"They are metals specialists," said Jacob Gold, "I know that much."

"When the Genoese here went bankrupt," said Monsieur Wachsmann, "it happened because the Spanish mines had hiccuped in their delivery of silver to Seville. Bankers of Geneva and other places came to Lyon to fill the void left by the Genoese. They had connections to silver mines in the Harz and the Ore Range, which flourished for a brief time, until Spanish silver once again flooded the market. Anyway, one of those banking-families had an agency in Leipzig, and the people they sent thither to look after it became linked by marriage to this family of von Hacklheber. Because of the Hacklhebers' connections to the mines, they had older ties to the Fuggers. Indeed, it is said that this family goes all the way back to the time of the Romans..."

Abraham snorted. "Ours goes back all the way to Adam." goes back all the way to Adam."

"Yes; but to them this is all very impressive," said Monsieur Wachsmann patiently, "and by the way, now that you have had your bar mitzvah you might spend less time poring over Torah and more learning social graces. At any rate, fortune favored the Leipzig branch, and before long the Hacklheber tail was wagging the Geneva dog. It is a small house, but reputed extraordinarily clever. They are in Lyon, Cadiz, Piacenza: anywhere there is a large flux of money."

"What do they do do?" Abraham wanted to know.

"Lend money, clear transactions, like other banks. But their real specialty is maneuvers such as the one we are talking about now: shipment of bullion to Geneva. Do you remember when I warned you that there would be a discount if you converted your earnings to bullion here? It should have occurred to you to wonder just where the missing money disappears to in such a case. The answer is that it goes into the coffers of Lothar von Hacklheber."

Monsieur Wachsmann rolled to his feet, and paced across the terrace once or twice before going on.

"I trade in wax. I know where wax comes from and where it goes, and how much wax of different types is worth to different people in different times and places. I say to you that what I am to wax, Lothar von Hacklheber is to money."

"You mean gold? Silver?"

"All kinds. Metals in pig, bullion, or minted form, paper, moneys of account such as our ecus au soleil. ecus au soleil. To me, money is frankly somewhat mysterious; but to him it is all as simple as wax. Or so it would seem; like honeycombs in a boiler, it melts together and is con-fused into one thing." To me, money is frankly somewhat mysterious; but to him it is all as simple as wax. Or so it would seem; like honeycombs in a boiler, it melts together and is con-fused into one thing."

"Then we shall go and talk to his agent here," Eliza said.

"Agreed," said Samuel de la Vega, "but I say to you that if they simply had a few coins lying about the place, we could get this whole thing done in an hour. That this system works, I cannot deny; but this Depot Depot reminds me of certain towns up in the Alps where people have been marrying each other for too long." reminds me of certain towns up in the Alps where people have been marrying each other for too long."

"THE NEXT DAY," Eliza continued, "I met Gerhard Mann, who is the Hacklheber agent in Lyon." Eliza continued, "I met Gerhard Mann, who is the Hacklheber agent in Lyon."

She now relaxed her grip on Bonaventure Rossignol's t.e.s.t.i.c.l.es. For in the end, this was the only way she had found to maintain Bon-bon's attentiveness as she had discoursed of ecus au soleil ecus au soleil and the and the Depot Depot and so forth. But the mention of the name Hacklheber brought Rossignol to attention. and so forth. But the mention of the name Hacklheber brought Rossignol to attention.

"Lothar von Hacklheber," she continued, "is not the sort who gladly suffers an employee to while away the afternoons sipping coffee in the cafe."

"I should think not!"

"He has so arranged it that Mann has more work than he can handle. This forces him to make choices. He is always dashing about town on horseback like a Cavalier. Carriages are too slow for him. Arranging the meeting was absurdly difficult. It required half a dozen exchanges of notes. Finally I did what was simplest, namely remained still at the pied-a-terre pied-a-terre and waited for him to come to me. He galloped up, naturally, just as I was beginning to suckle Jean-Jacques. And so rather than send him away, I invited him in, and bade him sit down across the table from me even as Jean-Jacques was hanging off my t.i.t." and waited for him to come to me. He galloped up, naturally, just as I was beginning to suckle Jean-Jacques. And so rather than send him away, I invited him in, and bade him sit down across the table from me even as Jean-Jacques was hanging off my t.i.t."

