no excuse for a lawyer who settles any case inside of fifteen
years, by which time it is reasonable to suppose his client will get
into some new trouble that will keep him going as a paying concern for
fifteen more. There isn’t a field of human endeavor in which a man
applies himself industriously that does not produce something that
should be a negotiable security.”
“How about burglars?” queried the Bibliomaniac.
“I stand corrected,” said the Idiot. “The burglar is an exception, but
then he is an exception also at the banks. The expert burglar very
seldom leaves any security for what he gets at the banks, and so he
isn’t affected by the situation one way or the other.”
“Oh, well,” said Mr. Brief, rising, “it’s only a pipe-dream all the way
through. They might start in on such a proposition, but it would never
last. When you went in to borrow fifteen dollars, putting up your idiocy
as collateral, the emptiness of the whole scheme would reveal itself.”
“You never can tell,” observed the Idiot. “Even under their present
system the banks have done worse than that.”
“Never!” cried the Lawyer.
“Yes, sir,” replied the Idiot. “Only the other day I saw in the papers
that a bank out in Oklahoma had loaned a man ten thousand dollars on
sixty thousand shares of Hot Air preferred.”
“And is that worse than Idiocy?” demanded Mr. Brief.
“Infinitely,” said the Idiot. “If a bank lost fifteen dollars on my
idiocy it would be out ninety-nine hundred and eighty-five dollars less
than that Oklahoma institution is on its hot-air loan.”
“Bosh! What’s Hot Air worth on the Exchange to-day?”
“As a selling proposition, zero and commissions off,” said the Idiot.
“Fact is, they’ve changed its name. It is now known as International
Nitting.”