Chapter 23: Restaurer nos valeurs – Summary and Analysis

⚠️ Spoiler Warning: This guide contains detailed spoilers for the entire novel. Proceed only if you've finished reading or are comfortable knowing the plot.

Summary

The chapter opens with the Dow Jones Industrial Average reaching its lowest point of the Great Depression on 8 July 1932, closing at 41. The narrator, Andrew Bevel, immediately contrasts this market nadir with his long‑standing opposition to the Federal Reserve, which he has criticised ever since the Panic of 1907. Where his contemporaries saw the Fed as a preventive mechanism, Bevel saw it as the forge of future regulation. Thirty years later, amid what he calls an era of unlimited state intervention, he claims history has vindicated him.

Bevel then launches a fierce indictment of the Banking Acts of 1933–35, branding them a “flock of bad decisions” that harmed the business community, betrayed American idealism, usurped power, deceived the public, and launched an irresponsible assault on finance. He singles out the newly created Federal Open Market Committee, dismissing the phrase as a joke—a “free market” cannot coexist with a federal committee.

After this political tirade, Bevel turns to his personal situation since the death of his wife, Mildred. He reports that he has been thriving despite both his grief and the hostile political climate. He lists recent successes, presenting them as evidence of his resilience and his ability to prosper when others—especially the government—are working against him.

Key Events

The Dow Jones hits its Great Depression low of 41 on 8 July 1932.
Bevel recounts his opposition to the establishment of the Federal Reserve in 1907, arguing that it paved the way for excessive regulation.
Bevel criticises the Banking Acts of 1933–35, calling them destructive to business and to American ideals.
He mocks the Federal Open Market Committee as a contradiction in terms.
After Mildred’s death, Bevel lists a series of personal successes that demonstrate his continued prosperity.

Character Development

Andrew Bevel – This chapter reinforces Bevel’s ideological rigidity and his deep distrust of government intervention. His opposition to the Federal Reserve and the New Deal banking reforms reveals a man who sees regulation as an existential threat to free enterprise. At the same time, his mention of thriving after Mildred’s death hints at a personal stoicism (or perhaps denial) in the face of loss. Bevel presents himself as a lone voice of reason, a self‑made man who succeeds despite political headwinds.
Mildred Bevel – Though deceased, Mildred remains present in the narrative as a reference point. Her death is treated not as a source of ongoing emotional struggle but rather as a challenge Bevel has overcome, further burnishing his self‑image of invincibility.

Themes, Symbols, or Motifs

Individualism vs. State Intervention – The central conflict of the chapter is Bevel’s celebration of unregulated markets versus what he sees as the encroaching power of the federal government. His dismissal of the Federal Open Market Committee symbolises his belief that liberty and oversight cannot coexist.
Restoration of Values – The chapter’s French title, “Restaurer nos valeurs,” is deeply ironic. Bevel believes he is restoring traditional American values of self‑reliance and free markets, but his critique is self‑serving and ignores the wider social costs of the Great Depression.
Grief and Resilience – Bevel’s claim to have prospered after Mildred’s death suggests a motif of resilience, but it also raises questions about emotional authenticity. His success becomes a weapon to prove his detractors wrong.

Why This Chapter Matters

Chapter 23 provides the clearest articulation yet of Andrew Bevel’s economic and political philosophy. It shows how his personal grief is intertwined with his public persona—he uses his success after Mildred’s death to validate his ideology. The chapter also deepens the novel’s critique of unchecked capitalism and the mythology of the self‑made man. By placing Bevel’s rant against the New Deal alongside the Dow’s historic low, the author forces the reader to weigh Bevel’s self‑justification against the historical reality of the Depression.

Study Questions and Answers

Why does Bevel oppose the Federal Reserve?
Bevel opposed the Federal Reserve from its inception because he believed it would create the infrastructure for government regulation of finance. He saw it not as a stabilising force but as the “forge” of regulatory chains. Thirty years later, he argues that the era of unlimited state intervention has proven him right.
What is Bevel’s attitude toward the Banking Acts of 1933–35?
He condemns them as a collection of bad decisions that sacked the business community, undermined American idealism, and amounted to a Machiavellian deception of the public. He considers them an irresponsible assault on finance and an enemy of free enterprise.
How does Bevel describe his situation after Mildred’s death?
Bevel reports that he has been thriving despite his grief and the hostile political circumstances. He lists recent successes to demonstrate that he can prosper even when the government is working against him and the business community.