“Parido is a very powerful man,” Alferonda said. “He has made his money not by being overly clever but by seeing to the simple things. You’ve demonstrated in the past that you work alone, you work without much strategy, and you tend to follow your instincts rather than clear business plans. I see you are insulted, but you cannot deny it is true. You’ve made mistakes, Miguel, but those mistakes will serve you very well when you step forth onto the Exchange this time. Parido will be expecting a very different opponent from the man he finds.”
The clock upon the tower of the great Town Hall struck noon, and the gates to the Exchange opened in a burst of shouting that echoed across the Dam. Miguel pushed his way in, along with the hundreds of other traders, and slowly made his way toward the East India corner of the courtyard, ignoring the traders who called out to him with their goods.
A larger crowd than was usual milled around the East India traders. Many of the men were of Parido’s combination. They wore the bright colors and feathered hats of the Portuguese, and they held themselves like imperious hidalgos. They were there as a favor to their friend. It would cost them nothing to monitor the trade in coffee, to sell nothing themselves, and to muscle out anyone who might respond to Miguel’s efforts. It was all as he and Alferonda had speculated.
Off to the side, talking with some traders Miguel recognized, stood Isaiah Nunes. He nodded at Miguel. Miguel nodded back. There would be time for accusations later, but for now he put forth his best face. What would Nunes expect to see from Miguel? Disappointment, of course. He knew about the puts. Still, he had to make a certain show of determination.
In the open courtyard where the Hamburg merchants did their business, Alferonda conferred with the few Tudescos on the Exchange. These long-bearded Jews nodded their sage heads as the usurer explained something at great, probably needless, length.
Miguel looked up and saw Parido in front of him. “This day has a familiar feel to it. Does it not remind you of the day the price of sugar fell?”
“No.” Miguel smiled back. “As a matter of fact, this day feels utterly new.”
“Surely you don’t think you can orchestrate a downturn in coffee prices. You were warned to keep away from the coffee trade, but you would do things your own way. That is how it must be. I’ve anticipated your moves, and I’ve taken steps to prevent their success. The kindliest advice I can give you is to walk away. Accept your losses at the day’s end. At least you’ll be spared a public humiliation.”
“I appreciate your advice. But you might wish to keep in mind that you will be pressing your lips to my ass before the day ends.”
“You forget to whom you speak. I am only trying to spare what remains of your reputation. A lesser man than I would have held his tongue.”
“There is no lesser man than you, senhor.”
Parido clucked his tongue. “Do you really believe you can outmaneuver me?”
“I have my business well in hand.” Miguel did not like the wavering of his own voice. Parido seemed too confident. What if he knew the details of Miguel’s plans? What if he had taken steps to prevent Alferonda’s clever scheme to circumvent Parido’s influence? What if Joachim had betrayed him?
“How in hand do you truly have it?” Parido asked.
“I don’t understand your question.”
“It’s quite simple. Do you believe so firmly that you can prevail today and bring down the price that you are willing to make a wager?”
Miguel locked his eyes upon his enemy’s. “Name it.” Parido was foolish to offer a wager. Miguel had already gambled everything.
“The price of coffee now stands at seven tenths of a guilder per pound, which means I have raised it to forty-two guilders per barrel. I only need keep it above thirty-eight guilders to make my money. You need it to fall below thirty-seven to make any profit from your puts. At thirty-seven or greater, you make nothing, and your brother answers for your bad investment.”
Miguel felt himself redden.
“You thought no one knew of your reckless use of his name? You thought you could keep secrets from me on this bourse? And now you think you can outmaneuver me when I am determined not to be outmaneuvered? I admire your optimism.”
It meant nothing, Miguel told himself. He might have learned of Miguel’s trick from his broker. It did not mean Parido knew everything. “You’re doing nothing but boasting, senhor.”
“Very well, I’ll do more than boast. If you can bring the price to thirty guilders a barrel or below, I’ll allow you to buy ninety barrels from me at twenty guilders each.”
Miguel attempted to appear skeptical. “Where would you hope to get ninety barrels of coffee? Can the warehouses of Amsterdam have so much?”
“The warehouses of Amsterdam contain surprises that men such as you cannot imagine.”
“Your wager seems one-sided. What do you get if I cannot defeat you?”
“Well, you’ll be ruined, so I’m not sure you’ll have anything to give me but your person. So let us say this: if you lose, then you will confess to the Ma’amad that you lied about your relationship with Joachim Waagenaar. You will tell the parnassim that you are guilty of deceiving that council, and you will take the punishment that so grave a deception deserves.”
Cherem. It seemed like madness to agree to such a thing, but if he lost he would have to leave Amsterdam regardless. The banishment would make no difference.
“I agree. Let us draw up a paper to that effect, though what it is that I’ve agreed to will have to be kept between us, lest that paper later fall into the wrong hands. But I would like a surety of some kind. You see, I’d hate to win my wager only to discover you guilty of a windhandel-of not having the ninety barrels you promised.”
“What are you suggesting?”
“Only this. I’ll take your wager, and we’ll put it all to paper. And if, by some chance, you can’t supply the coffee at the price you mention, you will instead pay me what those barrels are, at this moment, worth. That would be”-he took a moment to calculate-“thirty-eight hundred guilders. What say you?”
“It is an empty bet, for I never sell what I do not have.”
“Then you agree?”
“Of course not. Why should I agree to a foolish wager that includes the possibility of my paying almost four thousand guilders?”
Miguel shrugged. “I won’t accept otherwise. I require the surety.”
Parido let out a sigh. “Very well, I’ll agree to your silly conditions.”
He quickly drew up the contract, insisting on writing out both copies himself. Miguel therefore had to waste more time reading it over, making certain his rival had not inserted any trickery into the language. But all appeared well, and the contract was witnessed by one of Parido’s friends who stood close by. Each man now had his copy in his pocket. The clock tower told him he had lost a quarter of an hour. It was time to begin.
Miguel took a step backwards and called out in Latin, “Coffee! Selling twenty barrels of coffee at forty guilders each.” The price hardly mattered, as Miguel had none of it himself. This, after all, was a windhandel. He had to make the price low enough to attract attention, but not so low that his call would arouse suspicion. “I have coffee at forty,” he called again. He then repeated the call in Dutch and again in Portuguese.
No one replied. Parido’s men began to move in, menacing Miguel like a pack of dogs. A minor trader from the Vlooyenburg glanced over at Miguel and appeared on the verge of taking the sale, but Parido locked eyes with him and the merchant turned away, muttering. It was clear that no Portuguese Jew would want to incur Parido’s anger by breaking the blockade.
Casting his eyes about the Exchange, Miguel saw Daniel hovering on the perimeter of their little crowd. He had dressed in his best trading suit today-not bright enough to wear on Shabbat but a handsome ensemble: matching crimson doublet and hat with a blue shirt beneath, black breeches, and shiny red shoes with enormous silver buckles. He looked at Parido’s men and at Miguel and then down at the ground.