"Appalling!"

"But I did this as a sort of test, Bon-bon, to see if he'd be appalled by it."

"Was he?"

"He pretended not to notice, which was not an easy thing for him."

Rossignol shuddered. "What did you talk about?"

"We talked about Lothar von Hacklheber."

"YOU MET HIM HIM IN IN L LEIPZIG?" Mann asked. Mann asked.

"It had to do with a silver-mining project in the Harz," Eliza said, "in which he he elected not to invest: a typically shrewd decision." elected not to invest: a typically shrewd decision."

Eliza explained to Mann what she had in mind. He pondered it for a few moments. At first she saw concern, or even fear, on his face, which made her suspect that he did not really wish to do it, yet was loath to refuse, for fear of what he he might say, were Eliza to go to might say, were Eliza to go to him him and pout. Mann was a young man-indeed, would have to be, to last for very long, working as he did-and Eliza saw clearly enough that he had been posted to this place to prove himself, or to fail, so that and pout. Mann was a young man-indeed, would have to be, to last for very long, working as he did-and Eliza saw clearly enough that he had been posted to this place to prove himself, or to fail, so that he he could decide where to send Mann next. Mann had blue eyes a little too close together, and a broad brow, so expressive that in its creases and corrugations she could read his feelings like sonnets on parchment. He was intelligent, but lacking in resolution. She guessed that someone of strong personality would one day get the better of him, and that he would end up sitting at a could decide where to send Mann next. Mann had blue eyes a little too close together, and a broad brow, so expressive that in its creases and corrugations she could read his feelings like sonnets on parchment. He was intelligent, but lacking in resolution. She guessed that someone of strong personality would one day get the better of him, and that he would end up sitting at a banca banca on an upper floor of the House of the Golden Mercury in Leipzig, peering down into the courtyard with a mirror on a stick. on an upper floor of the House of the Golden Mercury in Leipzig, peering down into the courtyard with a mirror on a stick.

After a few moments' thought, Mann relaxed, and began to sift through the vocabularies of diverse languages to express his thoughts. "It would be-" he began, and then switched to German in which Eliza could make out the word-part "sonder," "sonder," which to them meant "special" or "exceptional" or "peculiar." This was his polite way of telling her that the sum involved was too small to be worth his time. "But we are encouraged to make such transactions. Sometimes they are like the first trickle of water coming through a tiny crevice in a dike; the amount that comes through is not as important as the channel that it cuts along its way, which presently carries a much greater volume." Which was his way of saying that he had heard she was backed by the French government, and wanted to partic.i.p.ate in what she was doing, now that expenditures were rising because of the war. which to them meant "special" or "exceptional" or "peculiar." This was his polite way of telling her that the sum involved was too small to be worth his time. "But we are encouraged to make such transactions. Sometimes they are like the first trickle of water coming through a tiny crevice in a dike; the amount that comes through is not as important as the channel that it cuts along its way, which presently carries a much greater volume." Which was his way of saying that he had heard she was backed by the French government, and wanted to partic.i.p.ate in what she was doing, now that expenditures were rising because of the war.

"It is not a similitude that shall be of any comfort to Dutchmen," Eliza said, having in mind her colleagues, the de la Vegas.

"Ah, but if you cared about the comfort of Dutchmen you would not be on such an errand," Gerhard Mann reminded her.

"SO THROUGH HIS OWN CLEVERNESS Gerhard Mann had devised a way to escape from the interview without giving me or Gerhard Mann had devised a way to escape from the interview without giving me or him him any cause to be angry," Eliza said. Tired of sitting on Bon-bon, she now rolled back and sat cross-legged on the bed between his spread knees. any cause to be angry," Eliza said. Tired of sitting on Bon-bon, she now rolled back and sat cross-legged on the bed between his spread knees.

