Five years previously all Europe was in a ferment. War was expected from every quarter. It depended not on one, but on many questions. The alliances were doubtful. Nothing seemed certain but that neutrality would be impossible, and that the Continent would be divided into two or more great camps. The final decision appeared to rest with Great Britain. There an ominous disposition for war was displaying itself. The inclination of the Sovereign and the Cabinet was supposed to be in that direction. But the family of De Cardrosses throughout Europe was for peace. The chief of the family was the head of the English house, and it was decided he should interview the Prime Minister of England and acquaint him with the views of this great financial group. His reception was not flattering; but if he felt mortified, he did not show it. He expressed himself deeply sensible of the honour done to him by his being allowed to state his opinions; and with a reverential inclination he bowed himself from the presence of the greatest statesman of his day, the Right Honourable Randolph Stanley. That afternoon it was bruited about that, in view of coming possibilities, the De Cardrosse family had determined to realise securities all over Europe and send gold to America. The next morning a disposition to sell was reported from every direction, and five millions sterling of gold were collected for despatch to New York. In twenty-four hours there was a panic throughout Great Britain and Europe. The Bank of England asked for permission to suspend specie payments, but could indicate no limit to which such a permission should be set. It seemed as if Europe would be drained of gold. The great rivals of the De Cardrosses looked on and either could not or would not interfere. A hurried Cabinet meeting was convened, and as a result a conference by telephone was arranged between the Prime Minister of Great Britain and the Ministers of the Great Powers of Europe. Commencing by twos and threes, the conference developed into an assemblage for conversational purposes of at least twenty of the chief statesmen and diplomatists of the Old World. Rumour said that even monarchs in two or three cases were present and inspired the telephonic utterances of their Ministers. How the result was arrived at was known best to those who took part in the conference, but peace and disarmament were agreed on if certain contingencies involving the exercise of vast power and the expenditure of enormous capital could be provided for. No other conclusion could be arrived at, and one way or the other the outcome had to be settled within twenty-four hours. The conference had lasted from ten o'clock to four. At five o'clock by invitation Lord de Cardrosse waited on the Prime Minister, who received him much more cordially than before. "You have caused me," he said, "to learn a great deal during the last forty-eight hours." "I could not presume to teach you anything. Events have spoken," was the reply.