"I know it will be said that in this work I have pointed out a deep malady, and only suggested a superficial remedy. I have tediously insisted that the natural system of banking is that of many banks keeping their own cash reserve, with the penalty of failure before them if they neglect it. I have shown that our system is that of a single bank keeping the whole reserve under no effectual penalty of failure."
Walter Bagehot, "Conclusion," Lombard Street.
It didn't take Valens long to take more direct action against Basil. In 372, Valens' zealous Arian servant, Modestus (the "Count of the East"), came to Caesarea and summoned Basil. Basil — emaciated from his asceticism but mentally rigorous — came. Modestus shouted at him: "Basil, how dare you defy our great power? How dare you stand alone? Everyone else has yielded, and you alone refuse to accept the religion commanded by the Emperor." After Basil showed no recalcitrance, an exchange took place that is recounted in every biography of Basil:
Modestus: What, do you not fear my power?
Basil: What could happen to me? What might I suffer?
Modestus: Any one of the numerous torments which are in my power.
Basil: What are these? Tell me about them.
Modestus: Confiscation, exile, torture, death.
Basil: If you have any other, you can threaten me with it, for there is nothing so far which affects me.
Modestus: Why, what do you mean?
Basil: Well, in truth confiscation means nothing to a man who has nothing, unless you covet these wretched rags, and a few books: that is all I possess. As to exile, that means nothing to me, for I am attached to no particular place. That wherein I live is not mine, and I shall feel at home in any place to which I am sent. Or rather, I regard the whole earth as belonging to God, and I consider myself as a stranger or sojourner wherever I may be. As for torture, how will you apply this? I have not a body capable of bearing it, unless you are thinking of the first blow that you give me, for that will be the only one in your power. As for death, this will be a benefit to me, for it will take me the sooner to the God for Whom I live, for Whom I act, and for Whom I am more than half dead, and Whom I have desired long since.
Basil's words are a testament to the truth that the meek inherit the earth. After this exchange, Modestus largely left him alone, and the Emperor Valens never pushed matters to a conclusion with Basil again.
http://www.catholicculture.org/culture/library/view.cfm?recnum=4445