"I let the de la Vegas know that we had now a way to get hard money out of Lyon," she continued. "Within a few hours, they were making the rounds of the timber wholesalers, and within a day, had struck two separate deals: one for a shipment of Ma.s.sif Central Ma.s.sif Central oak logs, which were stacked near the bank of the Saone a mile upstream, another for some Alpine softwood at the confluence of the Rhone and the Saone. If you'd like, Bon-bon, I can devote an hour or two, now, to explaining in detail the negotiations amongst ourselves, the two merchants who sold us the timber, Monsieur Castan, various other members of the oak logs, which were stacked near the bank of the Saone a mile upstream, another for some Alpine softwood at the confluence of the Rhone and the Saone. If you'd like, Bon-bon, I can devote an hour or two, now, to explaining in detail the negotiations amongst ourselves, the two merchants who sold us the timber, Monsieur Castan, various other members of the Depot, Depot, Gerhard Mann, and certain insurers and shippers." Gerhard Mann, and certain insurers and shippers."

Rossignol said something under his breath about la belle dame sans merci. la belle dame sans merci.

"Very well then," said Eliza, "suffice it to say that some entries were made in some ledgers. A fast coach went to Geneva, which is some seventy-five miles away as the crow flies, though considerably farther as the horse gallops. Abraham got his Bill of Exchange, though the margin of profit was scarcely enough to cover their time and expense. The timber was ours.

"At this point-mid-November-we supposed the matter concluded. For we had the timber, and had arranged shipping. An Amsterdammer would consider the deal closed. For to such people it is a perfectly routine matter to ship any amount of goods to Nagasaki, New York, or Batavia with the stroke of a quill.

"We, as well as the logs, had to go north: Jacob Gold to Paris and the rest of us to Dunkerque, whence the de la Vegas could find sea-pa.s.sage north to Amsterdam.

"The fastest way would have been for me to climb back into the carriage I had borrowed from Monsieur le marquis d'Ozoir and go north by road. But there was no room in it for the de la Vegas. The weather had turned cold. We were in no particular hurry. And so we decided to send the horses and carriages north by road to Orleans, where the drivers could rent mounts, or hire another carriage, for the de la Vegas.

"In the meantime, we would take the river route to the same place, arriving a few days later.* Our plan was to go to Roanne, and buy pa.s.sage on riverboats as far as Orleans, which would be infinitely more s.p.a.cious and comfortable than making the same pa.s.sage by road. At Orleans we would make rendezvous with our horses and vehicles, which would convey us north to Paris and then Dunkerque. Our plan was to go to Roanne, and buy pa.s.sage on riverboats as far as Orleans, which would be infinitely more s.p.a.cious and comfortable than making the same pa.s.sage by road. At Orleans we would make rendezvous with our horses and vehicles, which would convey us north to Paris and then Dunkerque.

"The Loire, as you know, flows on past Orleans to Nantes. So the route I have just described to you was the same as that of the timber. And so there was another advantage to the plan I have described, which was that as we went along, we would be able to keep an eye on the King's logs. In the unlikely event that some problem arose en route, we would be on hand to fix it."

"But, mademoiselle," said Rossignol, "by your account, this was almost a month ago. What on earth has been happening in the meantime?"

"A full recitation would take another month yet. You know that each of the component pays pays of of la France la France controls its own stretch of road or river and has the right to extract tolls and tariffs, controls its own stretch of road or river and has the right to extract tolls and tariffs, et cetera. et cetera. Likewise you know that the population is a quilt of guilds and corporations and parishes, each with its own peculiar privileges." Likewise you know that the population is a quilt of guilds and corporations and parishes, each with its own peculiar privileges."

"Which are granted by the King," said Rossignol. For he seemed a little bit nervous that Eliza was about to say something impolitic.

Which she was; but she felt safe in doing so here, in the kingdom of secrets. "The King grants those privileges in order to make people want to join those guilds and corporations! And thus the King gets power by offering to broaden, or threatening to restrict, the same privileges."

"What of it?" Rossignol sniffed.

"After a few days, Abraham joked that this voyage was impossible unless one went accompanied by a whole squadron of lawyers. But this makes it sound too easy. Since every pays pays has its own peculiar laws and traditions, there is no one lawyer who comprehends them all; and so what one really has to do is stop every few miles and hire a has its own peculiar laws and traditions, there is no one lawyer who comprehends them all; and so what one really has to do is stop every few miles and hire a different different lawyer. But I have only mentioned, so far, the ent.i.ties with lawyer. But I have only mentioned, so far, the ent.i.ties with formal legal rights formal legal rights to impede the movement of logs on a river. This leaves out half of the difficulties we faced. There are on these rivers people who used to be pirates but have degenerated into extortionists. We paid them in hard money until we ran out, at which point we had to begin paying them in logs. Every night, others who were less formally organized would come around and help themselves. We suspected this was happening, but the night-watchmen we hired were barely distinguishable from the thieves. The only reliable sentry we had was Jean-Jacques. He would wake me every couple of hours through the night, and I would sit in my boat-cabin feeding him and watching through a window as the locals made off with our logs." to impede the movement of logs on a river. This leaves out half of the difficulties we faced. There are on these rivers people who used to be pirates but have degenerated into extortionists. We paid them in hard money until we ran out, at which point we had to begin paying them in logs. Every night, others who were less formally organized would come around and help themselves. We suspected this was happening, but the night-watchmen we hired were barely distinguishable from the thieves. The only reliable sentry we had was Jean-Jacques. He would wake me every couple of hours through the night, and I would sit in my boat-cabin feeding him and watching through a window as the locals made off with our logs."

"It cannot all be as disorderly as you make it out to be!" Rossignol protested.

"There does exist an apparatus of maintaining order on the roads and waterways: diverse ancient courts of law, and prevots prevots and and baillis baillis who report to the local who report to the local seigneurs seigneurs and who are reputed to have bands of armed men at their disposal. But they were never there when we needed them. If I shipped logs down the river every week, I should have no choice but to come to understandings with all of those and who are reputed to have bands of armed men at their disposal. But they were never there when we needed them. If I shipped logs down the river every week, I should have no choice but to come to understandings with all of those seigneurs. seigneurs. Whether this would prove more or less expensive than being robbed outright, I cannot guess. Our run down the Loire surprised many who would have stolen more from us if we had operated on a predictable schedule. Whether this would prove more or less expensive than being robbed outright, I cannot guess. Our run down the Loire surprised many who would have stolen more from us if we had operated on a predictable schedule.

"The Loire, particularly on its upper reaches, is obstructed by sand-bars in many places, and different arrangements must be made to get past each: here one must find and hire a local pilot, there one must pay the owner of the mill to release a gush of water from his mill-pond that will heave the logs over the shallows.

"I could go on in this vein all day. Suffice it to say that when we at last reached Orleans, ten days behind schedule, Jacob Gold and I dashed north to Paris and cashed in our Bill of Exchange at a swingeing discount. Jacob returned to Orleans with the money, which he used to cover all of the unexpected expenses that had cropped up en route. I came here. Soon I'll go on to Dunkerque and meet that b.a.s.t.a.r.d who sent me on this fool's errand, Monsieur le marquis d'Ozoir, and explain to him that half of the logs have evaporated, along with all of our profits, and six weeks of our lives."

Dunkerque Residence of the d'Ozoirs.

13 DECEMBER 1689.

WHERE B BONAVENTURE R ROSSIGNOL HAD FIBRILLATED between boredom and disbelief, the Marquis d'Ozoir was richly amused when Eliza told him the same story. At the beginning of the interview, she had been merely furious. When he began to smirk and chuckle, she tended toward homicidal, and had to leave the room and tend to Jean-Jacques for a little while. The baby was in a gleeful mood for some reason, grabbing his feet and fountaining spit, and this cheered her up. For he had no thought of anything outside of the room, nor in the past, nor the future. When Eliza returned to the salon with its view over the harbor, she had quite regained her composure and had even begun to see a bit of humor in this folly of the logs. between boredom and disbelief, the Marquis d'Ozoir was richly amused when Eliza told him the same story. At the beginning of the interview, she had been merely furious. When he began to smirk and chuckle, she tended toward homicidal, and had to leave the room and tend to Jean-Jacques for a little while. The baby was in a gleeful mood for some reason, grabbing his feet and fountaining spit, and this cheered her up. For he had no thought of anything outside of the room, nor in the past, nor the future. When Eliza returned to the salon with its view over the harbor, she had quite regained her composure and had even begun to see a bit of humor in this folly of the logs.

"And why did you send me on such a fool's errand, monsieur?" she demanded. "You must have known how it would all come out."

"Everyone in this business knows-or claims claims to-that to get French timber to French shipyards is an impossibility. And because they know this, they never even try. And if no one ever tries, how can we be certain it is still impossible? And so every few years, just to find out whether it's still impossible, I ask some enterprising person who does not know it's impossible to attempt it. I do not blame you for being annoyed with me. But if you had somehow succeeded, it would have been a great deed. And in failing, you learned much that will be useful in the next phase of our project-which I a.s.sure you is to-that to get French timber to French shipyards is an impossibility. And because they know this, they never even try. And if no one ever tries, how can we be certain it is still impossible? And so every few years, just to find out whether it's still impossible, I ask some enterprising person who does not know it's impossible to attempt it. I do not blame you for being annoyed with me. But if you had somehow succeeded, it would have been a great deed. And in failing, you learned much that will be useful in the next phase of our project-which I a.s.sure you is not not impossible." impossible."

He had risen to his feet and approached the window, and by a look and a twitch of the shoulder he invited her to join him there. Gone were the days when one could look out over the Channel and see blue sky above England; today they could barely make out the harbor wall. Raindrops were whacking the windowpanes like birdshot.

"I confess the place looks different to me now, and not just because of the weather," Eliza said. "My eye is drawn to certain things that I ignored before. The timber down at the shipyard: how did it get here? Those new fortifications: how did the King pay for them? They were put there by laborers; and laborers must be paid with hard money, they'll not accept Bills of Exchange."

The Marquis was distracted, and perhaps a bit impatient, that she had strayed into the topic of fortifications. He flicked his fingers at the nearest rampart. "That is nothing," he said. "If you must know, the n.o.bility have a lot of metal, because they h.o.a.rd it. Le Roi Le Roi gets to them at Versailles and gives them a little talk: 'Why is your coastline not better defended? It is your obligation to take care of this.' " Of course they cannot resist. They spend some of their metal to put up the fort. In return they get the personal grat.i.tude of the King, and get to go to dinner with him or hand him his shirt or something." gets to them at Versailles and gives them a little talk: 'Why is your coastline not better defended? It is your obligation to take care of this.' " Of course they cannot resist. They spend some of their metal to put up the fort. In return they get the personal grat.i.tude of the King, and get to go to dinner with him or hand him his shirt or something."

"That's all all?"

He smiled. "That, and a note from the controleur-general controleur-general saying that the French Treasury owes him whatever amount of money he spent." saying that the French Treasury owes him whatever amount of money he spent."

"Aha! So that's how it works: These n.o.bles are exchanging hard money for soft: metal for French government debt."

"Technically I suppose that is true. Such an exchange is a loss of power and independence. For gold can be spent anywhere, for anything. Paper may have the same nominal value but its usefulness is contingent on a hundred factors, most of which are impossible to comprehend, unless you live at Versailles. But it is all nonsense."

"What do you mean, it is all nonsense?"

"Those debts are worthless. They will never be repaid."

"Worthless!? Never!?"

"Perhaps I exaggerate. Let me put it thus: The n.o.bleman who built these new fortifications around the harbor knows he may never see his money again. But he does not care, for it was just some gold plate in his cellar. Now the plates are gone, but he has currency of a different sort at Versailles; and that is what he desires. desires."

"I am tempted to share in your cynicism, for I don't wish to seem a fool," Eliza said slowly, "but if the debt is secured by a sealed doc.u.ment from the controleur-general, controleur-general, it seems to me that it must possess some value." it seems to me that it must possess some value."

"I don't wish to speak of fortifications," he said. "These were built by Monsieur le comte d'--" and he mentioned someone Eliza had never heard of. "You may make inquiries with him if you are curious. But you and I must not let our attention stray from the matter at hand: timber for his majesty's shipyards."

"Very well," Eliza said, "I see some down there. Where did it come from?"

"The Baltic," he returned, "and it was brought in a Dutch ship, in the spring of this year, before war was declared."

"No shipyard could exist in Dunkerque, unless it got its supplies from the sea," Eliza pointed out, "and so may I a.s.sume that this was a habitual arrangement, before the war?"

"It has not been habitual habitual for rather a long while. When I came back from my travels in the East, around 1670, my father put me to work in the Company of the North down at La Roch.e.l.le. This was a brainchild of Colbert. He had tried to build his navy out of French timber and ran afoul of the same troubles as you. And so the purpose of this for rather a long while. When I came back from my travels in the East, around 1670, my father put me to work in the Company of the North down at La Roch.e.l.le. This was a brainchild of Colbert. He had tried to build his navy out of French timber and ran afoul of the same troubles as you. And so the purpose of this Compagnie du Nord Compagnie du Nord was to trade in the Baltic for timber. Of necessity, this would be shipped mostly in Dutch bottoms." was to trade in the Baltic for timber. Of necessity, this would be shipped mostly in Dutch bottoms."

"Why did he put it all the way down in La Roch.e.l.le? Why not closer to the North-Dunkerque or Le Havre?"

"Because La Roch.e.l.le was where the Huguenots were," the Marquis answered, "and it was they who made the whole enterprise run."

"What did you you do, then, if I may inquire?" do, then, if I may inquire?"

"Traveled to the north. Watched. Learned. Gave information to my father. His position in the Navy is largely ornamental. But the information that he gets about what the Navy is doing has enabled him to make investments that otherwise would have been beyond his intellectual capacity."

Eliza must have looked taken aback.

"I am a b.a.s.t.a.r.d," said the Marquis.

"I knew he was wealthy, but a.s.sumed 'twas all inherited," Eliza said.

"What he inherited inherited has been converted inexorably to soft money, in just the manner we spoke of a few minutes ago," d'Ozoir said. "Which amounts to saying that he has slowly over time lost his independent means and become a pensioner of the French Government-which is how has been converted inexorably to soft money, in just the manner we spoke of a few minutes ago," d'Ozoir said. "Which amounts to saying that he has slowly over time lost his independent means and become a pensioner of the French Government-which is how le Roi le Roi likes it. In order for him to preserve any independent means, he has had to make investments. The reason you are not aware of this is that his investments are in the Mediterranean-the Levant, and Northern Africa-whereas your attentions are fixed North and West." And here he reached out and took Eliza firmly by the hand and looked her in the eye. likes it. In order for him to preserve any independent means, he has had to make investments. The reason you are not aware of this is that his investments are in the Mediterranean-the Levant, and Northern Africa-whereas your attentions are fixed North and West." And here he reached out and took Eliza firmly by the hand and looked her in the eye. "Which is where I would like them to stay "Which is where I would like them to stay-and so let us attend to the matter of Baltic timber, I beg you."

"Very well," Eliza said, "You say that in the early seventies, you had Huguenots doing it in Dutch ships. Then there was a long war against the Dutch, no?"

"Correct. So we subst.i.tuted English or Swedish ships."

"I am guessing that this worked satisfactorily until four years ago when le Roi le Roi expelled most of the Huguenots and enslaved the rest?" expelled most of the Huguenots and enslaved the rest?"

"Indeed. Since then, I have been desperately busy, trying to do all of the things that an office full of Huguenots used to do. I have managed to keep a thin stream of timber coming in from the Baltic-enough to mend the old ships and build the occasional new one."

"But now we are at war with the two greatest naval powers in the world," Eliza said. "The demand for ship timber will go up immensely. And as the de la Vegas and I have just finished proving, we cannot get it from France. So you want my help in reestablishing the Compagnie du Nord Compagnie du Nord here, at Dunkerque." here, at Dunkerque."

"I should be honored."

"I will do it," she announced, "but first you must answer me one question."

"Only ask it, mademoiselle."

"How long have you been thinking about this? And did you discuss it with your half-brother?"

Jean-Jacques, with an uncanny sense of timing for a six-monthold, began to cry from the next room. D'Ozoir considered it. "My half-brother etienne wants you for a different reason."

"I know-because I breed true."

"No, mademoiselle. You are a fool if you believe that. There are many pretty young n.o.blewomen who can make healthy babies, and most of them are less trouble than you."

"What other possible reason could he want me?"

"Other than your beauty? The answer is Colbert."

"Colbert is dead."