The members of the monetary conference were but fourteen in number. They represented Great Britain, France, Germany, Austria, Italy, Russia, and the United States. They assembled on Thursday, the 9th of January, for their first business session. The previous day they had been welcomed by the president of the French Republic, and had been entertained at the Elysée. At their brief meeting for organization, they had made choice of one of the German representatives as president, and of an Italian and an Englishman as secretaries. Now that the formalities were over, the fourteen men were anxious to undertake the rather vague task which they understood was before them. All the European members had received intimations from their respective governments that matters of the gravest importance would be brought before the conference by the American delegates. They had gained no hint as yet about the nature of the proposals or disclosures. A statement from the representatives of the United States was awaited, therefore, with keenest interest and curiosity by all the other members. Their solicitude had been increased by an earnest request from the Americans that not only should all the sessions of the conference be held with closed doors, but that no officers outside the membership of the board should be appointed, and that no stenographic or other records be kept, save such as might be made by the official secretaries. When, therefore, the great men in statesmanship and finance who composed the small but august body found themselves ready for the performance of their official duties, they looked for some explanation of these extreme precautions. As soon as the president had called the conference to order, just after twelve o’clock, the American secretary of the treasury rose to address the members. His manner even before he began to speak was extremely grave, and his opening words were so ominous that the faces of the men who listened, accustomed though they were to dealings with great affairs, became anxious and apprehensive. This was what he said: